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Rural financial institutions expanding in China

Updated: Feb 18,2019 6:57 AM     Xinhua

BEIJING — China saw fast expansion of rural financial institutions last year as the country channels more financial resources to serve the countryside.

China had 1,427 rural commercial banks by the end of 2018, up by 165 compared with the previous year, according to the China Banking and Insurance Regulatory Commission.

Village banks grew from 1,562 in the end of 2017 to 1,616 in the end of 2018.

There were 4,588 banking institutions in China in the end of 2018, up by 39 compared with the end of 2017.

China issued a guideline earlier this month to leverage more financial resources to facilitate rural vitalization.