China’s banking authorities hope to drive financing of rural communities via the inclusion of related efforts in assessment measures.
The Chinese central bank and the China Banking and Insurance Regulatory Commission (CBIRC) jointly issued the “Assessment Measures for Financial Institutions Servicing Rural Village Revival” (金融机构服务乡村振兴考核评估办法) on 31 May, for implementation on 4 July.
Chinese authorities said that the Measures are for the purpose of “further strengthening and improving rural village financial services,” as well as “guiding more financial resources to be allocated to key areas and weak links in the economic and social development of rural villages.”
The results of assessments will be employed as key reference points by Chinese regulators when deploying monetary policy tools, regulating market entry, conducting financial regulatory assessments, and making adjustments to business scopes.
