Rural funding scheme to get boost

SHANGHAI: The authorities plan to expand a pilot program that supports new types of rural financial institutions next year, to boost funding for farmers and small rural companies.

In a statement posted on its website, the China Banking Regulatory Commission (CBRC) said it was coordinating with other government agencies and local governments to improve related policies and roll out detailed plans for the program's expansion.

The program, which allows foreign and domestic banking capital to invest in, or to purchase or establish, banking institutions in rural areas, has so far been extended from the originally planned six provinces to all of the country's regions.