China to provide more credit for underdeveloped rural areas

China’s banking regulator issued a special policy on Monday to encourage financial institutions to better serve economic development in rural areas.

From Jan. 1, 2013, credit investment in underdeveloped rural areas should grow faster than in other areas in China, according to a notice issued by the China Banking Regulatory Commission (CBRC).

The targeted areas include ethnic minority areas, border regions and areas with relatively high levels of poverty, according to the notice.

The CBRC urged financial institutions to inject more funding into grain production, agricultural technology and infrastructure construction in rural areas.

Xinhua