Читать книгу Rural Finance in Poverty-Stricken Areas in the People's Republic of China - Xuechun Zhang - Страница 23

PBC restructuring represented the core of financial reform. During the planned economy period, the PBC was the sole financing entity, with extensive functions. With economic liberalization, however, the PBC was unable to perform these complex duties well. At the same time, the monobanking system was unable to provide financing for dynamic rural areas. To remedy these problems, four state-owned commercial banks—the ABC, the Bank of China, the China Construction Bank, and the Industrial and Commercial Bank of China—were carved out of the PBC as independent financial institutions serving different economic sectors.

The ABC, dissolved during the Cultural Revolution, resumed operation in 1979 and established branches and subbranches all over the PRC. In particular, the ABC took charge of lending to the agriculture sector and was the only state-owned commercial bank allowed to do business in rural areas. The main function of the ABC was to manage agriculture funding, provide rural credit in a centralized manner, and manage the operation of the RCCs. The ABC was therefore at the core of the rural financial system as it undertook combined functions of fiscal appropriation, commercial lending, and RCC management.