Official with China Banking Regulatory Commission (CBRC) on Monday said the deepening of experimental reform on rural credit cooperatives in 8 provinces (cities) including Jilin is progressing smoothly, which furnishes great drive and favorable environment for China's rural credit cooperative reform. The situation of reform on rural credit cooperatives is encouraging. According to the preliminary estimate by the CBRC at the end of this year rural credit cooperatives would realize first annual profits in ten years.

Statistics show that compared with the situation at the end of the year 2002 deposits in rural credit cooperatives of 8 test provinces (cities) had increased by 40.4 percent by the end of September; loans increased by 47 percent - 4 percentage points higher than the national average level. By the end of September non-performing loans ratio in rural credit cooperatives was 11.8 percent - 12.7 percentage points lower than the national average level; capital adequacy ratio was 7.6 percent - 11.8 percentage points higher than the 4.2 percent at the end of 2002.

By People's Daily Online