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“Farmer Bankers” Grant Loans to Farmers – The Case of Yongji Model

Posted On:2012-04-21

summary:

In contrast to the modern financial concept, the person rather than the money, and the human relationship rather than the cash flow, are the foundation based on which the credit officers grant loans to farmers at that small village in Shanxi. “Farmer bankers” are the key to this approach, as they are controlling the credit risk while also facilitating the rural ethics. How many rural elites can be found determines whether or not this unique model can be widely spread.

The renowned economists Wu Jinglian and Mao Yushi hurried to Yongji City, Shanxi Province at the weekend before the Dragon Boat Festival.

The people went together include Wu Xiaoling, the Vice -chairman of Financial and Economic Committee, the People’s Congress, Tang Min, the Vice-secretary general of China Development Research Foundation, Wang Jun, the China financial sector coordinator, the World Bank, and the officials of China Banking Regulatory Commission and principals from a number of microloan companies.

Yongji Fuping is a microloan company invested by Fuping Development Institutethat was founded by Mao Yushi and Tang Min. They started the microloan experiments at Lin County, ShanxiProvince as early as 1990s’, though that market was not opened until May of 2008. There are 1,500 microloan companies that have been founded since then, but Yongji Fuping is the only microloan company set up by private individuals, without any support from the government or international organizations. It is also the only microloan company that is headquartered at a village, with the size of a single loan not exceeding RMB 20,000 and completely targeting at the ordinary farmers.

 (Southern Weekly) – by: Deng Jin

On July 1, 2010

The link:http://www.infzm.com/content/46988

 

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