China had 858 new rural financial institutions, including rural banks, credit companies and capital cooperatives, by the end of September, the banking regulator said in Beijing yesterday.

 

Among them, 799 are rural banks, with 60 percent, or 481, located in central and west China, said the China Banking Regulatory Commission.

 

The CBRC said it has been promoting the set-up of rural banks, and it has approved plans submitted by 18 lenders to form 187 rural banks in the first nine months of this year, with 75 percent to be created in the central and western regions.

 

By the end of June, operating rural banks had total assets of 319 billion yuan, with capital adequacy ratio at 28.6 percent and outstanding loans of 178.2 billion yuan.

 

Private investment has been a major capital source for rural banks, the CBRC said. By the end of June, private investors held 74 percent of the 47.7 billion yuan (US$7.57 billion) in total share capital of all rural banks. 
 

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