Читать книгу Rural Finance in Poverty-Stricken Areas in the People's Republic of China - Xuechun Zhang - Страница 44

If the old rural financial system supported the PRC’s rural economic development, the financial support represented a kind of overdraft and was therefore unsustainable. It is impossible to solve the problem of outflow of rural funds and to ease the difficulties in accessing credit in rural areas with PBC onlending and poverty alleviation loans, both of which are fiscal in nature. The PBC’s relending is utterly inadequate in dealing with the vast demand in rural areas. It was difficult for government-sponsored, interest-subsidized poverty reduction loans dispensed through the ABC to truly benefit rural households, and the persistently high nonperforming loan ratio of poverty reduction loans made it difficult to achieve the anticipated poverty reduction.

Key factors widening the gap between urban and rural areas are the relative access to fiscal funds, national and local government investment, and the different returns on investment in various regions

Key factors widening the gap between urban and rural areas are the relative access to fiscal funds, national and local government investment, and the different returns on investment in various regions. Although support for sannong is important, finance cannot serve the function of fiscal policy. In the past, the central and local governments have misconstrued finance, making it shoulder too many fiscal functions. This has resulted in huge losses, shrinking rural financial services, increased outflows of rural funds, and serious moral hazards.