China's banking regulator has asked lenders to provide more credit and financial services to boost development in Xinjiang Uigher Automomous Region.
The China Banking Regulatory Commission says banks should approve more loans at the branch level, to meet growing demand for credit. It also encourages domestic and foreign banks to set up more branches in Xinjiang, and provide currency settlement services to facilitate cross-border trade. It will help the central government to fuel more growth in the resource-rich region.
Earlier this month, the government said it would cut corporate income taxes and adjust resource taxes throughout the west.