| Microfinance is special durative credit service for low-income people. Its basic charactersarelowcredit line, low-income people servicing, no-mortgage,no-guarantee. Through offering finance service with antipoverty credit mode, microfinance makes impoverish farmers acquire self-employment and self-development opportunities, which also makes them get rid of blood transfusion relief and move to a self-development benign path.Microfinance as a kind of financial service mode for low-income people has been carried out widely all around world. Crameen Bank of Bangladesh is one of the best successful examples, which has created microfinance mode for impoverish farmers. It not only helps poor people shake off poverty but also controls its credit risk effectively, achieves benefits and keeps sustainable development.Microfinance operational mode of Grameen Bank of Bangladesh contains little amount credit, easily application and credit-debit procedures, easy-to-used loan payment mechanism, group management mechanism and so on. This mode pushes enthusiasm and creative for borrower's loan application and credit management participation higher. In respect to microfinance management, village banks insist credit philosophy which bases on trust. With flexible loan pricing strategies and incentive mechanism arrangement, village banks effectively control credit risks, low bank's management cost, keep higher repayment rate and improve financial services'infiltration rate and coverage rate, make a win-win situation both of borrowers and banks, achieve good economic benefits and social benefits.Beside group credit mode of Grameen Bank of Bangladesh, there are four other kinds of affective microfinance modes, which contains banking mode, personal loans mode, no government organization transition mode and credit union etc. These modes have their own characters different from each other. During the period to practice, they have obtained successful practice cases in some non-development countries and areas of Asia, Africa, Latin America. With different social structure and economic development situation of different counties and areas, these modes have explored appropriate path for helping the poor and sustainable development.As a developing agricultural large country, agricultural stability and rural development are very important issues related with the people's livelihood. Getting rid of poverty and eliminating the gap between urban and rural areas are always highly concerned by the whole society. We can learn experience from international advanced experiences in order to develop microfinance business on the basis of effectively controlling credit risks, explore establishment of rural financial service system which fits for our national conditions and nurture competitive rural financial market. These are very important foundations for socialist new country construction.From the Third Plenary Session of 11th Central Committee of Communist Party of China, the developments of our rural finance have four stages. Our rural finance forms a kind of service system which contains policy, commercial, cooperative finance and takes formal finance as leader, takes rural credit cooperatives as core. There are several problems exposed because reform and development of rural finance is more and more deeply. They are: (1) configuration imbalance of rural finance system, lacking of market competition participants and competitive mechanism; (2) Capital outflow of rural areas is very serious, demand and supply of capital for production and construction are very imbalance; (3) Ecological environment is not good, credit risk is very high; (4) Operation of credit management system is not smoothly and does not fit for development of rural economic; (5) Rural financial institutions property is not clear, governance mechanisms is not perfect and operating risk is high; (6) Rural finance products are not rich, which can not satisfy the diversified demands of rural finance. In order to perfect our rural finance system, microfinance as a kind of new rural finance organizational form is good for construction of competitive and diversified rural finance market as well as quality and efficiency of rural finance service system. At the end of 2005, People's bank of China had taken Shanxi, Sichuan, Guizhou, Shanxi, Neimenggu these five provinces as experimental areas to implement microfinance. Operation features of our microfinance include: (1) Set limits on capital resources and share-holders amount of microfinance companies; (2) Business scope of microfinance companies is serving for Sannong; (3) Business scope of microfinance companies is not allowed across districts; (4) The implement of interest rate polices is flexible in some extent; (5) Set limits on the highest limit of single loan from microfinance companies. These features are set according to realities of our rural finance development which have distinct Chinese characteristics. From recent operation conditions, many problems, which are legal system environment, capital resources of microfinance companies, risk controlling of microfinance companies and sustainable development in business, need to be solved effectively.Development of microfinance will enter into institutionalized construction stage. Policies of microfinance will be fatherly clear. Supervision relationship and internal management mechanism of microfinance companies will perfect. Capacity of risk resistance and sustainable development will be improved. Main contents include: (1) Turn microfinance from public to commercial; (2) Develop multi-level and diversified modes of microfinance; (3) Promote to turn philosophy of rural finance credit and strengthen construction measures of microfinance; (4) Government formulates policies positively to support development of rural microfinance.This thesis has five parts. The first part not only analysis concept and feature of microfinance but also its background, development course and trends. The second part analysis agricultural subside theory, rural finance market theory and imperfect competition market theory and also analysis their features. The third part takes Grameen Bank of Bangladesh as example and analysis rural banks microfinance development factors which contain its philosophy, target groups, operation model, risk management mechanism and achievement of economic and social effectiveness. The fourth part analysis other influent microfinance models of the world and compares their characters. The fifth part combines our country's actual situation and analysis main problems in our rural finance market at present. Besides these, the fifth part gives some suggestions to develop microfinance model with Chinese characteristics and set up modern rural finance system through learning from international microfinance experiences. |
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