Financial improvements in Pingyao county

When Jinzhong Bank opened a branch in Pingyao county, Shanxi province, on Feb 14, as a trial, it was a sign of great progress in the local finance market and an important step in removing the bottleneck in local finance, according to the county's annual economic conference.

The bank will mainly be involved with local individuals and small-to-mid-sized enterprises for deposits and lending, assets management, and similar financial services to increase local services. It will also offer training for small-to-mid-sized companies and provide financial services tailored to their needs. Wu Jun, the vice president of the bank branch, says they will do their best to promote small company development.

Pingyao is the home of the successful Shanxi merchant tradition and the forefather of Chinese banking, during the Qing Dynasty (1636-1912). The branch manager says it is an honor to be doing business at the very center of Shanxi business and that it will carry on the spirit and integrate itself with county development, through the use of tourism and other resources, to help with county development.

Cheng Weiwu, a V-P of the Pingyao branch of the People's Bank of China, China's central bank which can control monetary policy and financial institutions, said the new Jinzhong branch is a remarkable event in county financial history, one that will help its financial system improve vastly.