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PSBC to Issue Loans of U.S. $480 Billion to Develop Rural Areas
PSBC to Issue Loans of U.S. $480 Billion to Develop Rural Areas2014-05-28

A loan of three trillion yuan (U.S. $480 billion) is to be issued from the Postal Savings Bank of China (PSBC) to support the development of rural areas and the agricultural industry in China over the following five years.

This news was released at the PSBC’s meeting on bettering financial services for agriculture, rural areas and farmers, which was held in Nanchang, capital city of central China’s Jiangxi Province, from May 15-16, 2014.

Li Guohua, president of China Post Group Corporation and chairperson of the Board of Directors of the PSBC, made a working report during the meeting.

This meeting, presided by Lv Jiajin, director of PSBC, and attended by Yu Kangzhen, vice minister of the Agriculture Ministry, Liu Shiyu, vice director of the People’s Bank of China, has set up the goal of developing PSBC into the main financial services provider for the development of agriculture, rural area and farmers.

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