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Two Village Banks Expected To Open In Shanghai

TWO new village banks are expected to open for business in Shanghai as the city government is quickly boosting its financial support to the rural economy and small businesses, sources said yesterday.

Shanghai Pudong Development Bank is expected to set up its village bank in Fengxian District while China Minsheng Banking Corp is likely to open its outlet in Nanhui District this year, an unnamed official told Shanghai Daily yesterday.

Shanghai will roll out more preferential policies to encourage commercial banks to boost loans to the rural economy against the backdrop of an economic slowdown.

The city held a meeting on support to the rural economy on Chongming Island yesterday, presented by Vice Mayor Tu Guangshao.

The city has given the go-ahead for the set-up of 23 small-credit firms, which aim to support small businesses in suburban areas.


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