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Manage   China announces 20 pct cut in airline fuel surcharge China's steelmaker Baosteel announces resignation of chairwoman Warner vows to compete pirated DVDs in China Big bucks needed to build Beijing-Shanghai railway China's Baosteel denies reports of listing overseas Baosteel mulling over public listing overseas carve out   Electric appliances chain Gome says founder cleared in probe PetroChina oil, gas sales soar to record in 2006 Shares rebound 4.7%, fueled by buying of financial, transport stocks Tibet's fixed-assets investment tops 20 biln yuan China plans to dam large-scale building projects Chef says De Niro is hands-off partner in Nobu restaurant chain Resources   Yuan hits new record high; stocks fall on jitters in property sector Trade between China, Japan surpasses US$200b FDI in China tops 63 bln USD in 2006 Chinese mainland buys 1,200 tons of slow-selling Taiwan oranges Share prices fall in biggest single-day retreat in 6 months Yuan pricier than HK dollar for 1st time in 13 years

Seven banks keen to set up subsidiaries in rural areas BEIJING, Jan. 17 (Xinhua) -- Now that China eased market entry policies for banking institutions in rural China last month, seven commercial banks have applied to set up a subsidiary in rural areas. On Dec. 22, 2006, the China Banking Regulatory Commission (CBRC) published proposals to give financial institutions more market access in rural areas. The move was aimed to promote rural development. The CBRC has received applications from Minsheng Bank, Beijing Rural Commercial Bank, Tianjin Rural Cooperation Bank and four other domestic banks, said CBRC Vice Chairman Tang Shuangning at a conference. Meanwhile foreign-funded banks such as the Standard Chartered Bank and the HSBC have also expressed interest in setting up branches in rural areas, said Tang. Village banks will provide financial services to farmers, and be able to invest in and reorganize rural financial institutions. Domestic institutional investors will be able to take a 20 percent stake in village banks and rural cooperative financial institutions. Individuals can buy up to 10 percent. Working capital limits for branches of domestic financial institutions in rural areas are scrapped, and registered capital requirements are lowered to three million yuan (384,615 US dollars) for county banks and one million yuan for banks in villages and towns. The proposals make it easier for domestic financial institutions to provide banking services in rural areas and encourage banks to set up ATMs and issue banking cards. The proposals also lower qualification requirements for senior executives in newly established banking institutions in rural areas. The proposals cover six pilot regions -- western Sichuan, Qinghai and Gansu provinces, north China's Inner Mongolian Autonomous Region, northeastern Jilin Province and central Hubei Province. MORE NEWS • Policies bolster ties with Central Asia • Banking investment set to skyrocket • ICBC share offer draws big response • China becomes world's third largest FDI receipent • 38 foreign pharmaceutical firms agree on transparent, fair sales in China • China reports slight drop in materialized FDI through Sept. • UN reports sharp rise in patent filings in China • Strict taxation enforcement to push China's tax revenue to new high --------------------------------------------------------------------------------

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