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Domestic and foreign-funded banks along with other Chinese firms and persons are now allowed to establish village banks providing financial services to rural people and industries, according to the regulations issued by the China Banking Regulatory Commission (CBRC).

 

Village banks are able to handle deposits from the public, give short, middle, and long-term loans, carry out domestic liquidation service, engage in bill acceptance and inter-bank credits, issue bank cards, and underwrite governmental bonds, the regulations explained.

 

The regulations also allow domestic commercial banks or rural cooperative banks to set up credit companies targeted to provide loans for farmers and the rural economy.

 

Rural people and enterprises are able to set up small-sized financial organizations attracting savings from or giving loans to their members, the regulations said.

 

The CBRC has received applications from Minsheng Bank, Beijing Rural Commercial Bank, Tianjin Rural Cooperation Bank and four other domestic banks to establish rural subsidiaries.

 

The CBRC, the country's banking watchdog, promulgated The Proposals on Adjusting and Relaxing Market-entry Policies for the Banking Institutions in Rural Areas on December 20, 2006.

 

The move is aimed at improving the financial services, enlarging the financial network and solving the knotty problems of insufficient banking services and inadequate competition in rural areas.

 

(Xinhua News Agency January 31, 2007)