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The Asian Development Bank (ADB) is pleased to make this book on rural finance issues in the People’s Republic of China (PRC) available to policy makers, financial institutions, and practitioners. The analysis contained in this volume grew out of ADB-financed technical assistance projects for rural and microfinance that focused on expanding sustainable financial services to the rural poor in underdeveloped areas.

The book is a valuable contribution toward a better understanding of the issues in the PRC rural finance market, particularly the reasons for recent reform measures and key market and institutional changes. The book will hopefully promote further work and innovative approaches toward building a sound rural finance system that allows easy access for the underserved financial segments of market services. There are indeed opportunities for synergy between government and participants in the rural financial market to join forces for poverty reduction.

The book highlights the need for a bottom-up approach in rural financial market development to meet local demand and adapt to local financial risk profiles. It emphasizes that effective supervision of rural financial market participants requires effective communication between government and the market. The book also argues that opening the rural financial market allows innovative approaches and different types of institutions to compete, thereby ensuring better services and higher efficiencies.

The contributions of authors, editors, and the staff of the Financial Sector, Public Management, and Regional Cooperation Division as well as the Department of External Relations were invaluable in producing this knowledge product and are acknowledged with gratitude.

Klaus Gerhaeusser

Director General

East Asia Department

Asian Development Bank