Defence

Provincial governments delegate the regulation of rural credit societies to local authorities




China is seeking to delegate regulatory authority over rural credit unions from provincial governments to the municipal level.

On February 15, the city of Dongguan in Guangdong Province announced that it had received permission from the provincial government to assume regulatory authority over two rural creditors, the Dongguan Rural Commercial Bank (东莞 农 商 银行) and the Guangdong Puning Rural Bank (幹 Village Village Village Village Village Village Village Village Village Village Village Village Village Village Village Village Village Village Village).公司).

Previously, these two rural creditors were subordinated to the Guangdong Provincial Credit Union (广东 省 农 信 联 社).

The next day, Dongguan Rural Commercial issued a public statement stating that the move would be useful to further consolidate Dongguan’s local market and better serve the regional economic development.

The Banking and Insurance Regulatory Commission of China (CBIRC) announced in January at its working meeting in 2022 that it would accelerate the reform of rural credit societies in China by implementing a “strategy for each province” policy (一 省 一 策).

The provinces of Zhejiang and Guangdong are the first to implement reform policies, and domestic observers say it will later be gradually introduced in other parts of the country.





https://www.chinabankingnews.com/2022/02/20/provincial-governments-delegate-regulation-of-rural-credit-societies-to-local-authorities/ Provincial governments delegate the regulation of rural credit societies to local authorities

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