China Opens 52 New-type Rural Financial Institutions in Western Areas
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China opened 52 new type rural financial institutions in western areas by the end of June, accounting for 44 percent of the total that newly opened nationwide in the first half year.
The China Banking Regulatory Commission (CBRC), China's banking regulator, announced at a press conference Monday.
The 52 institutions include 41 rural banks, 3 lending firms and 8 rural funds cooperative agencies, according to the CBRC.
The loan balance in the western areas totaled 6.58 trillion yuan (US$964 billion) by the end of June, while the total deposit balance at the same period was 9.45 trillion yuan.
The commission said that it will step up effort to encourage lenders to open rural financial institutions in the west to enhance credit support in the areas.
(Xinhua News Agency December 1, 2009)