Foreign investment ceiling raised

cctv.com 02-23-2006 10:45

China will allow overseas investors to own equity stakes of up to 25 percent in rural financial institutions, as a governmental support for the ongoing restructuring. China Banking Regulatory Commission announced on Wednesday, the United Rural Co-operative Bank of Hangzhou and the Tianjin Rural Co-operative Bank have been selected as pilot banks, while two other rural commercial banks will be chosen later this year. But since the rural credit cooperatives are smaller in terms of capital, the ceiling of single foreign ownership will likely to be set at 15 percent for the pilot banks.

Editor:Wang Ping  Source:CCTV.com