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China rural financial institutions urged to take risk controlPublished: 05 Dec 2008 02:12:32 PST

Dec. 5, 2008 (China Knowledge) - The China Banking Regulatory Commission (CBRC), the country's top banking regulator, said Wednesday small and medium-sized financial institutions in rural areas should improve their risk controls amid the unfolding global financial turmoil, the official Xinhua News reported.

The banking regulators and the provincial-level rural financial institutions should take effective measures to help the smaller rural cooperatives, which are major lenders to farmers in the agricultural sector, reduce their losses, said Jiang Dingzhi, vice Chairman of the CBRC.

Jiang also urged the small- and medium-sized rural financial institutions to make thorough review of their accounts and loan cases in a bid to further reduce its non-performing loans and enhance its provision fund.

The CBRC will also launch a three-year campaign starting in 2009 against financial crimes in the rural banking system.

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