Reform on rural banking goes ahead

China Banking Regulatory Commission vows to build healthy rural banking institutions in line with strict access standard.

The reform on the rural banking system has gone smoothly so far since last year. rural cooperative banks and rural commercial banks which are open to business are generally in sound operation under clearly defined ownership. They have had the framework of corporate governance in place. And the regulatory system for the rural banking sector has taken shape.

By the end of March, 2005, 19 rural cooperative banks and 8 rural commercial banks had been operational. Another 23 rural cooperative banks and 1 rural commercial bank had got nod for incorporation.

By People's Daily Online