Date
20 November 2017

Govt seeks faster development of rural banks, paper says

The Chinese government is calling for aggressive development of rural banks and financial leasing firms in a bid to speed up the establishment of an innovative financial system for rural areas, National Business Daily reported Monday, citing the so-called No. 1 document published Sunday by the State Council. To encourage private capital participation in rural banks, shareholding ratios among founders and other shareholders can be adjusted, according to the document. Lu Zhengwei, chief economist at Industrial Bank, was quoted as saying that it is imperative to connect small-loan firms with the national credit-check system if financing channels in rural areas are to be expanded.

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TL/AC/RC

 

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