Reform of China's Rural Credit Unions : Policy Note
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Washington, DC
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The reform of the Rural Credit Unions
(RCUs) currently faces a number of major inter-related
challenges. These must be resolved if China is to create a
'modern rural financial system'. The key issues
facing policy-makers are: Consolidating independent
shareholder ownership in order to realize effective
corporate governance and create sustainable commercial
financial institutions; reshaping the relationship between
provincial governments and the RCU system in order to bring
to an end direct government administrative intervention in
RCU management; preventing government subsidies and special
policies, which are intended to ensure that RCUs meet policy
goals to support the rural economy, from generating
rent-seeking behavior and moral hazards that undermine
commercial sustainability; and enabling the growth of a
diverse range of rural financial institutions that would
create competition and force greater efficiencies in rural
financial markets. Policy reforms since 2003 have sought to
address these issues, but they have yet to achieve their
goal. The need for more change is widely recognized, and
the authorities now have the opportunity to implement
further reforms in order to create a flexible, diverse,
efficient and responsive rural financial market that is both
vibrant and disciplined.
Palabras clave
ACCESS TO CREDIT, ACCESS TO LOANS, ACCOUNTING, ACCOUNTING SERVICES, ACCOUNTING SYSTEMS, ADMINISTRATIVE CONTROLS, AGRICULTURAL BANK, AGRICULTURAL LOANS, AGRICULTURAL PRODUCTION, AGRICULTURAL PRODUCTS, AUDITING, BAD DEBTS, BANKING SECTOR, BANKING SERVICES, BANKING SYSTEM, BANKRUPTCY, BANKS, BOARDS OF DIRECTORS, BORROWER, BRANCH NETWORK, CAPITAL ADEQUACY, CAPITAL ADEQUACY RATIOS, CAPITAL FLOWS, CAPITAL INVESTMENT, CASH PAYMENTS, CENTRAL BANK, COLLATERAL, COLLATERAL FOR LOANS, COMMERCIAL BANK, COMMERCIAL BANKS, COMMUNITY DEVELOPMENT, COMPARATIVE ADVANTAGE, COMPETITIVE CREDIT, CONFLICT OF INTERESTS, CONSOLIDATION, CONTRACTUAL OBLIGATIONS, COOPERATIVE BANKING, COOPERATIVE BANKS, COOPERATIVES, CORPORATE GOVERNANCE, COSTS TO BORROWERS, CREDIT ASSESSMENT, CREDIT BUREAUS, CREDIT CARD, CREDIT INFORMATION, CREDIT INFORMATION SYSTEMS, CREDIT SYSTEMS, CREDIT UNIONS, CROP FAILURE, DEBTS, DEPOSIT, DEPOSIT INSURANCE, DEPOSITORS, DEPOSITS, DEVELOPING COUNTRIES, DEVELOPMENT BANK, DEVELOPMENT OF CREDIT BUREAUS, DIRECT INVESTMENTS, DIVERSIFICATION, DIVIDENDS, DONOR SUPPORT, EARNINGS, ECONOMIC ACTIVITIES, ECONOMIC DEVELOPMENT, ECONOMIC POLICIES, EMPLOYEE, EMPLOYMENT, ENTRY THRESHOLD, ENTRY THRESHOLDS, ENVIRONMENTAL, EXIT MECHANISM, EXTERNAL SHOCKS, FARMER, FARMERS, FINANCIAL DEVELOPMENT, FINANCIAL EXPERTISE, FINANCIAL INSTITUTION, FINANCIAL INSTITUTIONS, FINANCIAL MANAGEMENT, FINANCIAL MARKET, FINANCIAL MARKETS, FINANCIAL PERFORMANCE, FINANCIAL REFORM, FINANCIAL RISKS, FINANCIAL SERVICE, FINANCIAL SERVICE PROVIDER, FINANCIAL SUPPORT, FORMAL BANKING, FORMAL BANKING SYSTEM, FORMAL BANKS, FUTURES, GOVERNMENT BONDS, GOVERNMENT FUNDING, GOVERNMENT GUARANTEES, GOVERNMENT INTERVENTION, GOVERNMENT POLICIES, GOVERNMENT POLICY, GOVERNMENT SUBSIDIES, GOVERNMENT SUPPORT, GOVERNMENT SUPPORTS, GROUP GUARANTEES, GUARANTOR, GUARANTORS, HOUSEHOLDS, HOUSING, HUMAN RESOURCES, INCENTIVE SYSTEMS, INCOME TAX, INFORMAL CREDIT, INFORMAL RURAL FINANCE, INFORMATION ASYMMETRY, INFORMATION MANAGEMENT, INSTITUTIONAL DEVELOPMENT, INTEREST RATE, INTEREST RATE CONTROLS, INVESTING, LACK OF COMPETITION, LAWS, LEGAL ENVIRONMENT, LENDERS, LOAN, LOAN AGENTS, LOAN APPLICATIONS, LOAN DECISIONS, LOAN DEFAULT, LOAN GUARANTEES, LOAN INSURANCE, LOCAL ECONOMIES, LOCAL ECONOMY, LOCAL GOVERNMENTS, LOCAL SAVINGS, LONG-TERM INTEREST, LOW INTEREST RATES, MARKET DISCIPLINE, MARKET ENTRY, MARKET VALUE, MICRO-CREDIT, MICRO-FINANCE, MICRO-FINANCE INSTITUTIONS, MICRO-LOAN, MICROCREDIT, MICROFINANCE, MICROFINANCE INSTITUTIONS, MICROFINANCE LOAN, MIGRANT WORKERS, MONETARY FUND, MORAL HAZARDS, MORTGAGE, MORTGAGES, NON-PERFORMING LOANS, NPL, OPPORTUNITY COST, OPPORTUNITY COSTS, OUTSTANDING LOANS, POST OFFICE, POST OFFICE SAVINGS, POSTAL SAVINGS, PREDATORY LENDING, PRINCIPAL-AGENT PROBLEMS, PRODUCERS, PROFITABILITY, PROPERTY RIGHTS, PROVISION OF CREDIT, RECAPITALIZATION, REGULATOR, REGULATORY AUTHORITIES, REGULATORY FRAMEWORK, REGULATORY SYSTEM, REMITTANCE, REMITTANCE SERVICES, REMITTANCES, RESERVE, RETURN, RISK CONTROLS, RISK MANAGEMENT, RISK MANAGEMENT SYSTEMS, RURAL BRANCHES, RURAL BUSINESS, RURAL CLIENT, RURAL COOPERATIVE BANKS, RURAL CREDIT, RURAL CREDIT COOPERATIVE, RURAL CREDIT COOPERATIVES, RURAL FINANCE, RURAL FINANCIAL INSTITUTIONS, RURAL FINANCIAL MARKET, RURAL FINANCIAL MARKETS, RURAL FINANCIAL SERVICES, RURAL FINANCIAL SYSTEM, RURAL LOANS, RURAL MARKET, SAVINGS BANK, SHAREHOLDER, SHAREHOLDERS, SMALL BUSINESSES, SMALL ENTERPRISES, SMALL FARMER, SMALL FARMERS, SMALL LOANS, SMART CARDS, SOCIAL CAPITAL, SOCIAL RESPONSIBILITY, SOCIAL SECURITY, SOCIAL WELFARE, SOFT BUDGET CONSTRAINTS, STATE BANKING, STATE SUPPORT, SUPERVISORY BOARD, SUPERVISORY BOARDS, SUSTAINABLE DEVELOPMENT, TAX INCENTIVES, TAX RELIEF, TRADING, TRADING SYSTEM, TURNOVER, URBAN ECONOMIES, URBANIZATION, VILLAGE, VILLAGES, WITHDRAWAL