CHINAEUROPE AFRICAASIA 中文双语Français
Business\Markets

First private bank in China's rust belt starts operation

Xinhua | Updated: 2017-05-17 08:16

CHANGCHUN - The first private bank in China's rust belt, an industrial area in the northeast, went into operation Tuesday.

Headquartered in Jilin, one of the three northeastern provinces, Yillion Bank was approved in December 2016 by China's banking regulator and was co-sponsored by at least two private capital providers.

The lender mainly attracts deposits from personal consumers and provides financial support to small and micro firms.

"The bank is expected to promote the development of the local private economy, and plays a positive role in rejuvenating the region's economy," said Miao Zhongyou, deputy director of Jilin Province Finance Office.

Over the past two years, the economy of northeast China, which also includes Heilongjiang and Liaoning provinces, has grown more slowly than the rest of the country.

In 2014, China approved a pilot scheme to set up five private banks to give private capital a bigger role in the country's financial system. Nationwide, the number of private banks has reached 17, with nine of them having gone into operation.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US