Читать книгу Rural Finance in Poverty-Stricken Areas in the People's Republic of China - Xuechun Zhang - Страница 21

The Agricultural Bank of China (ABC) was established in 1955 with a mission to raise funds from rural areas and to support industrialization and agricultural production. At that time, the ABC was entrusted (by the PBC) with the supervision and management of the RCCs. In 1957, the ABC merged with the PBC. A few years later, the ABC was supervising the distribution of budgetary agriculture funds and central bank lending to rural areas.

Similar to institutions in other sectors, the relationship between the RCCs and the ABC in rural areas is not competitive but is more like the relation between cashiers and accountants. In the planned economy, the industrial system did not need services from commercially oriented financial institutions. Likewise, rural financial institutions were designed to provide the rural credit that would enable production of cheap grains and raw materials for capital-intensive industrial development.

The rise in agricultural output and the emergence of rural industrialization substantially boosted rural household income in the early stages of reform