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The People's Bank Of China, together with China Securities, Banking and Insurance Regulatory Commissions, have issued guidelines on the provision of more rural financial products.
The new measures will boost service innovation in the countryside, and help agricultural businesses to list on the stock market. The guidelines also encourage banks to extend more loans in rural areas, to meet capital demand for modern agricultural development and rural consumption. It stresses that banks should be more innovative in providing financial services.
The government is encouraging state-owned commercial banks and other financial institutions to set up branches or consider M&As in rural areas.