Foreign Banks Enter Fresh Fields in China – Jamil Anderlini

From The Financial Times:

Citibank , Standard Chartered and Bank of East Asia are all seeking to follow the lead of HSBC , which in August secured a licence to set up a rural bank branch in the Chinese hinterland.

Allowing banks to offer their services to more than 750m Chinese peasant farmers is part of a grand political campaign launched last year known as the “Construction of the ”. The campaign is intended to revive the rural economy and quell social created by huge disparities between ’s booming eastern cities and far poorer agricultural communities, where a majority of the population still lives. [Full Text]

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