The reporters have learnt from China Development Bank ("CDB") that two township-level banks established in Jilin and Hubei provinces with CDB as their primary sponsor officially started business on December 18.

They are Zhenlai CDB Township Bank and Daye CDB Township Bank which are absolutely held by CDB. According to introduction, these two new township-level CDB branches will adhere to the operation philosophy of serving "Agriculture, Rural Areas and Farmers", actively provide financial service for the development of local agriculture, rural area and farmer, progressively strengthen their support and strive to become local financial institutions with sufficient capital, strict internal control, excellent return and effective service to "Agriculture, Rural Areas and Farmers".

With a view to fundamentally solving problems of low coverage rate of financial institutions in rural areas, insufficient financial supply and inadequate competition, China Banking Regulatory Commission released in last December Several Opinions on Adjusting and Loosening Policies on Admission of Financial Institutions to Rural Areas to Better Support Construction of New Socialist Countryside and chose Sichuan, Inner Mongolia, Gansu, Qinghai, Jilin and Hubei provinces (autonomous region) as pilot areas.

Prior to this, CDB has set up 3 township-level branches in Gansu, Sichuan and Qinghai provinces. The number of township-level banks opened for business in China has reached 15 as of today. (Reporters Zhao Xiaohui and Tao Junjie Report)