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RCC debts trigger calls for DI system

(Global Times)

09:55, August 20, 2012

As many of China's rural credit cooperatives (RCCs) suffer from mounting losses, experts are calling for the launch of depository insurance (DI) system to protect depositors' interests, according to remarks made at a summit on RCCs held Saturday.

The China Banking Regulatory Commission (CBRC) introduced market-driven reforms to RCCs to ease their reliance on the government in 2010. But the reforms have also driven up their financial risks, say experts.

According to the CBRC, the overall debts of RCCs jumped from 1.4 trillion yuan ($219.8 billion) in 2002 to 5.7 trillion yuan in 2010.

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