By Asian Development Bank
Neighborhood monetary associations signify the simplest offerings within the economy for small and medium-sized corporations and farming families. govt enterprises within the People's Republic of China (PRC) have proposed guidelines that might chill out marketplace access standards and make allowance the production of assorted rural monetary associations. those measures may help enhance PRC's monetary marketplace constitution, advertise larger rural monetary providers, allow financing of labor-intensive fiscal actions, and advertise socioeconomic development.Rural Finance in Poverty-Stricken parts within the People's Republic of China deals an outline of rural finance within the PRC, examines present monetary coverage and versions, and provides options for destiny reform measures.
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Additional info for Rural Finance in Poverty-stricken Areas in the People''s Republic of China: Balancing Government and Market (International Atomic Energy Agency Tecdoc)
ABC’s policy is to serve only clients with credit raƟngs of 2A and above, abandoning clients rated below 2A and subjecƟng new clients to credit raƟng by provincial branches. The ABC employs universal criteria for credit raƟngs, but some enterprises in less-developed regions have diﬃculty meeƟng such requirements and therefore cannot get loans. Some high-quality county enterprises do not appear to be viable when compared with peers at the provincial level, and many enterprises are daunted by the standards.
In 1998, the ADBC assumed exclusive responsibility for crop procurement loans, and other policy operaƟons were undertaken by the ABC. RURAL FINANCIAL REFORM Between 1998 and 1999, the State Council decided to shiŌ from the ADBC to the ABC the special lending for comprehensive agriculture development; poverty reducƟon; enterprises aﬃliated with crop, coƩon, and oil producƟon; and People’s Bank of China agriculture loans. Moreover, eﬀorts were made to crack down on illegal and informal ﬁnancial acƟviƟes, which included closing down and liquidating rural cooperaƟve foundaƟons across the country.
However, a number of problems emerged during the course of reform. For instance, a great number of nonperforming loans built up during the process of township and village enterprise reform and the transiƟon from collecƟve to individual credit. With the gradual exit of state-owned commercial banks from the rural ﬁnancial market and the overhaul of rural cooperaƟve foundaƟons, RCCs became monopolies in the rural ﬁnancial market. A large amount of money departed rural areas through rural ﬁnancial insƟtuƟons.