Survey finds rural bank services inadequate

Despite government efforts to encourage more lending to farmers, the banking system still fails to serve China's rural economies adequately, according to a survey made by the Standing Committee of the National People's Congress (NPC). The six-province survey showed state-owned banks had closed many branches and had withdrawn authorization to issue loans at others. It also found many loans had been siphoned off for investments in what state media called hot industries in the cities.