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 foreign 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 “ of the New Socialist Countryside”. The campaign is intended to revive the rural economy and quell created by huge disparities between China’s booming eastern and far poorer agricultural communities, where a majority of the population still lives. [Full Text]

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