Читать книгу Rural Finance in Poverty-Stricken Areas in the People's Republic of China - Xuechun Zhang - Страница 30

Prior to the creation of the Agricultural Development Bank of China (ADBC), the ABC and the China Construction Bank took charge of medium-and large-scale infrastructure loans for agriculture, forestry, animal husbandry, and irrigation as well as for technological advancement and other policy operations. The Third Plenum of the Fourteenth Communist Party of China Congress in November 1992 spelled out the overall objectives of the PRC’s financial system reform.² The following month, in December 1992, the State Council promulgated the Decision on Financial System Reform, charging the ADBC with managing policy loans—which at that time included loans for agriculture procurement, storage, and processing—and loans for integrated agriculture development and poverty alleviation.

Major changes have taken place in the rural financial system, which is based on cooperative finance and encompasses both commercial and policy finance

In line with the spirit of the decision, the ABC transferred to the ADBC CNY186 billion worth of policy lending, to separate policy and commercial operations. However, the management of subsidized poverty loans, an important part of agriculture policy lending in the PRC, was returned to the ABC in 1998, following a marked deterioration in the quality of poverty loans.