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A second reform was the resumption of RCCs as cooperative financial institutions. In 1979, the management of the RCCs was transferred from the PBC to the ABC, and the county branches of the ABC were made responsible for regulating local RCCs. However, the relationship between the two varied by region and over time. For instance, in some regions the RCC and the ABC branches were the same institution, whereas in other regions the RCC and the ABC township branches were independently managed but reported to the same ABC county branch. In many regions, the ABC and the RCC shared the same management team, with only the names distinguishing the two. This kind of relationship resulted in lack of independence and ineffective competition in the commercialization of the rural finance sector.

Beginning in 1983, joint RCCs were formed at the county level to strengthen the independence of the RCC system, and the State Council created county rural credit unions. A two-level legal-person system was gradually established at the county, county-level city, and township levels, and the rural credit unions assumed responsibility for managing, guiding, and funneling funds to the RCCs. In 1984, the State Council requested that the RCCs become the cooperative financial organizations for the majority of rural households and be responsible for their own operations and performance.

Nevertheless, at this stage, the government still entrusted the management of the RCCs to the ABC, which ran the RCCs as banks, effectively making them ABC branches and offices. As a result, RCCs were still characterized as government owned and failed to follow the direction of cooperative finance. In addition, the legal-person status of a township RCC was mostly nominal. Rural credit unions had the right to appoint and dismiss RCC senior management and to approve both loans and expenditures.