Farmers' financial needs

The first rural financial service report issued last week by the People's Bank of China shed much-needed light on the overall development of and challenges to rural financial institutions.

By calling for a further upgrading of the nation's rural financial service system, the central bank's report highlighted the great importance of simpler and low-cost financial services in terms of boosting rural economic growth and improving farmers' living standards.

Domestic financial institutions and related regulators should respond quickly to meet farmers' growing demand for better financial services.