China to continue financial support for Tibet

China will continue preferential financial policies to support Tibet for the next five years.

Pan Gongsheng, deputy head of the People's Bank of China on Wednesday urged commercial banks to provide more credit resources for Tibet while risks are under control, Xinhua news agency reported.

He stressed on diversifying financial businesses and increasing branches in Tibet, and encouraging qualified capital to establish small institutions like private and village banks.

More direct financing and financial bonds are expected to facilitate enterprises, especially small and micro businesses, in Tibet.

Liu Shiyu, chairman of Agricultural Bank of China, said the bank has set up 511 branches in Tibet and will try to establish financial services in all counties with access to highways, electricity and phone signals by the end of 2016.

Heads of Agricultural Development Bank and People's Insurance Group also said there will be more capital and policy support for Tibet's local financing and industrial expansion.