OREANDA-NEWS. May 30, 2011. Sponsored by Bank of China and China Foundation for Development of Financial Education (CFDFE), a training course for volunteers of the Financial Benefit Program began at the training center of Bank of China Hubei Branch. Wu Xiaoling, Vice Chairwoman of the NPC Financial and Economic Committee and Chairman of CFDFE, delivered a lecture titled "A Universally Beneficial Financial System for Social Harmony" at the opening ceremony, reported the press-centre of Bank of China.

Bank of China is an executive director of CFDFE. The training course on rural financial education co-sponsored by Bank of China and CFDFE aims to improve the overall quality of staff in rural financial institutions and the rural financial system with more innovations through spreading of financial knowledge by means of education and training activities.

The six-day training course is divided into two phases. The first phase is attended by nearly 100 staff and volunteers from rural financial education departments of 18 pilot counties in Hubei, Ningxia, Guangxi, Yunnan and other two provinces, and the second phase attended by 100 grass-roots rural cadres and owners of rural micro businesses from Jingshan County, Hubei Province. Bank of China and BOC Fullerton Community Bank will co-prepare for the second phase and co-provide the lectures.

At the opening ceremony, Wu Xiaoling explained the strategic significance of the Financial Benefit Program and put forward suggestions on building a universally beneficial financial system: first, improving and innovating loan techniques with stronger awareness of service among financial institutions; second, innovating lending entities and cultivating loan retailers; third, strengthening the development of social credit system; and fourth, making full use of the guiding role of fiscal policies.

In recent years, Bank of China has been positively exploring and innovating models for rural financial development. In early March this year, Bank of China and Fullerton Financial Holdings (Fullerton) opened the BOC Fullerton Community Bank in Qichun County, Hubei Province, the first community bank in China founded by a major Chinese commercial bank with an international partner. Jingshan BOC Fullerton Community Bank, the third one, will start operation in Jingshan County, Hubei. In the future, BOC Fullerton will set up 400 community banks in China to provide more Chinese villages and towns with high-quality and efficient financial services.