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Rural Finance and Credit Infrastructure in China
China’s rural economy has made enormous progress over the last twenty-five years. But rural
finance and institutional reforms are still lagging behind, thus creating the risk of slowing down
further rural development.
In October 2003, the OECD, together with the Chinese Government, invited industry experts to take
stock of the achievements China has made in agricultural finance and credit infrastructure. They
also discussed how China could best address future challenges in this area. Over 60 participants
including Chinese policy makers and experts, representatives from the World Bank, FAO, the
European Bank for Reconstruction and Development, the Asian Development Bank and PlaNet
Finance came together to share their views and experience.
Rural Finance and Credit Infrastructure in China outlines the main issues discussed, from the
reasons for improving China’s rural finance to finding a suitable institutional framework. It also
considers the role that the Chinese government should play within the reform process, now and in
the future.
This book is aimed at anyone interested in agricultural and financial growth in China from
academics and policy makers to students.
This publication is part of the OECD’s ongoing co-operation with non-member economies around
the world.
OECD’s books, periodicals and statistical databases are now available via www.SourceOECD.org,
our online library.
This book is available to subscribers to the following SourceOECD themes:
Agriculture and Food
Finance and Investment/Insurance and Pensions
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SourceOECD@oecd.org
This work is published under the auspices of the OECD’s Centre
for Co-operation with Non-Members (CCNM). The Centre
promotes and co-ordinates the OECD’s policy dialogue and
co-operation with economies outside the OECD area.
www.oecd.org/ccnm
ISBN 92-64-01528-0
14 2004 10 1 P
-:HSTCQE=UVZW]^:
Rural Finance and Credit Infrastructure in China
www.oecd.org
Rural Finance
and Credit
Infrastructure
in China
China in the Global Economy
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
CHINA IN THE GLOBAL ECONOMY
Rural Finance and
Credit Infrastructure
in China
ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT
Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came
into force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD)
shall promote policies designed:
– to achieve the highest sustainable economic growth and employment and a rising standard of
living in member countries, while maintaining financial stability, and thus to contribute to the
development of the world economy;
– to contribute to sound economic expansion in member as well as non-member countries in the
process of economic development; and
– to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in
accordance with international obligations.
The original member countries of the OECD are Austria, Belgium, Canada, Denmark, France,
Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain,
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became members subsequently through accession at the dates indicated hereafter: Japan
(28th April 1964), Finland (28th January 1969), Australia (7th June 1971), New Zealand (29th May 1973),
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(22nd November 1996), Korea (12th December 1996) and the Slovak Republic (14th December 2000). The
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policy dialogue and co-operation with economies outside the OECD area. The OECD currently maintains
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© OECD 2004
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3
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China’s rural financial system has changed dramatically over the last twenty five years, but rural
financial reforms were lagging behind changes in the real economy and required further economic
transition. As in other countries moving towards a market economy, the reform of banking systems
and the creation of efficient financial markets in China continues to be among the most difficult
reform issues. Poorly functioning official financial markets push rural population to rely on informal
institutions. This set of circumstances encouraged the Chinese Ministry of Agriculture to request the
OECD to organise the :RUNVKRSRQ5XUDO)LQDQFHDQG&UHGLW,QIUDVWUXFWXUHLQ&KLQD to discuss the
ways of establishing a comprehensive and efficient rural credit system providing finance for both the
commercial (agricultural and non-agricultural) sector of the rural economy and small-scale farming in
China.
The Workshop was held at OECD headquarters in Paris on 13-14 October 2003. It brought
together over 60 participants, including a high-level Chinese delegation representing various
government and research institutions dealing with rural finance. The World Bank, Food and
Agriculture Organisation, European Bank for Reconstruction and Development, Asian Development
Bank, PlaNet Finance (NGO on finance issues) and 13 OECD member countries also participated. The
meeting was prepared by the Division for Agricultural Policies in Non-Member Economies of the
Directorate for Food, Agriculture and Fisheries in close co-operation with the Outreach Unit for
Financial Sector Reform of the Directorate for Financial and Enterprise Affairs and the Chinese
Ministry of Agriculture. The Workshop benefited from a financial contribution from the Japanese
Ministry of Finance.
While the Workshop was prepared within the OECD programme of co-operation with China, it
also provides an extension to a long-standing policy dialogue between OECD members and countries
moving from centrally planned to market-oriented economies on issues of rural finance and credit.
This dialogue began in Paris (1997), moved to Moscow DQGZDVFRQWLQXHGLQ3RUWRURå (2001).
These proceedings present a summary of the discussions, together with the papers presented by
Chinese and international experts. Each of the nineteen papers and the five additional background
papers is preceded by an abstract to orient the reader. As the present volume demonstrates, the
Workshop provided a unique venue for an overview of rural finance reforms by Chinese policy
makers; the latest results of research and surveys undertaken by Chinese and international experts; and
the results of reforms in other emerging and transition countries relevant to China.
These proceedings are produced under the auspices of the Centre for Co-operation with
Non-Members of the OECD as part of its programme of co-operation with China. This work is
published under the responsibility of the Secretary-General of the OECD.
Stefan Tangermann
Director
Directorate for Food, Agriculture and Fisheries
William Witherell
Director
Directorate for Financial and Enterprise Affairs
4
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The organisation of the Workshop and the preparation of these proceedings were carried out by
Andrzej Kwiecinski, Stephanie Küch and Anita Lari from the OECD’s Directorate for Food,
Agriculture and Fisheries in close co-operation with Akira Konishi, Jaimie Ellis and Marjanna
Bergman from the OECD’s Directorate for Financial and Enterprise Affairs. Na Li prepared and
organised the Workshop on behalf of the Chinese Ministry of Agriculture. The Workshop benefited
from financial support provided by the Japanese government. Special thanks are extended to all those
who provided papers and contributed to the success of the discussions. The papers were edited by
Andrzej Kwiecinski, Xiande Li and Michèle Patterson. Anita Lari assembled and formatted the final
publication.
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Kiyo Akasaka, Deputy Secretary-General, OECD 15
Hongyu Zhang, Deputy Director-General, Ministry of Agriculture, China 17
Norio Sato, First Secretary, Japanese Delegation to the OECD 19
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The rural financial sector in China lags behind the development of the real sector, remains
structurally weak, and slows down rural development. This is partly due to the slow process of reform
in rural finance institutions, but it can also be attributed to more general problems in the country such
as the continued channelling of financial resources to state owned enterprises (SOEs), as well as the
growing financial fragility and management challenges facing Chinese banks.
Since the reforms started at the end of the 1970s, consolidated data on rural savings and loans
indicate a net transfer of financial resources from agriculture to industry. While it is difficult to
determine the extent to which this reflects the response of rational investors moving funds from low to
high return sectors or results from institutional deficiencies in the financial and fiscal system, it is clear
that both agriculture and rural industries face important credit constraints.
Access to credit is particularly difficult for small-scale farmers. According to a recent national
survey of rural families, only 16% of farmers have recourse to formal or informal credit. This is partly
due to the lack of collateral (the land belongs to collectives) and the high transaction costs involved in
obtaining formal credit, but also to the closing of many local branches of financial institutions and the
failure of new ones to emerge. As a result, more than 70% of loans are obtained through informal
channels while less than 30% are from financial institutions.
The main objective of the :RUNVKRSRQ5XUDO)LQDQFHDQG&UHGLW,QIUDVWUXFWXUHLQ&KLQD held in
Paris on 13-14 October 2003 was to identify problems and to suggest policies and approaches to
develop a well-functioning and sustainable agricultural and rural finance system which would address
the diverse needs of the rural and agriculture sectors. Suggestions were made for the development of
alternative financial institutions. Various mechanisms and forms of contractual arrangements were
discussed. The role of government policy in establishing such a system as well as the advantages and
disadvantages of various credit schemes and credit guarantees were addressed. In this context, the
experience of OECD countries was found relevant, as were those of Asian and transition countries in
rebuilding their rural finance systems.
0DLQPHVVDJHVRIWKH:RUNVKRS
x It is essential to create a network of financial institutions that is able to provide loans to dynamic
parts of the rural economy (non-agricultural activities and competitive parts of Chinese
agriculture) which will be the main source for growth, employment creation and sustained
increase in income for the rural population.
x The rural financial sector remains part of the overall financial system and its reforms need to be
embedded in overall financial reform.
8
x Restrictive policies such as interest rate controls, monopolisation of credit services at the local
level, and routing money by state authorities to state enterprises need to be removed before
considering new programmes.
x Privatisation of SOEs and financial market reforms should limit the level of funds channelled on
preferential terms to the state-owned sector.
x Outflows of finance from rural to urban areas that stem from rational investor decisions will not
be solved through financial reforms alone.
x Policy makers need to clearly identify specific objectives, target populations and socio-economic
constraints before considering the best policy approach. It is important to establish the
appropriate sequencing and pace of reforms.
x The main role for government should be to create a favourable environment; to facilitate savings
and investment by efficient investors; to minimise uncertainty and reduce transaction costs on
financial and credit markets; and to establish an effective supervision to protect depositors.
x Competition on financial markets is a precondition for inducing innovation and stimulation of
efficiency on these markets.
x The government needs to establish an adequate legal framework as well as law enforcement
mechanisms. As soon as this is accomplished, the government needs to follow consistent policies
and avoid discretionary actions.
x If state interventions affecting credit allocation and its cost are undertaken, they should be
targeted and limited in scope and time. Credit programmes supported by the government
(HJ guarantees, subsidies) are just one option and not necessarily the most effective policy
instrument for achieving economic growth and/or reducing rural poverty.
x Rural Credit Co-operatives (RCCs) should be self-sustainable institutions, capable of constant
innovation to withstand competition of commercial banks. The process of clarification of
ownership rights within RCCs needs to be completed.
x While full-fledged private land ownership rights are not likely in China in the near future, farmers
should be able to use long-term land use rights as collateral.
x In many transition economies, non-bank loans such as processor and trade credit have proven to
be a successful means for extending the frontier of credit available to rural households. The
challenge for public policy is to secure transparency of such transactions and to prevent the
danger of monopolisation.
x Micro-finance institutions can be a practical instrument for addressing the needs of low-income
rural borrowers. While subsidies might be needed to reduce the transaction costs of setting-up
such institutions, once established they should function on a commercial basis and should be
integrated as much as necessary into the overall financial system and supervision.
x The emergence of informal/illegal lending is of growing importance for small-scale farmers and
small businesses in rural areas that lack collateral and are virtually excluded from the formal
financial sector. Their rapid development highlights the need for reforms in the formal sector.
9
x A flexible legal framework and deregulated interest rates for lending and deposits should allow
informal institutions to operate legally and to gradually evolve into formal institutions.
+LJKOLJKWVRISDSHUV
The opening statement by OECD’s Deputy Secretary-General $NDVDND stresses the successful
co-operation between the Chinese Ministry of Agriculture and the OECD in the past years and briefly
reviews the joint workshops on various policy themes related to China. He emphasises the necessity of
reforms in the financial system for the creation of employment and for the increase in rural incomes
and rural development. =KDQJ summarises the reform achievements of rural finance in China in the
past decades, admitting that although China has made progress in this area, there are still problems in
meeting the increasing demand for capital and loans in the countryside. 6DWR stresses the role of a
sound financial system in promoting robust and sustainable economic growth and explains that this is
why the Japanese government provides support for financial sector reforms in non-OECD member
countries.
In 6HVVLRQ,6HWWLQJWKH)UDPHZRUNZK\LVUXUDOILQDQFHDQLVVXHLQ&KLQD"+DQprovides a
comprehensive overview of the sources and use of rural investment in China. He stresses that the total
amount of government budget allocated to agriculture and rural areas is low, the amount of support for
rural credit insufficient, and the credit structure by rural financial institutions unbalanced.
Consequently, farmers have difficulties in obtaining loans. The author emphasises that there is a large
room for an increase in government’s support for agriculture as China is not applying a wide range of
“Green Box” policy measures permitted by the WTO and as the utilisation of “Amber Box” policies is
far below the levels allowed through WTO negotiations.
6FRWW and 'UXVFKHO analyse the institutional fundamentals needed to achieve a commercially
sustainable rural financial services in China. They emphasise that such an industry should be built
around a core of commercially-oriented financial institutions operating with sound corporate
governance structures and the autonomy to develop and price the appropriate products for targeted
clientele. They notice that improved prudential regulations and supervisory capacity could promote
overall banking sector soundness. Finally, the authors evaluate the actions required to achieve such a
vision. They advocate for the implementation of a comprehensive pilot project to provide broadly
applicable lessons.
=KDQJ summarises the reform achievements in rural finance in China over the past two decades,
concluding that diversified rural financial and non-financial institutions have been basically formed
and various finance instruments have been created. In particular, micro-finance arrangements facilitate
small farmers’ access to loans. However, no substantial progress with regard to a rural finance
management system and the clarification of property rights in rural financial institutions has been
achieved. The author discusses several proposals for further reforms, such as a clear distinction
between government policy and commercial finance, the transfer of all government policy measures to
one bank fully responsible for the implementation of government-supported loans for agriculture and
rural areas, the reorganisation and integration of all financial institutions within county areas, and the
continued liberalisation of interest rates.
7KRPSVRQexamines the main problems facing the financial system in China. He suggests that
the effectiveness of the reform largely depends on how well it performs three basic tasks: mobilising
national savings, allocating credit in an efficient way and encouraging efficient resource utilisation.
China has done very well with respect to the first task. But the reform has been less effective in
allocating credit in an efficient way. More than 90% of funds go to SOEs while dynamic sectors such
as agriculture, small and medium enterprises and the private sector have been on hold. Likewise, the
[...]... related to China He emphasises the necessity of reforms in the financial system for the creation of employment and for the increase in rural incomes and rural development =KDQJ summarises the reform achievements of rural finance in China in the past decades, admitting that although China has made progress in this area, there are still problems in meeting the increasing demand for capital and loans in the... agriculture and private enterprises in rural China As a result, informal finance plays an increasing role as a credit provider Through a personal survey and participation in the Rotating Savings and Credit Association (ROSCA) in a Chinese village, the author provides insights into how this institution functions, concerning membership, funds mobilization and utilization, benefits to members, and interest... workshops dealing with agricultural policies in China and OECD countries, the Chinese agro-processing sector, the integration of China s agriculture into the international trading system and agricultural policies in China after WTO accession Each of these workshops has been very productive and informative and has achieved our goal of contributing to a better understanding of Chinese reforms in agriculture... the total investment in forestry for the twenty years prior to reform and opening up policy Investment in rural development also includes investment in education, medical treatment and health In all, investment in compulsory education in rural China has increased continuously, rising from 48.6 billion Yuan in 1994 to 92 billion Yuan in 2000 with expenditure for compulsory rural education rising from... policies in raising rural incomes after being at the core of substantive increases in farm incomes at the beginning of Chinese economic reforms two decades ago In the future, reforms in other economy-wide areas will become increasingly important for sustained creation of employment, income rises and rural development As narrowing the huge income gap between rural and urban areas is among the most pressing... analyses constraints in the supply of and demand for rural finance in China The author observes that supply constraints are much more important and that they mainly result from an insufficient network of official financial institutions Constraints on the demand side are of secondary importance and are determined by the low degree of commercialisation of economic activities in rural China The author... held in Beijing thanks to the joint effort of the OECD and the Chinese Ministry of Agriculture The results of that conference provided helpful insights for further adjustment of agricultural policies after China s accession to WTO Government support for agricultural finance was discussed extensively by many experts and participants Today, Rural Finance and Credit Infrastructure in China is the main theme... complex financial constraints are to be removed, it is necessary to proceed from both the demand and the supply side 9DQ (PSHO and 6PLW discuss the preconditions for the development of an effective rural banking system in China, concluding that RCCs are the backbone of Chinese rural finance and that there is no real alternative solution for providing broad access to financial services in rural China, than... reform and improved internal management, self-development and responsibility, financial institutions are gradually improving the quality of their capital and management practices, creating a firm foundation for the sustainable development of rural finance We realise that although China has made progress in reforming the rural financial system in recent years, there are still problems in meeting the increasing... existing programmes, adopting flexible interest rate policies, and shifting from subsidy based to fully sustainable, financially self-sufficient programmes )XNXL and /ODQWR provide an overview of rural finance and micro -finance development in transition countries in South-East and East Asia They focus on the institutional evolution and the inter-relation between policies and institutions and identify the diverse . Credit Infrastructure in China www.oecd.org Rural Finance and Credit Infrastructure in China China in the Global Economy ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT CHINA IN THE. and experience. Rural Finance and Credit Infrastructure in China outlines the main issues discussed, from the reasons for improving China s rural finance to finding a suitable institutional framework « Rural Finance and Credit Infrastructure in China China’s rural economy has made enormous progress over the last twenty-five years. But rural finance and institutional reforms are still lagging
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