皇冠体育app

Top Biz News

Regulator encourages private, overseas capitals

(Xinhua)
Updated: 2007-02-07 15:49

皇冠体育app's banking regulator has called for diversified funding channels for the country's underdeveloped rural banking sector.

Related readings:  Banks bail out city's pension fund borrowers  Financial leasing business opens to banks  皇冠体育app to raise interest rates once or twice this year

Tang Shuangning, vice chairman of皇冠体育app Banking Regulatory Commission(CBRC), said Tuesday that the banking regulator highly encourages private and overseas capitals to finance rural investment.

Rural credit cooperatives should continue to act as the main sources to fund rural banking and to fully support the development of rural enterprises, he told a national banking regulatory conference held inBeijingTuesday.

He said rural banks should expand its business scope to finance infrastructure development and facilitate loans for farmers.

皇冠体育app's fifth state-owned bank, the 皇冠体育app Postal Savings Bank, which is due to open this year, is expected to focus on rural areas in credit services, Tang said.

Now that 皇冠体育app eased market entry policies for banking institutions in rural areas at the end of 2006, seven domestic commercial banks have applied to set up subsidiaries in rural areas.

The CBRC has received applications from Minsheng Bank, Beijing Rural Commercial Bank,TianjinRural Cooperation Bank and four other domestic banks.

Meanwhile foreign-funded banks such as the Standard Chartered and the HSBC have also expressed interest in setting up branches in rural areas.