September 14, China had established 615 rural financial institutions as of the end of June, of which 369 were located in the vast central and western areas, the official Xinhua news agency reported, citing a statement by the China Banking Regulatory Commission.

As part of its plan to develop rural banking networks to deliver basic financial services to every town across the country, the CBRC said in June that within this year, 500 more rural financial institutions would be established in counties and villages where still lacked of any banking services coverage, the report said.

Preferential treatment, such as lower operating capital requirements, will be given to companies that are the first to open financial institutions in any given area, it said.

Source:21cbh