# Presentation: 314275

## The Current Supply of Microfinance in China 中国小额信贷的供给状况

**By Prof. Du Xiaoshan**
** ****Rural Development Institute of CASS**
**中国社会科学院农村发展研究所    杜晓山**

## History of Microfinance Development小额信贷发展历史

- The first phase is the experimental phase (the beginning of 1994 - October 1996);NGO-MFP started the pilots for the poor.
**            ****第一,试点的初期阶段(****1994****年初****~1996****年****10****月)。非政府半政府组织试行扶贫小额信贷项目。**
- The second phase is the expansion phase (October 1996-2000);Agriculture  Bank started the subsidized MFP for the poor.
**            ****第二,项目的扩展阶段(****1996****年****10****月****—****2000****年)。农行开展扶贫小额信贷项目。**
- The third phase began when formal rural financial institutions became involved in microfinance and the national government showed interest in the regulatory environment (2000-2005);
**            ****第三,农村正规金融机构全面介入和各类项目可能进入制度化建设阶段(****2000****年****—****2005****年)。作为正规金融机构的农村信用社,在央行****—****中国人民银行的推动下,全面试行并推广小额信贷活动。**

## History of Microfinance Development小额信贷发展历史

- The forth phase started when central regulatory departments encouraged private and overseas funds to engage in experimental activities of commercial MFIs (2005-present). MCC, VB, Credit Coop, etc.
**             ****第四,中央监管部门鼓励民营和海外资本进入,试行商业性小额信贷机构活动(****2005****年至今)。小额贷款公司、村镇银行、农村资金互助社等。邮储银行成立并开展小额信贷项目。农行“返农”开展小额信贷项目。**

## Types of Microfinance Providers 供给类型 

-     (1) NGO MFIs
-        ** ****非政府(****NGO****)公益性小额信贷组织**** **
-     launched in 1993, over 100 MFIs are still operating。Group lending is the main methodology. loan funds are about 1 billion yuan.
-              **始于****1993****年。目前尚有****100****多个。贷款的运作方式以小组信贷为主,贷款年利率****3-18%****不等,多采用小组联保方式运营。几乎无吸收存款、汇款等其他产品。**
**             ****这类组织的贷款规模没有权威的统计,估算约有十多亿元。**

##     The portfolio quality and sustainability of these MFIs vary.
    它们的资产质量和可持续性好坏不等。

    Three major challenges, which are legal status, source of funding and capacity building.
    三大主要挑战:法律地位、资金来源、能力建设。

-     **它们的资产质量和可持续性好坏不等。**
-     Three major challenges, which are legal status, source of funding and capacity building.
-     **三大主要挑战:法律地位、资金来源、能力建设。**

##     The funding comes from donations from multilateral and bilateral international aid institutions, international NGOs and the Chinese government. Other sources include private capital, wholesale loans from banks such as the CDB, soft loans from international organizations, such as World Bank, the Grameen Trust, Grameen Foundation USA, and client investment in village banking projects. 

-        **NGO ****国际多边和双边援助机构和****NGO****捐赠, 机构(世行、****GT****、****GF-USA****)软贷款等。国内政府和个人捐赠,农民入股,投资。**
-     The challenges are as follows: insufficient funds and no normal financing channels.
-      **挑战:资金来源不足,无正常融资渠道。专业素质和管理水平低。**

## launched in 1997, Group lending,total outstanding loan less 50000 yuan per loan is 28 billion yuan covered about 11.75 million clients by June, 2004,portfolio quality of the subsidized microcredit is poor as a whole.

**launched in 1997, Group lending****,****total outstanding loan less 50000 yuan per loan is 28 billion yuan covered about 11.75 million clients by June, 2004****,****portfolio quality of the subsidized microcredit is poor as a whole.**
**The main challenges faced by this type of project are as follows: no sufficient desire for relevant organizations or staff to implement this project; and unsustainable projects.**
-         **比较大规模的开展从****1997****年起,贷款的运作方式多以小组借贷式。还款方式既有分期还贷,也有整还贷款的方法。贷款无需抵押担保。多采用小组联保方式运营。平均贷款为****1000—5000****元****/****笔不等。**
**       ****客户贷款的年利率为****2.21%—3%****,甚至无息费,由中央和地方政府补贴。几乎无吸收存款、汇款等其他产品。每笔****5****万元以下的贷款余额为****281****亿。客户以穷人(户主)为主。资产质量,不同的时间、地区和机构好坏不等,但总体上看是比较差的,应该说财务上不可持续。相关组织和人员开展此项目的愿望不足;缺乏相关的业务知识和管理能力,人手网点不足。**

**2****)****Subsidized Microcredit Project for Poverty Alleviation Developed by State-owned Banks like the Agricultural Bank of China (ABC) and the Agricultural Development Bank of China (ADBC)**
**农行****/****农发行(国有银行)开展的扶贫贴息小额信贷 **

## The capital sources include on-lending loans from the PBOC and savings from their own depositors. The central and local governments also offer financial funds to subsidize interest and operational expenses.

**       ****资金来源:国家央行再贷款、存款、财政(中央、地方)补贴,含利息和运营经费。**
**       ****挑战:不持续供给(再贷款和政府补贴)**

## 3)Farmers Microcredit Project Undertaken by RCCs

**Since 2000****;****including credit loans, group guarantee loans; and collateral-based loans. the classification of loan size is different across regions.  The sizes of group guarantee loans are generally bigger than those of credit loans. There are other financial products like savings and remittances etc. **
**       ****始于****2000****年。有三类产品:小额信用贷款;联保贷款;抵押担保贷款。客户对象采用评定信用等级的方式分类,确定发放对象和数额。贷款额度一般按等级分。贷款年利率按央行的规定执行,即在基准利率的****0.9—2.3****倍间,要求最好低于一般贷款利率。**

**3****)****Farmers Microcredit Project Undertaken by RCCs**
**农信社开展的农户小额信贷项目**

- Now credit loans and group guarantee loans have reached the outstanding balance of over 300 billion yuan with 70 million farm clients. The repayment rate and sustainability are very different.
-     The sources of funds and challenges are same as those of Type 2.
-              **其他产品可以有存款、汇款等各类银行业务。目前的农户信用贷款和联保贷款余额规模为****3****千多亿元,据说有****7****千万农户。各个信用社的贷款还贷率与可持续性差别很大。好、中、差的都有。**
**            ****资金来源同上。**

## Since 2002;micro guarantee loans to laid-off workers in urban area. various repayment methods, such as lump sum and installments.

-         **2002****年起央行要求在城市开展下岗工人小额担保贷款。一般说,此项目城市商业银行和担保公司协作承担。担保公司或财政担保基金承担全部或****80%****的风险。有的要求借款人找反担保人。担保机构收取****1%****的管理费。银行以基准利率放贷,由财政贴补,借贷人不支付利息或利率很低。贷款额度平均****2****万元左右,最高****10—15****万元,低的在****5****千****—****1****万元。还贷方式多样化,可整贷整还,也可整贷零还。**

**4****)****Microcredit Project Implemented by Urban Commercial Banks and Guarantee Companies**
** ****城市商业银行****+****担保公司开展的小额信贷项目**

- At present, the amount of disbursed loan reaches over ten billion yuan. There are other financial products like savings and remittances etc. The portfolio quality of this project is fair in most of cases with a non-performing loan (NPL) ratio of 10%.
- The sustainability is poor due to high-dependency on financial subsidy.
-           **该项目目前的贷款余额约****100****亿,资产质量多数还可以。据说不良率在****10%****左右。**
**          ****可持续性差,因为依靠财政高度补贴。**

##     The capital sources include savings from their own depositors, funds from social guarantee organizations and government guarantee foundations, and financial subsidies from local governments.

-     The challenges are as follows: the banks are unwilling to undertake this project in sprite of enough funds offered by the governmental agencies; and whether this project can be sustainable.
**资金来源 :银行存款,政府担保资金,地方性财政资金。**
**挑战:政府资金规模小;银行不愿意做;项目持续性问题。**

##     Since 2005, a new pilot project which encourages private capital to establish credit-only microcredit companies (MCC) in five counties out of five provinces located. The average loan size is around 100,000 yuan per loan, The annual loan interest rate averages out to over 20%. In general, the portfolio quality is good. According to the financial statements, most of MCCs are likely to achieve financial sustainability because only one MCC suffered a loss at the end of 2007. 

-     Since 2005, a new pilot project which encourages private capital to establish credit-only microcredit companies (MCC) in five counties out of five provinces located. The average loan size is around 100,000 yuan per loan, The annual loan interest rate averages out to over 20%. In general, the portfolio quality is good. According to the financial statements, most of MCCs are likely to achieve financial sustainability because only one MCC suffered a loss at the end of 2007.
-       **自****2005****年起,央行又发起由民间资本筹集建立的只贷不存的小额贷款公司试点(****MCC****)。试点在中西部****5****省的****5****个县开展,总共建立了****7****个公司。贷款多数需要抵押或担保,平均贷款额约****10****万元****/****笔,贷款年利率平均****>20%****。****MCC****无其他金融产品,也不可以吸收存款。累放共几个亿。总的说,资产质量不错。从报表上看,****7****个****MCC****多数在财务上有可持续性,到****07****年底只还有一个****MCC****亏损。**

**5****)****Credit-only Microcredit Companies**
**(PBOC Pilot Project) ****只贷不存的小额贷款公司试点**

-     The challenges for MCCs are as follows: no recognized legal status;no source of funding that would allow a growth in scale.
**             ****MCC****面临的挑战是:机构的合法性未被正式认可(央行或银监会至今无任何正式文件)。融资无渠道,规模扩展有困难。**

## The capital sources include funds from individual and institutional investors and entrusted fund from financial institutions, which are used as registered capital and loan capital.

**       ****资金来源:地方性注册资本金、股金、委托资金。资金用途:作为资本金、负债(委托资金),来自企业资本和自然人投入。**
- The main challenge is there is no source of funds for further expansion. So can or are the MCCs willing to cooperate with formal banks for funds and be transferred into village banks as small shareholders?
**        ****挑战:无融资渠道或是否转变为村镇银行?条件是与正规银行合作作为小股东。**

## 6)Village Banks (CBRC Pilot Project) 村镇银行 

- The village banks can only operate within the counties or towns. In terms of loan size, only the loans lower than 100,000 yuan can be named as microcredit. According to the relevant reports, the portfolio quality of most village banks is quite good. By the end of 2007, 2 village banks had earned a profit.
-         **2006****年底,银监会公布了在****6****省区开展村镇银行、贷款公司和农村资金互助社三类新金融机构试点。****2008****年这三类新金融机构试点将扩大到****31****个省,每个省可先选择一两个点进行实验。**
**        ****村镇银行建于****2007****年,由发起银行控股,由它独资或与自然人、企业法人合股组建而成的股份制银行。村镇银行只在县域或乡镇范围内经营。其客户目标和操作方式及经营业务范围基本与农信社相似。从贷款的角度看,只有一部分额度低于****10****万元的,才可称为小额信贷。从看到的报道,资产质量多数不错。到****2007****年末,有****2****家村镇银行已赢利。**

**6****)****Village Banks (CBRC Pilot Project) ****村镇银行 **

-     The challenges and problems are as follows: controlled by large shareholders or traditional commercial banks; large loan size; loan disbursement beyond counties; difficulty in collecting deposits, etc.
-            **挑战和问题是:产品陈旧;运营成本高;结算渠道不畅;内控制度需提高;存在大股东或原银行控制;放大额;贷款违规放出县域;公信度欠缺,吸收存款难;等。**

-      The capital sources include funds from investors and savings from depositors, which are used as registered capital and loan capital. Theoretically, they can mobilize funds from the financial market.
-      The challenges are as follows: the capital funds are limited for most of village banks except for those engaging CDB as controlling shareholders; and shortage in sources of savings.
**            ****资金来源:注册资本金(地方性);各方股金;存款;等。**
**            ****资金用途:作为资本金、负债(存款)。**
**            ****挑战:资金量有限 ,但国开行为大股东的,资金应没问题。一般说,现在吸储较难。**

##  7) RMCCs (CBRC Pilot Project) 农村资金互助社 

- regarded as financial cooperative or shareholding cooperative, being categorized into two levels such as village level and township level. In fact, it has existed since late 1990s. The local farmers, citizens and enterprises that buy shares are both owners and clients of the funds. People can apply for either group loans or individual loans, and lending and voluntary savings are allowed to be used among the shareholders.
**自****1999****年代中后期民间就已试点,是本文****MFI****类型****1****的一种形式。自****2007****年起****CBRC****发起在****6****个省试点,可视为合作或股份合作金融。分村级和乡镇级两类。所有者和服务对象是入股的当地农户、居民和企业。用个体或小组借贷方式操作,可在入股成员内存款和借贷。**

- The challenges and problems faced by RMCCs, as well as the unregistered MFIs adopting village banking methodology, are as follows: higher operational cost after registering; no preferred policy; strict requirement for prudential regulations; poor management capacity and staff quality; high possibility of being controlled by the advantaged people
-        **农村资金互助社面临的问题和挑战是:注册和正规化后,经营成本提高;无配套的优惠政策;实施不必要的审慎监管要求;难以获得融资来源(虽然政策上允许);人员素质和管理水平的提升; 内部强势人控制的可能性;内部制衡机制;组织凝聚力问题;资金有效管理和周转(操作和财务管理的健全);大规模扩展后的质量;外部监管是否有效;等。**

- The capital sources include the investment and savings from members, entrusted funds (within the same villages or towns), and donations from other organizations.
-   The challenges are as follows: small scale; limited sources of funds; the banks are unwilling to offer funds; and the policy support from the government is not in place.
**资金来源于农村资金互助社成员入股的股金、存款、委托资金(限本村、乡)和外部捐赠款。**
**面临的挑战:机构规模小,资金来源有限;银行不愿融资;政府政策支持不到位。**

## 8) Microcredit Pilot Project Conducted by Postal Savings Banks邮政储蓄银行的小额信贷试点

-     In May of 2007, the CBRC authorized postal savings banks to offer microcredit without collateral and experiment in 7 provinces and cities。
-            **2006****年中央政府批准成立邮储银行,过去只开展邮政和储蓄业务。同年开始开展小额信贷试点工作。银监会****2007****年****5****月批准邮储银行可开展小额无抵押贷款,在陕西、河南等****7****省市开展试点,单一借款人的最高授信额度不得超过****50****万元。 **

- The loan products are classified as group guarantee loans for business households with the highest loan amount of 50,000 yuan per household, and group guarantee loans for farming households with the highest loan amount of 30,000 yuan per household. By now, this microcredit pilot project has been expanded to over ten provinces with 0.11-billion-yuan disbursed loans, and it is good operation in general, with normal repayment performance. The loan interest is about 19%.
**产品分商户联保贷款(每个商户最高贷款额暂为****5****万元)和农户联保贷款(每个农户最高贷款额暂为****3****万元)。现在小额信用贷款已扩展到在十来个省试点,放贷****1.1****亿元。运行状况总体良好,还贷正常。**
- There are other financial products as savings and remittances etc.
**其他产品可以有存款、汇款等各类银行业务。**

- The challenges are as the below: lack of business knowledge and management capacity in terms of microcredit operation; and poor staff quality and lack of talented people at all levels.
**邮政储蓄银行小额信贷业务所面临的挑战是:业务知识和管理水平欠缺,人员素质有待进一步提高和各类各层次人才急需大量充实。**

- Postal savings banks are national first-grade  corporate body, and the capital funding comes from their own depositors.
- The main challenge is how to guarantee the portfolio quality of loans.
**邮储银行是全国性一级法人机构,放贷的资金来源的自身吸收的存款。此资金作为负债用于贷款。**
**面临的挑战:资金主要来自自身的存款,没有问题。如何保证贷款的资产质量是个考验。**

**The  new policy of China government about MFIs.**
**中国政府关于小额信贷组织的新政策**

**         ****Thank You!**
**               ****谢谢!**