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Tapping Chongming's future

CHONGMING Island welcomed Shanghai's first village bank yesterday as the banking industry taps deeper into the rural economy.

The Chongming Changjiang Rural Bank was set up by the Shanghai Rural Commercial Bank and five other corporate investors with a registered capital of 100 million yuan (US$14.64 million). Shanghai Rural Commercial Bank holds 51 percent in the village bank while the other five corporate investors from Chongming take the remainder.

The village bank yesterday signed deals with four entities in Chongming though no details were given.

"Chongming's economy enjoys huge growth potential when the cross-river bridge and tunnel are open which will boost the local economy," Li Xiulun, chairman of Shanghai Rural Commercial Bank, said yesterday. "Stepping into the village bank sector is part of our bank's innovation and focus on rural and small businesses."

A bridge and a tunnel linking urban Shanghai and Chongming are expected to complete construction next year to ease transport. The only transport available now is by ferry.

The village bank targets deposits of 300 million yuan this year and loans of 200 million yuan, said Wang Yang, chairman of the Chongming village bank. The village bank is more flexible in issuing loans, taking five days for small businesses and three days for rural entities.


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