China's banking regulator has formally approved the launch of the postal savings bank, setting a new stage in the development of the country's postal savings services.

The launch of the bank is also an important achievement in China's reform of its banking sector, the China Banking Regulatory Commission (CBRC) said in a statement on Sunday.

A Postal Savings office in Yichang, Central China's Hubei Province.China's banking regulator has formally approved the launch of the postal savings bank, setting a new stage in the development of the country's postal savings services. [newsphoto]

 

The CBRC said the bank would be wholly owned by the China Post Group, a $10 billion stand alone company, recently formed out of the State Post Bureau.

The establishment of the bank is part of the government's efforts to develop the rural economy as most of the postal savings outlets are in the rural areas, industry experts said.

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