Bank services to cover last 223 towns in Xinjiang

Updated: 2009-12-04 04:47

BEIJING: China's banking sector should enhance financial support to Xinjiang Uygur Autonomous Region to promote its economic development and maintain social stability, said top banking regulator Liu Mingkang on Thursday.

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Liu, chairman of the China Banking Regulatory Commission (CBRC), made the remarks during an inspection tour in the region, saying Xinjiang's financial institutions should extend financial services to cover the last 223 towns in the region that had none, in three years.

He said money should mainly go to small- and mid-sized companies and rural financial services for the expansion of consumption and support for border trade.

Banks in Xinjiang should make better use of China's preferential policies to allocate credit to farmers, said Liu.

Financial institutions are exempted from sales and income tax when extending loan of no more than 50,000 yuan ($7,320) to farmers, according to the policies.