China Encourages More Credit to Rural Areas

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Last updated at: (Beijing Time) Monday, April 14, 2003

China Encourages More Credit to Rural Areas

The People's Bank of China (PBOC),the country's central bank, issued a circular Monday urging rural credit cooperatives (RCC) to step up assistance for agriculture and rural development.

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The People's Bank of China (PBOC),the country's central bank, issued a circular Monday urging rural credit cooperatives (RCC) to step up assistance for agriculture and rural development.

The circular asked RCCs to do their utmost to promote the growth of agriculture and the rural economy, help farmers to increase their income, and support the building of a well-to-do society in an all-round way in rural areas.

The circular suggested RCCs increase their credit to agriculture, continue to improve household loans, rationalize loanstructure in support of rural industrial restructuring, and to improve services and reinforce loan management.

Moreover, the circular urged RCCs to realize this year's target of more than 15 percent growth in total loans and a 20 percent growth in loans to agriculture.

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