Читать книгу Rural Finance in Poverty-Stricken Areas in the People's Republic of China - Xuechun Zhang - Страница 32

Also since the mid-1990s, a financial system featuring the coexistence of cooperative banks and policy banks has been taking shape in the PRC’s rural areas.³ In 1994, the newly established ADBC took up policy financing functions such as managing the fund supply for acquisition of agricultural products; poverty reduction loans; and lending for comprehensive agriculture development, small-scale rural infrastructure, and technological upgrading.

In August 1996, the State Council promulgated the Decision on Rural Financial System Reform, further clarifying the guiding principles for rural financial system reform to include establishing and improving a rural financial system based on cooperative finance, complemented with commercial and policy finance under a clear division of labor, and further improvement of rural financial services. In line with this decision, the RCCs were spun off from the ABC and reformed on a cooperative pattern.

The comprehensive financial reforms launched in 1996 pushed the ABC to become profit oriented. The management of RCCs was shifted to the newly established Interministerial Coordination and Leading Group for Rural Financial Reforms in 1996, and then the leading group joined the PBC in 1997. In 1998, the ADBC assumed exclusive responsibility for crop procurement loans, and other policy operations were undertaken by the ABC. Between 1998 and 1999, the State Council decided to shift from the ADBC to the ABC the special lending for comprehensive agriculture development; poverty reduction; enterprises affiliated with crop, cotton, and oil production; and People’s Bank of China agriculture loans. Moreover, efforts were made to crack down on illegal and informal financial activities, which included closing down and liquidating rural cooperative foundations across the country. In 1999, the rural cooperative foundations were overhauled to restore rural financial order. The PBC provided funding support to promote RCCs and extend to rural households microcredit and collective-guaranty loans, and pilot RCC reform was initiated in Jiangsu Province in 2000.