The ADB gives grant for rural China
(15 October 2009 – China) The Asian Development Bank (ADB) will support China’s drive to develop modern, effective rural financial services that help address the growing income gap between cities and the countryside.
The ADB is an international development finance institution whose mission is to help its developing member countries reduce poverty and improve the quality of life of their people.
ADB will extend a technical assistance grant of US$500,000 (A$544,000) to improve the Peoples Bank of China's (PBC) statistical system regarding rural finance, and to help the government formulate policies that will lead to the development of an inclusive, market-oriented rural finance system.
Ying Qian, principal financial sector economist of ADB’s East Asia Department, said that one of the components of the technical assistance is to support the establishment of a statistical system at PBC for the proper monitoring of rural financial flows for policy-support purposes.
Mr Qian added that the current system only covers bank loans and in future it may be desirable to include data on deposits, remittances, and other forms of agricultural finance, including those from the informal market.
Since 2006 more than 100 rural financial institutions have been established across China in a bid by the government to increase access to financial services and to help reduce the income gap between China’s cities and countryside.
ADB will extend a technical assistance grant of US$500,000 (A$544,000) to improve the Peoples Bank of China's (PBC) statistical system regarding rural finance, and to help the government formulate policies that will lead to the development of an inclusive, market-oriented rural finance system.
Ying Qian, principal financial sector economist of ADB’s East Asia Department, said that one of the components of the technical assistance is to support the establishment of a statistical system at PBC for the proper monitoring of rural financial flows for policy-support purposes.
Mr Qian added that the current system only covers bank loans and in future it may be desirable to include data on deposits, remittances, and other forms of agricultural finance, including those from the informal market.
Since 2006 more than 100 rural financial institutions have been established across China in a bid by the government to increase access to financial services and to help reduce the income gap between China’s cities and countryside.
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