Economy

China plans lending support for Xinjiang

(People's Daily Online)
Updated: 2010-07-26 15:10

The China Banking Regulatory Commission will actively guide financial institutions to enhance financial services and support toward Xinjiang Uygur autonomous region, said Liu Mingkang, chairman of the China Banking Regulatory Commission (CBRC).

The banks should help Xinjiang to achieve breakthroughs in six sectors, including small enterprises, rural finance, consumption finance, education, resource products and border trade, Liu said.

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The commission and banks will provide financial support to Xinjiang's development through increasing credit support, improving the establishment of local financial institutions, supporting rural development as well as developing education and small and medium enterprises.

According to sources, the China Development Bank will provide no less than 20 billion yuan ($29.51 billion) of new loans to Xinjiang each year and make efforts to double the size of its assets in Xinjiang in five years. The Bank of Communications will provide no less than 50 billion yuan of credit to Xinjiang in the next three years.

The Agricultural Bank of China will add seven small business franchises in addition to the seven existing small business franchises before the end of 2010. In addition, China Construction Bank will enhance its credit resource support to Xinjiang and give top priority to supporting the construction of infrastructure and major projects, such as railways, highways, and water conservation.