The "three rural" economy is an important category of the national economy, promoting rural financial GSP (Inclusivea Financial System) is to achieve financial inclusion in the most basic and most important areas. The party's the third Plenary Session of the 18th CPC Central Committee re configuration about continuing to promote the new urbanization, rural endowment resources to rural financial service spirit, sustainable and inclusive put forward new requirements, promote the establishment of a broad and sustainable rural financial system, to promote the development of rural economy, building a well-off society has important significance. Fujian County of Yongchun province located in remote mountainous areas, small economic output, agricultural population, the total amount of deposits and loans, per capita financial resources share is low, financial activity is not high, especially in the context of new urbanization, the research and exploration to promote the rural inclusive financial system construction is of great theoretical and practical significance.
Taking Yongchun County as an example, this paper discusses how to improve the convenience, availability and coverage of rural financial services from the perspective of Inclusive Finance, so as to better support the development of rural economy and society.
First, the development of Inclusive Finance Theory and related literature review
(a) the development of Inclusive Finance Theory
1 Financial Exclusion (Financial Exclusion). Also known as the "financial abandonment (Financial abandonment)" and "no bank (UN banked)", refers to certain groups in society do not have the ability to enter the financial system does not have the ability to form appropriate to obtain the necessary financial services. The commercial bank for profit and risk aversion, tend to place a lot of poverty, low income and small micro enterprises excluded from the financial service system, forcing it to non formal financial institutions for service, which makes the poor and the weak weaker, the Financial Exclusion in the "self strengthening" in the process of weakening in the financial the important role of improving people's livelihood and economic development. Inclusive Finance aims to eliminate financial exclusion.
2 microfinance (microfinance). Is a small scale to urban and rural low-income financial services for the purpose, is to promote the self survival and sustainable development, is a kind of financial service innovation is an important way of poverty alleviation. Microfinance launched in 1970s was originally designed to eradicate poverty and develop agricultural production. Bangladesh Rural Bank (GB), the Thailand agricultural and rural cooperative bank, the people's Bank of Indonesia credit department (BRI-UD) is a number of influential international microfinance model. In 1990s, China was affected by the Bangladesh model, the pilot project began in rural microfinance. Microfinance plays an important role in the eradication of poverty, and the two basic principles of micro credit.
3 Micro Finance (microfinance). It refers to the financial services system specifically for poverty, low income and micro enterprises, including micro credit, savings, remittances and insurance, etc.. Since its birth in 1970s, it has developed rapidly and become an effective complement to formal finance in many developing countries. The world bank's poverty alleviation Advisory Committee (CGAP) is the world's most authoritative micro finance research and promotion institutions. According to the difference of the operational objectives, the micro finance system model is mainly institutional (BRI-UD as the representative), the welfare doctrine (GB) and the hybrid. Micro finance and small and micro credit has become the main content of the field before the formal inclusion of non formal finance.
4 Inclusive Finance (inclusive Finance system). Is based on equality of opportunity and sustainable business principles, through policy guidance and support, to strengthen the financial system construction, improve the financial infrastructure, at affordable cost to provide appropriate and effective financial services with demand for financial services to all sectors of society and communities, and to determine the Small and micro businesses, farmers and urban low-income groups and the disabled, the elderly and other special groups for inclusive financial service object. The United Nations in the year of microcredit (2005) called for the establishment of "inclusive economic sector (Inclusive Economic Sector)", its core content is shared with Pratt & Whitney, aims to establish a comprehensive and effective, provide services to all sectors of society and groups of the financial system. In the third Plenary Session of the 18th CPC Central Committee, the party clearly proposed the development of Inclusive Finance, marking the Inclusive Finance in China to enter a new stage of development. Inclusive Finance inherited and surpassed the micro credit and micro gold, as the most effective poverty alleviation finance.
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(two) literature review
1 international related research results, due to microfinance in Asia, Africa and Latin America in many countries to promote, many international scholars have focused on the theoretical research and empirical analysis of microfinance. Woller and Woodworth (2001) believe that microfinance in reducing transaction time and cost also increased operating costs, high interest rates will lead to risk issues, focus on reducing costs and increase revenue. Robert Peck Chisten, Timothy R.Lyman, Richard Rosenberg (2002) in the "micro credit rules and regulatory guidelines" in an article describes the nature of microfinance and the elimination of poverty, the implementation of the difference of different categories of organization management. Dichter (2003) believes that the savings and loan oriented microfinance projects are not conducive to economic efficiency and social welfare. Chowdhury (2004) based on the GB micro credit project through a questionnaire survey and data analysis to assess the involvement of microfinance projects are more likely to increase revenue. Craig Mcintosh, Bruce Wydick (2005) believes that between microfinance institutions to properly handle the competition and scale competition transitional.Becketal (2007), Sarma and Pais (20082010), Chakravarty (2010) put forward the measure of inclusive finance.
2 domestic related research results. Domestic research on rural financial inclusion. Du Xiaoshan (2007), Han Jun (2008, 2009), Jiao Jinpu (2010), Cao Fengqi (2010), Zhou Li (2010), Wang Shuguang (2013), Weng Xinhui, Yang Min, Ni Feiyan, Liu Songgen (2015), based on international experience, put forward countermeasures and suggestions of inclusive financial system in line with China's national conditions. Zhou Mengliang et al. (2012), Wu Xiaoling (2013), and (omitted) (2014), and so on, and so on, in order to further study the Microfinance in the concept of Inclusive Finance, () (2014). Xie Shengfeng, Lu Wanzhong (2014) based on the six central provinces 18 counties (city) the investigation of effect measure of rural financial inclusion of urban and rural development. Li Jingcheng (2014) combined with the actual Shaxian County proposed ideas and measures to deepen the financial reform of the county gsp. Ying Hu (2015) combined with the practice of rural financial reform in Lishui, through the analysis of the effectiveness of rural financial reform. The above literature provides reference and help for the study of this paper.
Two, Yongchun inclusive financial development
(a) to promote the work of Inclusive Finance
1 agencies and networks continue to improve solid service infrastructure. In recent years, Yongchun county stock in deepening the reform of financial institutions continue to grow, continue to expand the coverage of network, continue to improve the function of the network and service level, all banking institutions, securities companies, insurance companies and new financial organizations to set up branches in Yongchun, and gradually formed the financial services institutions and the network continued to increase the number of species, continue to improve, more and more perfect service functions (see Table 1), has become an important basis for the development of inclusive financial support for rural areas. At present, there are at least 1 banking service outlets in each county.
2 a substantial improvement in the rural payment environment significantly improved financial availability. In recent years, the people's Bank of Yongchun branch of the focus on Inclusive Finance, promote the county's financial institutions to seriously implement the "on improving rural payment service environment of the" guidance "on the promotion of bank cards to help farmers teller service notice", is committed to improving the payment service environment in rural areas, especially in 2013 and 2014 has formulated "Yongchun county the bank card to boost the construction of the beautiful countryside" scheme of "people's Bank of Yongchun branch to strengthen the ATM services to help farmers construction implementation plan", urge the county jurisdiction four home services to help farmers teller acquiring bank comprehensive standard to help farmers withdrawals service in accordance with the unified management, unified publicity material, the name plaque and operating procedures and fees, unified publicity telephone hotlines, unified registration ledger format, unified allocation of financial publicity materials to help the construction of standard frame, to help farmers teller service points into Agricultural ATM service as the core, the functions of payment, transfer, inquiry, supply of small denomination RMB financial knowledge, answering questions such as an integrated rural financial service station, greatly improve the rural financial service convenience and availability. As of the end of 2014, to help farmers withdrawals service points 232, village level coverage of up to 100%, the transaction occurred in the year of the pen, the amount of 54 million yuan, benefiting the rural population of 422 thousand and 600 people.
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3 continuous innovation of products and services to improve service efficiency and vitality. In recent years, Yongchun county agriculture related financial institutions based on the characteristics of county characteristic industrial, agriculture, develop innovative products and services, have launched xiangdou Bao, citrus loan, beautiful countryside loan and other specialty products, rural organizations and farmers benefit. As of 2015 6 at the end of the month, rural credit cooperatives have issued "the beautiful village of 4654 households, 440 million 410 thousand yuan loan", "farmers business loans 3187, 214 million 494 thousand and 600 yuan," incense industry loans 241, 181 million 350 thousand yuan, "to help the United States loan of 242 households, 18 million 520 thousand yuan," green business loan of 70 households, 36 million 120 thousand yuan, "agricultural loans 175, 13 million 960 thousand yuan; the postal savings bank issued a total of" incense "loans 19 pen 4 million 100 thousand yuan," tea - "503 households 56 million 570 thousand yuan," orange business loan 432 pen 78 million 70 thousand yuan. In addition to personal property insurance products of traditional insurance, launched the forest fire insurance, rural housing insurance, rice planting insurance, sows breeding insurance policy agricultural insurance.
4 Internet technology applications and credit system provides an adequate source of power. The popularization and application of Internet technology has opened a new era of financial services in rural areas, more and more farmers began to use online banking, mobile phone banking and other "direct and fast" financial services, rural credit system construction continued to further promote the credit scale of the economic effect, provides ample power for rural inclusive financial development.
As of the end of 2014, the online banking personal accounts 516 thousand and 500, the transaction amount of 36 billion 500 million yuan; mobile phone bank 157 thousand and 800, the transaction amount of 11 billion 887 million yuan; the telephone bank 146 thousand and 400, the transaction amount of 55 million yuan to build a credit file. 113866 households, small and medium-sized enterprise credit file 453, the filing rate were 90.54% and 74.5%.
(two) comprehensive evaluation on the development of Inclusive Finance in Yongchun
1 financial institutions have a strong geographic permeability and population penetration (see Table 2). As of the end of 2014, the county per thousand square kilometers of Commercial Bank branch number from 44.3 in 2011, rising to 45.6 in 2014, the commercial bank branches per one hundred thousand population from the annual 2011~2014 remained at more than 14% per thousand square kilometers, the number of ATM from 66.7 in 2011 rose to 106.9 in 2014, every one hundred thousand people the number of ATM from 2011 21.7 rise to 34.5 in 2014, the current ATM machine 157, township level administrative region coverage rate reached 95.45%.
2 of the financial products and services for continuous improvement. Commercial bank savings accounts for the ratio of GDP 2011~2014 remained at more than 38% per thousand, commercial bank deposit account number rose from 4573.6 in 2011 to 5171.3 in 2014, the Commercial Bank of outstanding loans accounted for the proportion of GDP increased from 28.10% in 2011 to 36.32% in 2014, households every 1000 people commercial bank loan account number rose from 85.38 in 2011 to 94.16 in 2014.
3 rural financial coverage to maintain a high level. As of the end of 2014, the county's foreign currency deposits of 15 billion 848 million yuan, the loan of $10 billion 669 million. Rural credit accounted for more than 80% of total credit in 2011~2014, farmers credit accounted for more than 2011~2014 of total credit remained at more than 43%.
Three, rural inclusive financial development problems and constraints
(a) rural inclusive financial environment needs to be improved. First, the introduction of top-level system design still need to speed up. Due to the top-level design of the national inclusive financial planning and inclusive financial guidance has not been issued, and to formulate the unified policy coordination in industry, finance, monetary, regulatory and market access, to a certain extent, restricts the development of inclusive finance. Two mortgage collateral is still necessary to get rid of obstacles. The biggest obstacle lies in the lack of agricultural credit collateral, as of 2015 6 at the end of the stock of loans to farmers 33587 households, accounting for 26.7% of the number of households in the county, the balance of $3 billion 751 million. Three is the agriculture related financial institutions need to strengthen the sense of competition. In the process of the joint-stock reform of state-owned commercial banks, has removed 8 towns and 11 bank branches, the 22 county towns financial outlets, there are 11 rural credit cooperatives or only a single set of postal savings bank, township financial services amounted to 50% of the basic lack of competition or competition is not sufficient. Four rural credit coverage to be expanded. Since 2003 was awarded the first Chengxiang Township township credit, credit Township, village, credit credit households create work on to the end of 2014, the county has 10 towns, 132 village credit credit, 26813 households were rated as credit Township, village, credit channel users accounted for 45.5%, 56%, 21.3% and five. Is financial literacy efforts still need to be strengthened. Affected by the traditional habits and safety factors of most farmers, especially older farmers, more willing to use books, for the emerging service channel ATM, online banking, mobile phone banking service will is not strong.
(two) the availability of rural financial services needs to be improved.
First, the layout of rural institutional outlets are still vulnerable. Yongchun county city bank outlets density is 0.19 per square kilometer, while in rural areas only 0.027; merchants, ATM, POS machines in the city distribution accounted for respectively 73%, 43% and 37%; insurance, securities institutions are all concentrated in the county administrative villages; although no network bank has provided with at least 1 to help farmers withdrawals points, but by the area of population, set up different positions, individual factors of the bank interbank transfers man-made obstacles and other factors, the financial services of rural residents can be obtained and the convenience still needs to be improved. Two rural financial support is still weak. As of 12 at the end of 2014, the County postal savings bank, bank loan ratio were 36% and 52.4%, the use of funds from rural agriculture related financial institutions to absorb in the field of rural economic development there is still much room for improvement. Three rural product service is still weak. Although some banks with township service outlets, but only for the deposit and transfer business, not to carry out credit financing; most banks only in the county sales of financial products and not in the promotion of sales outlets in villages and towns; in view of the characteristics of agricultural insurance, the scope of the pilot agricultural insurance co..
(three) the compensation mechanism of rural financial risk needs to be improved: first, the risk compensation of Rural Micro finance. In Rural Micro Finance, often take the form of higher interest rates to compensate for the lack of collateral and natural factors caused by the risk of uncertainty, weakening the Pratt & Whitney function. Two is the folk financial risk problem. At present, outside the law and policy regulation RCAs private finance, is outside of the formal financial system in rural areas and effective capital operation and supplementary channels, but the rural economic risks still need to pay attention and concern. Three is the risk compensation and sharing mechanism. At present, the breadth and depth of agricultural insurance needs to be improved, especially the formation of agricultural credit risk due to natural disasters of the huge credit loss channels and the lack of dispersion compensation arrangements.
Four, promote the development of rural inclusive financial policy recommendations
(a) improve the rural inclusive financial environment. One is the introduction of "rural Inclusive Finance Development Law", accelerate the development of national or regional inclusive financial planning and inclusive financial guidance, improve the legal, financial, fiscal and tax policy in the process of the development of inclusive finance. The two is to establish various forms of farmers loan guarantee fund guarantee to solve the problem of insufficient collateral; in Quanzhou gold zone and Yongchun was listed as the national rural financial reform pilot county as an opportunity to improve and promote the rural "two rights" and the registration of the mortgage business, revitalize rural static assets. Three is to play the refinancing agriculture, differential reserve dynamic adjustment of policy effect, for the introduction of the agricultural development bank to accelerate the development of new rural financial institutions, small loan companies and rural banks, the establishment of wide coverage, full of competition in rural financial system. The four is continuous, orderly, and steadily push forward the "credit credit credit farmers, village, township (town) to create work, to fight against intentional escape, waste, Lai bank debt behavior and various financial crimes, to create a good rural financial ecology. The five is to make full use of to help farmers withdrawals points, anti fake currency workstation platform, increase the normalization, long-term financial knowledge popularization, especially mobile phone banking, Internet banking and emerging Internet financial business knowledge, so that more farmers embrace the Internet financial.
(two) continue to improve financial services in rural areas can be acquired. One is to increase the introduction of new institutions, to encourage commercial banks to extend to the physical network of township and village; the administrative village or to help farmers withdrawals points based on the joint establishment of rural financial service station, to solve the rural basic financial services availability problems. Two is to encourage financial institutions to innovative financial products in rural areas to expand investment banking, agency insurance and securities business. The three is through the industrial and financial policy coordination, to guide the rural savings deposits back to the rural market, so as to maximize the support of the "three rural" development; to encourage financial institutions to agricultural products and services through innovation, increase financial support for rural economic development.
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(three) improve the rural financial risk compensation mechanism. One is through financial subsidies, tax relief, reduce the level of rural micro financial interest, strengthen the rural Inclusive Finance function. Two is to regulate and guide the behavior of private financing, strengthen monitoring and analysis and risk warning, and gradually promote the private financial sunshine, standardized operation, making it a useful complement to the development of rural inclusive finance. Three is the establishment of agricultural development fund and risk compensation fund characteristics, improve agriculture related, involving micro credit risk compensation mechanism; to explore the development of various forms of agricultural insurance, improve the agricultural reinsurance and catastrophe risk diversification mechanism, improve the level of agricultural production risk protection.
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