Hui Guoqin Hu Shengde: A Review of Research on Rural Financial Institutions

[summary] the Fifth Plenary session of the 16th CPC Central Committee proposed to build a new socialist countryside in accordance with the requirements of "production development, affluent life, civilized rural style, clean village appearance, and democratic management", which is the top priority of economic work. it is also another strategic measure to solve the problems of agriculture, rural areas and farmers. The construction of a new countryside is a huge systematic project, and finance is undoubtedly the blood of this project. However, at present, the vast rural areas of our country are in a serious situation of "blood loss of funds", and the relationship between supply and demand of funds is seriously unbalanced, which greatly restricts the sustainable development of rural economy. It is of great theoretical and practical significance to study the system of rural financial institutions to promote the development of China's rural economy and solve the three rural issues.

Key words: rural financial institutions/financial system/new rural construction

finance is the core of modern economy, rural finance is an important support for rural economic development, rural financial institutions are the organizational carrier of financial support for agriculture, rural financial institutions system is directly related to the realization of the goal of building a well-off society in an all-round way.
With the continuous deepening of the reform of the financial system, China's rural financial institutions system has undergone great changes. State-owned banks have shrunk to cities, institutional outlets in rural areas have been greatly reduced, rural policy-oriented financial institutions and financial services are being reformed and adjusted, and postal savings have absorbed part of rural funds, making the rural financial institution system more fragile, and the contradiction between supply and demand of rural funds has become increasingly prominent. It is urgent to deepen the reform of rural financial system and improve the system of rural financial institutions.
The reform of rural financial institutions is a difficult point in China's financial reform, and it is also a hot spot in the theoretical circle.
Problems and Solutions of 1. Rural Financial Institutions System
he Guangwen (2005) believes that according to the characteristics of China's rural economy and finance and the problems of existing rural financial institutions, the path to optimize the structure of rural financial organizations lies in the diversification of financial institutions. The way to realize the diversification of rural financial institutions is to open up the rural financial market, establish a mechanism of coexistence, complementary functions and coordinated operation of various financial institutions, break and eliminate the monopoly pattern, and truly form the organizational structure of rural financial industry based on competition. The coexistence of a variety of financial institutions can promote market competition, improve market efficiency, and better meet the diverse rural financial needs.
Zeng Jianzhong (2006) research believes that reality shows that the reform of my country's rural financial system has been advancing in the direction of commercializing rural formal financial institutions. As a result, the support for agricultural and rural economic development has obviously weakened, and the rural financial The main supply is insufficient.
He Hui (2006) proposed specific measures to build a diversified rural financial organization system that meets the needs of the rural economy: adjust the branches of the Agricultural Bank and use policy means to induce them to increase their investment in agriculture; adjust the business scope of the Agricultural Development Bank to further strengthen the policy The role of finance in supporting agriculture; accelerate the reform of rural credit cooperatives and actively play its role as the main force of rural finance; regulate the flow of funds, make rural postal savings funds effectively return to the rural financial market; establish various rules and regulations for market access, supervision and exit as soon as possible to legalize private finance.
The research group of Pingliang central sub branch of the people's Bank of China (2006) believes that at present, the establishment of rural financial institutions is lagging behind, which is difficult to meet the needs of rural economic development; the establishment of rural financial institutions is not suitable for economic development; the establishment of rural financial institutions is not suitable for the capital demand of local economy, After the adjustment and merger of the four state-owned commercial banks, the business focus has shifted to large and medium-sized cities, the credit approval authority of the reserved institutions is increased or reduced, which increases the contradiction between the supply and demand of funds in local economic development; the establishment of rural financial institutions does not adapt to the financial operation mechanism, so it is necessary to integrate the existing rural financial institutions. The principles of integrating rural financial institutions: First, we must adhere to the decisive principle of rural economic level; second, we must adhere to the decisive principle of optimal efficiency; third, we must adhere to the principles of equal consultation and mutual benefit. As far as the idea of integrating rural financial institutions is concerned, rural financial institutions should remeasure the needs of financial institutions according to their respective service functions and network layout, and implement "grasping the big and the small" and "survival of the fittest". Appropriately reduce county financial branches: first, rationally arrange institutional outlets and establish an efficient operation model; second, improve the internal operation mechanism, establish a dynamic operating mechanism; the third is to adjust business strategies and create a good business environment; the fourth is to vigorously expand intermediary business, develop new financial products according to local conditions, and carry out collection and payment, agency insurance, consulting intermediary, safe deposit box rental And other businesses to improve the comprehensive service functions of rural financial institutions.
Zhu Feng and Xiao Dongping (2007) believe that the problems of rural financial institutions are: there are few institutional outlets in rural areas, and the coverage is relatively low. Most rural areas only have rural credit cooperatives and postal savings institutions. There is even a gap in financial services in some remote and backward areas; the current government has more controls on the banking industry, and through the restrictions of many factors such as interest rate controls, this has resulted in insufficient competition among rural financial institutions and the monopoly of rural financial markets by credit cooperatives; the existing rural banking financial institutions have low service efficiency, backward means and heavy historical burdens, which cannot meet the diversified financial needs of farmers and rural enterprises.
Wang Fang (2007) believes that from the macro level, due to the structural defects of rural financial organizations, the rural financial market lacks competition and efficiency. Although rural financial organizations have a variety of financial forms, such as policy, commercial, cooperative and private finance, they lack pluralistic, complex and effective rural financial organizations. We should adopt certain measures and methods to encourage the normal range of private financial activities, and at the same time appropriately liberalize the access conditions of the rural financial market, and implement the diversification of financial institutions; according to different regions and different situations, we should transform the layout of existing financial institutions according to local conditions, reform or create small and medium-sized financial institutions to serve the local economic development; reform the existing rural financial institutions, Promote the development and improvement of the rural financial system.
Research on 2. Rural Policy Financial Institutions
neoclassical economics holds that in the basic structure of modern market economy, market mechanism and principle are the basis of social resource allocation and economic coordination, but the market mechanism itself has its own function boundary, which can not solve all the problems of economy and society, that is, there is the so-called "market failure". The rural financial market is the main way to allocate rural financial resources, protect and promote the sustainable and healthy development of agriculture. Due to the incomplete competitive characteristics of the rural financial market and the defects of financial institutions themselves, as well as the industrial characteristics of agriculture itself, there is obviously "rural financial market failure" in the process of allocating rural financial resources, which requires the government to build a scientific and reasonable rural policy-based financial mechanism, so as to correct the failure of the rural financial market and finally achieve a balance, the purpose of meeting the rural financial needs that cannot be met through competitive financial behavior is to consolidate and strengthen the basic industrial status of agriculture and improve the overall welfare level of rural society.
At present, from the perspective of organizational structure, the academic circles mainly have the following views on the reform and development of the Agricultural Development Bank of China: the first view is to retain the existing organizational structure of the Agricultural Development Bank of China and focus on adjusting its functions and support; the second view is to merge the existing Agricultural Development Bank of China and its branches with rural credit cooperatives to establish the "Rural Development Bank"; the third view is, merger the Agricultural Development Bank of China and its branches with the basic organizations of the Agricultural Bank of China and rural credit cooperatives to establish a rural regional development bank or local bank; the fourth point of view is to transform the Agricultural Development Bank of China into a rural credit guarantee bank; The fifth point of view is to merge the Agricultural Development Bank of China into the China Development Bank; the sixth point of view is to abolish the Agricultural Development Bank of China and establish a new rural policy financial institution, build a new agricultural policy financial system.
Li Hongmei (2005) believes that there are problems in China's rural policy finance: the phenomenon of policy financial segmentation is serious, not forming an overall synergy, the agricultural issuance function positioning is limited, the current system is absent, the source of funds and the use of funds term structure contradiction is prominent, the scope of business is too narrow, operation and management lack of legal support. Countermeasures to improve rural policy finance: integrate and innovate the agricultural policy financial system; expand the source of funds for policy financial institutions; expand the business areas of rural policy finance; formulate special laws for rural policy financial institutions and improve the supervision system.
Tang Shuangning (2006) believes that policy banks should reform in the direction of functional expansion, and enhance the service function of supporting agriculture by expanding the scope of business and service areas. The general idea is: functionally enhance the credit function for agriculture, strengthen rural credit services in underdeveloped areas in the service area, especially in the western region and poor counties, implement corporate operations, and ensure development with low profits. Sustainability policy. In terms of subsidies, the state provides certain subsidies to the losses caused by agricultural loans issued by the Agricultural Development Bank in poor counties. In addition to providing financial support for the purchase and reserve of major agricultural and sideline products of grain, cotton and oil, the Agricultural Development Bank should also increase loan investment in rural infrastructure, poverty alleviation and development, and give full play to the guiding role of policy funds for commercial funds. Areas where the bank's institutional outlets are not extended can follow the principles of equality, voluntariness and complementary advantages, and adopt the method of entrusting rural credit cooperatives to provide policy services, if the loans granted to poor counties and poor areas cannot be recovered, the state shall bear and compensate for the risk compensation mechanism of financial institutions to support agriculture, rural areas and farmers.
Research on 3. Rural Commercial Financial Institutions
the research group of Zhongnan University of Economics and Law (2004) analyzed how commercial banks should position themselves in rural financial activities. The theoretical circle generally and simply believes that the country attaches importance to the development of the rural economy, so the national bank should support the rural economy. This important task must undoubtedly be undertaken by the agricultural bank. However, considering the commercial reform direction and profit-making operation goal of state-owned commercial banks, the view that the "escape" of commercial finance represented by the Agricultural Bank of China from the countryside is abandoning farmers, giving up agriculture and ignoring the countryside, and the state should take administrative intervention measures or give some subsidies to make commercial finance "return" to the rural financial market is too strong emotional, it's actually an irrational view.
The Research Group of the Ulanqab Central Branch of the People's Bank of China (2006) believes that, except for the Agricultural Bank, all branches of other state-owned commercial banks should be withdrawn from rural areas below the county level. This idea is mainly based on two considerations: on the one hand, the county state-owned commercial banking institutions shrink their outlets and have limited functions. From the perspective of development, these financial institutions will sooner or later withdraw from the county position; on the other hand, after these institutions withdraw, Its deposit business can be transferred to rural credit cooperatives or agricultural banks, which is not only conducive to the shareholding reform of state-owned commercial banks, but also conducive to the circulation of rural funds.
Zhou Jieyu (2006), Agricultural Bank of China should be based on supporting the credit needs of middle and high-end customers in the construction of new rural areas. Specifically, the first is based on supporting agricultural modernization, promoting the formation of agricultural industrial belts and industrial chains, and supporting the development of export-earning foreign exchange, high-tech, tourism, and ecological modern agricultural enterprises. The second is to promote the effective connection between small-scale production of scattered farmers and the large market, improve the degree of organization of farmers' production and agricultural benefits, realize the transformation and value-added of bulk agricultural and sideline products, and support a group of large-scale, strong driving force, and good development prospects. Leading enterprises in agricultural industrialization with scale, characteristics and high technological content. The third is to promote the transfer of surplus rural labor to small towns, and support the construction of county towns and central towns that meet the standards of "industrial support, green environmental protection, scientific planning, and sustainable development. The fourth is to promote the construction of the rural market system, improve the efficiency of product circulation, guide the adjustment of the county economic structure and promote the regionalization and intensification of production, and support the construction of the rural commodity circulation system. Fifth, based on the development of scarce and monopolistic tourism, mineral deposits, energy and other resources in rural areas, strengthen support for characteristic resource development projects in counties rich in characteristic resources such as tourism, minerals, and hydropower. Sixth, based on improving the rural economic development and investment environment, support rural infrastructure projects and communications and power construction projects. Seventh, it is based on promoting the local re-employment of surplus rural labor force and supporting the development of labor-intensive small and medium-sized enterprises in the county. The eighth is to support the development of rural science, education, culture, health and other social undertakings based on improving the quality of farmers and their ability to produce and find jobs. Ninth, based on improving farmers' production capacity and living standards, support farmers' production and consumption activities with good credit and the ability to repay. The tenth is to cooperate with major national new rural construction projects and support the construction of major transportation networks, energy systems, and water conservancy projects in rural areas.
Reform and Development of 4. Rural Cooperative Financial Institutions
Zhang Xiaoshan (2001) believes that rural credit cooperatives should continue to be regulated in accordance with the principle of cooperative system. First of all, to further clarify the cooperative financial property rights relationship, to ensure that members of the ownership of the equity funds. Establish a representative assembly of members, a board of directors and a board of supervisors with democratic management powers worthy of the name, and strengthen internal control. Secondly, the government should give full operational autonomy to grass-roots credit cooperatives with independent legal personality, so that rural credit cooperatives can become farmers' own financial organizations.
The Research Group of Jiujiang Central Sub-branch of the People's Bank of China (2004) believes that according to the results of academic discussions, the primary task facing rural credit cooperatives at this stage is to clarify property rights. This means that whether it is a cooperative system, a joint-stock cooperative system, or a joint-stock system, rural credit cooperatives must choose a property rights model that suits them. It does not matter which one they choose, as long as they can clarify their property rights. However, the reform of property rights will inevitably bring about the adjustment of the organizational structure, which makes the specific organizational form of rural credit cooperatives change. The reform of rural credit cooperatives should not be "one size fits all", but should proceed from reality and treat them differently. On the premise of adhering to the general direction of "shareholding system" reform, it should be implemented step by step according to local conditions and adopt specific organizational forms in line with local characteristics.
Tang Shuangning (2006) believes that from the general direction, rural credit cooperatives will transition to community banks in ten years. However, the whole country should treat it differently and adopt a "one size fits all" approach according to local conditions. For some areas with developed economy, high degree of marketization and urban-rural integration, they have fully met the operating conditions of commercial banks, and their own operation is also very good. They can become commercial banks. For example, rural commercial banks have been established in Beijing, Shanghai and Shenzhen. For western regions such as Qinghai, which may still not have the conditions for commercial operation ten years later, rural credit cooperatives do not necessarily have to transition to banks. Compared with the Agricultural Bank, the rural banking institutions formed by the reform of rural credit cooperatives are commercial banks in nature, but they are still rural commercial banks. They belong to small banks and community banks, and they still face agriculture, rural areas and farmers.
Yu Xiaoping (2006) believes that new and real cooperative financial organizations should be redeveloped and cultivated according to the principle of cooperative system. The cultivation of new cooperative financial organizations should strengthen the establishment of property rights system and the improvement of corporate governance structure. First, the establishment of the property rights system. The new rural cooperative financial organization shall set up state shares, legal person shares and individual shares according to the main body of investment. Members shall take shares on a voluntary basis, and state-owned shares shall not participate in the expansion of shares. They shall withdraw from the rural cooperative financial organization in an appropriate way at an appropriate time, so as to truly reflect the private nature of the rural cooperative financial organization and achieve a truly efficient and profitable return to the countryside and farmers. This will not only enrich the capital of rural cooperative organizations, but also effectively mobilize the enthusiasm of shareholders and members to participate in the management of rural cooperative financial organizations. Second, the establishment of corporate governance structure. The corporate governance structure of rural cooperative financial organizations refers to the establishment of members' congresses, councils, supervisory boards and management departments and their mutual checks and balances, as well as decision-making, implementation and supervision mechanisms. The outstanding feature of rural cooperative financial institutions is the democratic nature of management. Under the new system, the system of members' congresses should be improved, major matters (including the election of directors) should be discussed and decided by the members' congresses, and credit and finance should be made public to members and subject to supervision. The chairman and director of the cooperative financial organization shall be set up separately to give full play to the decision-making function of the board of directors on important matters (including the appointment of the director). Attention should be paid to the supervisory and auditing function of the supervisory board. A certain proportion of the members of the board of directors and the board of supervisors shall be members of the society. Third, build industry self-regulatory organizations in the form of cooperative systems. Build an industry self-regulatory organization system that can reflect the independence of cooperative financial organizations and strengthen their supervision, embody the principle of cooperation and give full play to the role of legal organizations at all levels. The "pyramid" model can be adopted to gradually form a bottom-up, layer-by-layer holding, top-down, level-by-level management and service through the establishment of grass-roots cooperative banks, regional cooperative banks and central rural cooperative banks.
Legalization of Informal Finance in Rural 5.
At present, there are still many "non-governmental" financial organizations in rural areas, and their development also shows the characteristics of regional differences (Li Danhong, 2000). In the relatively developed eastern regions, such as Zhejiang, Fujian and other places, private finance is very active and large-scale, and various forms of "lifting meetings" and "silver backs" are the most common. People in addition to financial fraud, usury antipathy, the private financial completely accept, the local government also acquiesced in its existence. In the economically backward western region, private finance is not active, mainly non-interest friendship loans and high-interest usury. The development of private finance focuses on guidance, which mainly includes the following aspects; first, it must be recognized in policy. Starting from the improvement of relevant laws, systems and policies, private finance can participate in rural financial activities freely, openly and transparently through long-term institutional arrangements. Second, private finance should be included in formal financial arrangements. Support and encourage the development of rural private finance to various types of credit cooperation institutions, and guide private funds to participate in the property rights reform of formal financial organizations. Third, allow the development of small and medium-sized private banks. For the development of more mature and standardized forms of private finance, consideration can be given to the direct restructuring of private small and medium-sized commercial banks. Through policy guidance, capital absorption, new institutions and other ways, a large number of private credit funds into the open, standardized operating system, by the financial regulatory authorities to manage and monitor, can effectively reduce regulatory costs and financial risks.
Han Qiang and Yang Hui (2005) believe that due to the widespread problem of "difficult loans", especially farmers have no property to mortgage, private loans are given room to survive. From the perspective of borrowing sources, the proportion of loans from formal financial institutions in farmers' loans is relatively low, and the proportion of private finance, especially private lending, is relatively large. According to a central bank research project (Wen Tiejun, 2000), farmers borrow about 70% from private financial intermediaries and about 25% from formal financial intermediaries.
Zhao Quanmin believes that private lending, which is outside the official supervision, is essentially a kind of short-term investment or speculative personal financial behavior launched by the private sector outside the national monetary policy regulation and regulation of the financial market. As a kind of lending capital, the existence and development of private lending has its objectivity and inevitability. First of all, market demand is the internal basis for the occurrence and development of private lending, and the development of private lending is actually the product of market demand and the increase in the degree of monetization of the rural economy. Secondly, the lack of vitality and strength of the rural formal financial system under the characteristics of financial repression provide opportunities and space for private lending. Thirdly, the unique transaction, contract mechanism and information symmetry are the inherent advantages of the development of private lending. Finally, profit-seeking is an important reason for the development of private lending.
Mao Yushi believes that the biggest problem in the current rural financial system is government regulation, and the most effective solution is to liberalize the rural financial system, legalize "underground finance", and turn reasonable underground finance into above-ground finance. Promote the development of rural economy.
The Research Group of the Ulanqab Central Sub-branch of the People's Bank of China (2006) believes that many economists have found through a large number of empirical studies in developing countries that the coverage of financial services for farmers by formal financial organizations is often less than 20% of the total number of farmers. Rural financial services need to be met by rural informal or private finance. Conditional allowing the legalization of private finance can provide good environmental conditions for the development of various rural cooperative finance in which farmers participate independently.
Zheng Liangfang (2006) believes that for the informal financial market of rural private free lending, the "Private Lending Management Measures" should be issued as soon as possible to standardize it, which is conducive to the construction of a harmonious rural society. It is advisable to adopt policies for rural private free lending to guide it to serve farmers and help farmers solve the temporary needs of production and life, and it is not advisable to adopt simple suppression measures. Free lending between farmers is a traditional form of lending, although it does not belong to cooperative financial organizations, but it has the nature of mutual financial assistance, familiar and used by the majority of farmers, is an important form of private lending.
Review of 6. Research on Rural Financial Institutions
comprehensive domestic research status can be seen that allowing rural financial institutions to diversify the system and promoting competition among rural financial institutions has almost become a multi-party consensus to solve the current rural financial problems. However, there are still great differences on the specific nature of financial institutions. Yang Rong (2005) believes that a multi-level, diversified and complex credit-based agricultural financial institution system should be established, that is, China's rural financial organization system model should be based on commercial finance, supplemented by cooperative finance and policy finance, and a diversified financial institution system supplemented by private finance. Zeng Jianzhong (2006) studies that China's rural financial institutions can be divided into formal financial institutions and informal financial institutions, the former is the main body of rural finance, the latter is a supplementary form. Guo Yongqiang, Zhang Xuewen, Zhao Chongsheng (2006) believe that, as far as the current situation is, commercial finance is for profit, so it is impossible to become the main force of the rural financial system, but it is still an important part of the rural financial system. Wang Guangyu (2006) pointed out that the ideal real rural financial institution is still the form of cooperative financial organization with property rights for all service objects. In the rural financial reform, the development and establishment of this kind of financial organization which still belongs to the category of informal finance should be emphasized. Therefore, the previous view of "facing and helping farmers" should be changed to "farmers own and farmers manage" in the establishment and layout of rural financial institutions ", the establishment of real rural financial institutions should focus on the idea and positioning of" farmers entering institutional management, institutions participating in farmers' decision-making ", and carry out accurate system design. This may be the best path for rural financial development. China's rural finance must establish a real rural financial institution organization system. Li Shuangbao (2006) believes that from the perspective of financial support for agriculture, not only the commercial financial institutions themselves have realistic constraints, but also the entire rural financial institutions lack a clear leading institution. All financial institutions generally lack the necessary cooperation and are in a loose state. They have not yet formed a real financial system conducive to rural investment and financing, and improved the agricultural policy financial functions of the Agricultural Development Bank, it is imperative to construct a rural investment and financing system dominated by agricultural policy financial institutions.
Summarizing the views of all parties, the direction of the reform and development of my country's rural financial institution system should be: according to the actual conditions of each region, adapt to local conditions, establish a diversified rural financial institution system that is different and adapts to the actual rural economic development in each region; different financial institutions Fair competition between the market, not the government or the regulatory authorities, decides what place is suitable for what kind of financial institutions; the government plays an important role in rural financial reform, whether it is policy, commercial, cooperative financial institutions or informal finance, the Government should provide support and guidance, and should support and guarantee the reform and development of rural financial institutions through legislative means; private finance is a powerful supplement to meet the development of rural economy and the demand for rural funds in addition to formal finance, and should be encouraged to develop; on the basis of lowering the entry threshold of rural financial institutions, it is necessary to strengthen the supervision of rural financial institutions in order to reduce financial risks.

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Source: Theoretical Discussion | Published: March 28, 2015 | Editor: Zhai Tianchang