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Chinanews, Wuhan, December 16– The first HSBC Rural Bank was opened on December 13, 2007, in Suizhou, Hubei Province. It is the first foreign bank that mainly offers financial services to rural areas in China.
Chinese farmers are well-known for being hard-working and innovative1, but there are not enough efficient financing channels for them to start their career. The Banking2 Regulatory Commission of China has released a series of regulations to loose the restrictions3 on foreign banking institutions offering financing service in rural areas, which are expected to bring professional and sustainable business pattern to activate4 the economic potential of those areas. HSBC is confident in offering service that is specifically designed for rural market in China, according to its successful
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