New Trillion-Level Banks
Rural banks are accelerating their exit. On December 11, 2023, the Hebei Regulatory Bureau of the China Banking and Insurance Regulatory Commission approved the dissolution of Gaocheng Hengsheng Rural Bank and Jinzhou Hengsheng Rural Bank. This marks the dissolution of at least 11 rural banks within one year.
Simultaneously, more than 2,000 rural credit cooperatives and city commercial banks in China are undergoing a new round of integration and restructuring. Local financial entities with trillion-level assets have been established. Trillion-level rural commercial banks in Zhejiang, Shanxi, Henan and other regions have commenced operations. Liaoning Rural Commercial Bank, with the highest registered capital among rural commercial banks, has been officially created. Reform plans in over ten provinces are currently awaiting approval.
