China’s Postal Savings Bank, a relatively obscure yet powerful entity formed in 2007, will be the main infrastructure driver for getting income into rural areas under the country’s economic stimulus plan.
The bank, which was initially capitalized at RMB20 billion, was formed following a restructuring of the State Post Bureau, and consequently possesses some 37,000 branches nationally thanks to its link with China’s postal service.
According to the report from CIRC(China Insurance Regulation Commission) in Shanxi in January 3th, after their hard working in last 100 days, More than 370 thousand people accepted micro personal insurance in rural areas including 185 villages insured all residents, and the total insurance premium exceeds 6 million. All these figures achieve expectation over 162 percent, and rank first among nine pilot provinces. the CEO of China Life Insurance group Wan Feng sends congratulation mail to reward it.
Ganzhou government offering microcredit of more than 400 million RMB to help the migrant workers to establish new businesses.
Due to the international financial crisis, the labor market has met with a “winter”, which caused the migrant workers to return back to their hometowns. How to help the workers trapped in the sudden crisis? The Labor and Social Security Bureau in Ganzhou said that the migrant workers who want to start their own businesses will get full support from the coming “Venture Support Project”.
China's main export markets are all slowing sharply, and prospects of a global recession are mounting. More migrant workers are being forced to return to their farms after losing their construction jobs in big cities. Amid these darkening social and economic conditions, the Communist Party has issued a landmark policy document setting out proposals to restructure land-use rights in rural China. The policy is dramatic and far-reaching, and shows the depth of the government’s supply of economic initiatives.
A conversation was held in Harbin a few days ago on the pilots of new types of rural financial institutions. The Deputy Chairman of CBRC stressed that a three-year plan should be made systematically to improve these pilots and strengthen their risk management.
This Nankai University Online News reporter has learned that China’s first “Micro Insurance Survey White Paper” written by Nankai University professor Jiang Shengzhong was released within the past few days. The paper points out that China’s micro-insurance coverage rate is under 30% [of demand], and that the number of people in need of this service could be as many as 50 million individuals.
Translated Summary:
Wenzhou City, Zhejiang Province will issue regulatory directions on microfinance companies' operations. According to the directions, microfinance companies should register their equities within one year after their foundation. Each microfinance company can finance from up to two commercial banks at a limit of 50% of the company's capital, and the interest rate should be below two times of Libor. http://business.sohu.com/20081013/n259996956.shtml
Citigroup Inc, the largest US bank, said yesterday that China's banking watchdog has approved its plan to open two microcredit firms in Hubei province, tapping the nation's vast rural market.
Citigroup, the first overseas lender allowed to establish such institutions in the country, plans to set up the two firms in Gong'an county and the city of Chibi, which are scheduled to open in the next few months.
In knowing that SME (small and medium-size enterprises) are an important factor in the city’s economic development, Baoshang Bank [PF: which used to be known as the Baotou City Commercial Bank] especially its science and technology branch, is emphasizing innovation in its development. Since the start-up of micro-enterprise loans on June 19th 2006, Baoshang Bank has taken many effective measures to serve small-scale enterprises by letting account managers introduce micro-credit products from door to door.
