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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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