Latest News:  
Beijing   Sunny/Overcast    9 / 1   City Forecast

People's Daily Online>>China Business

Rural credit bodies to seek foreign funds

By Wang Xiaotian (China Daily)

15:56, November 23, 2011

BEIJING, Nov. 23 (Xinhuanet) -- As China continues the reform of rural credit cooperatives (RCCs), investment opportunities for foreign capital will increase, officials and analysts said.

"We expect more RCCs will be transformed into rural commercial banks after equity reform, and foreign investors are welcome to become strategic partners and make long-term investments," said Yin Youxiang, head of the rural financial service regulatory division of the cooperative finance supervision department of the China Banking Regulatory Commission (CBRC).

RCCs are local institutions that generally provide small loans to farmers, individual business owners and small local companies.

Calls for further reform of RCCs have increased as the rapid growth of emerging rural financial institutions - such as independent rural banks and lending companies - poses an increasing threat to RCCs' dominance of the rural market.

"RCCs acted like a catfish and stirred up the previous market structure. We must survive amid rising competition," said Song Wenxuan, deputy director of the China Banking Association and the head of the Shandong RCC Union.

【1】 【2】 【3】 【4】

We Recommend


Leave your comment0 comments

  1. Name


Selections for you

  1. U.S. Air Force main fighters

  2. Est-Ouest Auction 2011 Autumn Sale to be held

  3. Heavy snow hits Liaoning Province

  4. Vintage and classic cars displayed in exhibition

Most Popular


  1. Addressing climate change
  2. Reviled 1 percent are not all wicked
  3. China must avoid Europe's mistakes
  4. China marks 10 years as partner in world trade
  5. Media distorted train crash claims: expert
  6. Return to reason for real estate
  7. A reality check for Washington
  8. Improving education quality in rural areas
  9. Further healthcare reform
  10. Cyber cooperation needed

What's happening in China

The beauty of the lesser-known Cantonese culinary tradition

  1. Accountants investigate score fixing
  2. Truck fees lead to police sackings
  3. Macao residents hit jackpot with gov't subsidies
  4. Schools offer lessons for a happy marriage
  5. Smaller units to supervise railways

PD Online Data

  1. The lion dance in Guangzhou
  2. The flower fair in Guangzhou
  3. Lion dances pay New Year calls in Guilin
  4. Jiangsu´s special New Year traditions
  5. Hakka traditions in Spring Festival