Bank Official: More Financial Support be Given to Rural Economy

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Last updated at: (Beijing Time) Monday, April 21, 2003

Bank Official: More Financial Support be Given to Rural Economy

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The rural financial system should be restructured in order to set up a more rational and effective operational mechanism that will provide more support to agricultural and rural economic development, said Wu Xiaoling, vice governor of the People's Bank of China.

Addressing a forum on China's financial reform and development held Sunday in Beijing, Wu said that policy finance, commercial finance and rural credit cooperatives should reposition and readjust their functions to solve the outstanding problems in the rural financial system.

In recent years, the lack of credit capital provided to rural areas has restricted the strategic readjustment of the agricultural and rural economic structure, she said, adding that the current rural financial system is not suitable for rural economic development.

As a result, she said, it is time to study how to optimize the role of finance in supporting rural development and in increasing farmers' incomes.

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