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Rural Finance in Poverty-Stricken Areas in the People's Republic of China
Local financial institutions represent the best choices in the financial system for small and medium-sized enterprises and farming households. Government agencies in the People's Republic of China (PRC) have proposed policies that would relax market entry criteria and allow the creation of diversified rural financial institutions. These measures will help improve PRC's financial market structure, promote better rural financial services, enable financing of labor-intensive economic activities, and promote socioeconomic development. This publication offers an overview of rural finance in the PRC, examines current financial policy and models, and offers recommendations for future reform measures.
Access to Finance
The People's Republic of China (PRC) has adopted a more market-oriented approach by promoting rural microfinance, pursuing bottom-up innovations such as group lending, various forms of guarantees, new financial products based on purchase orders and insurance policies, and better incentives for agriculture funding from financial institutions. In 2009, the PRC sought the assistance of the Asian Development Bank to study how to optimize policy choices in rural finance using both top-down and bottom-up approaches. This report presents the findings of that rural microfinance study, including valuable lessons learned from several pilot microlending programs conducted in selected provinces in the PRC. It then analyzes outstanding issues in the country's rural and microfinance markets that need to be addressed more vigorously.
Access to Finance
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Earnings, Education and Training in China
The authors utilise a new household survey to examine the impact of education and job training on labour income for migrant workers in China. Quantile regression is employed to account for selection bias. The evidence is as follows: (a) the returns to education and work experience are considerable but non-linear; (b) job training is valuable; (c) the Hukou system of residence is a severe constraint on gains to work experience; and (d) women earn more than men due to endowment effects. This evidence calls for new policy initiatives in China to raise the skills of migrant workers and abolish discriminatory policies. [Author abstract]
