Tibet to Be Further Backed by Preferential Financial Policy

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Last updated at: (Beijing Time) Wednesday, January 23, 2002

Tibet to Be Further Backed by Preferential Financial Policy

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Conference on Tibet's banking work held

January 22 saw a conference on Tibet's banking work held by several state-run banks in Chengdu, Sichuan, including the People's Bank of China, Agricultural Bank of China, Bank of China, and China Construction Bank. The conference aims to strictly implement the guidelines for Tibetan work defined at the 4th Tibetan Work Forum held by the Party Central Committee and the State Council in Beijing from June 25 to 27.

After discussion on how to promote the financial work in Tibet during the 10th five-year Plan period from 2001 to 2005, concerned departments are requested to grasp the opportunities and enhance financial services, thus to guarantee Tibet's accelerated economic development and long-lasting peace and stability.

Tibet's rapid development of finance

As a result of the preferential policies implemented by financial institutions, China's Tibet Autonomous Region has seen a rapid development of finance since the Third Tibetan Work Forum held in 1994. By the end of 2001, the total deposits surpluses and loans surpluses reached RMB 21.29bn yuan and 9.662bn yuan for a 3 and 1.4 times increase respectively over those in 1994. From 1994 to 2001, the People's Bank of China has granted RMB 3.4bn yuan of loan to Tibet Autonomous Region. The preferential policies guaranteed Tibet's accelerated economic development and comprehensive social progress, with an average annual GDP growth of 11.9 percent during 1994 to 2000, higher than the nation's average.

Special preferential financial policies defined

In addition, special preferential financial policies aiding Tibet Autonomous Region, different from those in China's heartland, were further defined at the conference. The special preferential policies are as follows:

1.To map out annual monetary credit and loan plans under unified leadership;

2. Preferential loan interest rate 2 percent less than nation's average to be practiced;

3.To transfer more loan and credit power to bank branches in Tibet;

4.The People's Bank of China will also launch preferential policies on loan, cash and foreign exchange management.

Milestone in Tibet's Reform, Development and Stability (2001.7)

More Economic Assistance to Tibet in Next Five Years (2001.7)

Promoting Tibet's Economic Development and Social Progress (2001.7)

White Paper on Tibet's March Toward Modernization Foreword I II III

By PD Online staff member Huang Ying

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