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Last updated at: (Beijing Time) Tuesday, February 05, 2002

China's Rural Credit Cooperative Loans Rise

Statistics released Monday by the People's Bank of China show that in 2001 China's rural credit cooperatives continued to increase loans to support agricultural production.


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  • Statistics released Monday by the People's Bank of China show that in 2001 China's rural credit cooperatives continued to increase loans to support agricultural production.

    By the end of 2001, outstanding deposits from all rural credit cooperatives stood at about 1.73 trillion yuan, accounting for 12 percent of total deposits in financial institutions; while outstanding loans by rural credit cooperatives were about 1.2 trillion yuan, 11 percent of the national total.

    Of the total amount lent by credit cooperatives, 441.7 billion yuan went to the agricultural sector, 77 percent of the total loans granted to the sector nation-wide, according to statistics.

    In 2001, the proportion of agricultural loans to the total rural credit cooperative loans rose three percent from the previous year, while non-performing loans decreased by five percent.

  • The central bank pointed out that the service given by rural credit cooperatives has to be improved to meet the needs of farmers and rural economic development. Insufficient capital remains a prominent problem for rural credit cooperatives.

    The central bank urges rural credit cooperatives to give more support to the agricultural sector this year.



    Rural Credit Cooperatives Develop Rapidly in China
    Chinese rural credit cooperatives, with 50 years of history, have gained momentum in developing the rural economy and become an important tie connecting farmers.

    By the end of April, savings in rural credit cooperatives throughout the country had reached 1.58 trillion yuan, occupying 12 percent of the total financial sector. While the loans by rural credit cooperatives totaled 1.05 trillion yuan, taking up 10 percent of all financial sectors.

    "In recent years, we have made progress in managing rural credit cooperatives," said Dai Xianglong, governor of the People's Bank of China.

    In 2000, loans to agriculture have been increased and more farmers were benefited from the loans.

    Dai said that China also lowered credit risks by setting up a supervision system.

    China expects to reform the rural financial system by increasing loans to agriculture and stepping up the development of rural credit cooperatives.




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