Оглавление
Xuechun Zhang. Rural Finance in Poverty-Stricken Areas in the People's Republic of China
RURAL FINANCE IN POVERTY-STRICKEN AREAS IN THE PEOPLE’S REPUBLIC OF CHINA
Contents
Preface
About the Authors
Foreword. Nurturing Local Financial Strength in Rural Areas
Abbreviations
Introduction
Ensuring Access to Finance
Promoting the Domestic Opening of Financial Markets
Opening to Informal Finance
Rural Lending Shops
Developing a New Rural Financial System
Industrialization: From Farmers to Migrant Workers
Urbanization: From Rural Migrant Workers to Urban Residents
Building a New Countryside: From Traditional to New Farmers
A New Rural Financial System: Satisfying Multilayered Financial Needs
CHAPTER 1. Rural Financial Reform. History of Rural Finance in the People’s Republic of China
Phase 1. The Monobanking System (1949–1978)
Launching the Rural Credit Cooperatives
Establishing the Agricultural Bank of China
Phase 2. Resumption of Rural Financial Institutions (1979–1993)
Restructuring the Agricultural Bank of China
Reforming the Rural Credit Cooperatives
Creation of Postal Savings
Creation of the Rural Cooperative Foundations
Phase 3. Formation of the Current Rural Financial System (1993–1996)
Commercialization of the Agricultural Bank of China
The Role of Rural Credit Cooperatives
The Role of the Agricultural Development Bank of China
Phase 4. Pilot Rural Financial Reform (1996–2002)
Agricultural Development Bank of China and the Agricultural Bank of China
Rural Credit Cooperatives since 1996
Phase 5. Rural Financial Reform and Liberalization
Agricultural Bank of China Development Strategy
Dominance of the Rural Credit Cooperatives
Postal Savings Reform
Market Liberalization and Rural Financial Development
Main Issues of the Rural Financial System in the People’s Republic of China
Lack of Competition
Diverse Demand
Capital Outflows
Difficult Access to Credit
Government Credit Inputs
Insider Control
Lack of an Enabling Operating Environment
Lessons from Rural Finance Reform
CHAPTER 2. Rural Economic Situation
General Economic Situation
Industrial Structures
Agriculture Loans
Fiscal Position
Sources of Farmers’ Income Growth
CHAPTER 3. Rural Financial Services for the Poor and for Rural Migrants. Local Institutional Outlets
Agriculture and Poverty Reduction Loans
People’s Bank of China Lending to Support the Agriculture Sector
Issues with People’s Bank of China Lending for Agriculture Support
Development of Poverty Reduction Loans
Issues with Poverty Reduction Loans
Evaluating Poverty Reduction Loans
Remittances of Rural Migrants
Demand for Remittance Services
Supply of Remittance Services
Issues in Rural Finance
CHAPTER 4. Capital Flows and Rural Finance
Interregional Capital Flows
Capital Flows: Fiscal Authorities
Capital Flows: Financial Institutions
Capital Flows: Microentities
Issues of Capital Flow
Loans and Deposits
Rural Household Credit Demand
Rural Enterprise Credit Demand
Rural Government Credit Demand
CHAPTER 5. Interest Rate Policy
Changes in Rural Deposits and Loans
Market Distortions and Efficiency of Rural Financial Institutions
Lending Rates
Dual Pricing
Barriers to Interest Rate Liberalization
Institutional Response to Market Distortions. The Agricultural Bank of China
Rural Credit Cooperatives
CHAPTER 6. Cooperative Finance
Principles of Cooperative Finance and International Experience
Lessons of Cooperative Finance in the People’s Republic of China. Rural Credit Cooperatives
Rural Cooperative Foundations
Strengths of Rural Credit Cooperative Reform Policies
Rural Credit Cooperative Reform Policy Issues
Evaluation of Rural Credit Cooperative Reform Policy
CHAPTER 7. Microfinance
Diversified Microfinance Development Model
Lessons of Microfinance
Development and Innovation of Microfinance in the People’s Republic of China
International Microfinance Donor Agencies
Reasons for the Slow Development of Microfinance
A New Phase of Microfinance Development
CHAPTER 8. Informal Finance
Informal Finance in the People’s Republic of China
Informal Finance in Poverty-Stricken Areas
Informal Financial Institutions
Comparison of Formal and Informal Finance
Rural Finance Options in Poverty-Stricken Areas
CHAPTER 9. Surveys and Pilot Projects. Poverty Reduction Loans. Loans by the Poverty Reduction Office
Jiangsu Model
Rural Remittance
Cooperative Finance. Ganzi: Perspectives on Unwithdrawable and Unsustainable Rural Credit Cooperatives
Baixin Rural Lending Shop: New Pilot Cooperatives
Village Cooperative Funds
Guizhou Province: Demand for and Supply of Rural Finance
Demographic Information
Rural Financial Services: Demand
Rural Financial Services: Supply
Rural Financial Institutions. Postal Savings Outlets
Rural Credit Cooperatives
Agricultural Development Bank of China
Agricultural Bank of China
Government-Supported Rural Financial Services. Rural Credit Cooperative Microfinance Loans
Poverty Alleviation Loans
Evaluation of the Rural Credit Cooperative Pilot Program
Financial Innovations
Prospects for Cooperative Finance in the People’s Republic of China
Microfinance. Guangxi Learns from Grameen Bank
Award and Subsidy Fund
Dezhou: Microcredit and Postal Savings Offices
Microfinance Case Studies
Case 1: Operational Model in Tongjiang County, Bazhong
Case 2: Economic Promotion Association, Guangna Branch, Bazhong
Case 3: Association for Rural Development Operational Mode in Yilong County
Informal Finance. Guizhou and Shaanxi
Combining Formal with Informal Finance
CHAPTER 10. Policy Recommendations. General Policy Considerations. The Role of Government and Market
Market-Based Rural Finance Reform
Rural Finance in Poverty-Stricken Areas
Poverty Reduction Loans
Rural Remittance. Migrant and Nongovernment Organizations
Policy Makers and Regulators
Financial Service Providers
Cooperative Finance
Microfinance
Nongovernment Microfinance Institutions
Pilot Microcredit Companies
Shifting Financial Products and Services to Rural Areas
Non-Deposit-Taking Microcredit Companies and a Supervisory Legal System
New Microcredit Companies and the Market
Supervisory and Microfinance-Supporting Institutions
Policy Environment
Risks and Other Issues
Order and Steps in Opening the Market
Postal Service Bank of China’s Microcredit Project
Feasibility of the Postal Savings Bank of China as a Wholesale Lender
Feasibility of Direct Postal Savings Bank of China Microloans
Selection of Postal Savings Bank of China Business Models
CHAPTER 11. Opening the Rural Financial Market and Piloting New Rural Financial Institutions
Important Issues in Opening the Rural Financial Market
Additional Requirements
Cost-Effective Approach
APPENDIX
Notes. Chapter 1. Rural Financial Reform
Chapter 3. Rural Financial Services for the Poor and for Rural Migrants
Chapter 4. Capital Flows and Rural Finance
Chapter 5. Interest Rate Policy
Chapter 8. Informal Finance
Chapter 10. Policy Recommendations
