China sets up 615 rural financial institutions

Updated: 2011-09-14 09:05


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BEIJING - China's banking regulator said Tuesday that the nation had established 615 rural financial institutions as of the end of June in an effort to improve rural financial services.

Among them 369 are located in central and western regions, where financial services in rural areas lag behind the prosperous eastern region, the China Banking Regulatory Commission (CBRC) said in a report.

The CBRC said in June that 500 more county and village level financial institutions would be established within the year, calling for effective measures to expand financial services to more rural regions.

Those first building financial institutions in rural areas where financial services are not available will enjoy preferential treatment such as lower requirements in operating capital, according to the CBRC.

Starting October 2009, the CBRC has been working to promote financial services in rural areas. By June, the number of villages and towns without financial services establishments have been reduced by 646 to 2,299, CBRC data shows.