The creation of a proactive new state lender in one of China’s poorer regions points to a much-needed push by central government to root out corruption and boost governance at the country’s surfeit of often poorly run rural credit institutions (RCIs).
Details are still being sketched out, but it appears the new lender, Henan Rural Commercial United Bank (HRCUB), which was approved late last year by the China Banking and Insurance Regulatory Commission, China’s main bank regulator, is designed to play a number of roles.
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