IV. Rural financial system reform accelerates from the promotion of rural-related financial services With reform efforts opening up Chinese markets to and 2.90 percent of assets in the banking industry as a the outside world, rural financial services in China have whole(see Table 1) undergone a development reformation as well. Efforts of rural financial institutions-including rural commercial In the past few years, the profits of rural commercial banks, rural cooperative banks and rural credit banks have grown rapidly. By 2010, after-tax profits for cooperatives-continue to support the development of rural commercial banks equaled 27.99 billion yuan. The agriculture, farmers and villages". Their major business average growth rate was 87 percent for the four years is to provide loans to rural families and micro-enterprises. from 2007 to 2010. The average annual growth rate though, for rural The shareholder system has become a focus for credit credit cooperatives(see Figure 3). As of August 2011, the cooperative reform. The CBRC reports that all existing qualification share proportion of rural credit cooperatives rural cooperative banks will be restructured as rural nationwide had already dropped below 30 percent. commercial banks in a process to be completed over the In total, 155 rural commercial banks and 210 rural next five years. 22 There are 1, 424 rural credit cooperatives cooperative banks were established, and the total assets that have met or are near to meeting the conditions of rural banking institutions accounted for 41. 4 percent for reorganization as a rural commercial banks. of assets of rural cooperative financial institutions across Reorganizing over 1,000 rural credit cooperatives is the greatest challenge in reforming the rural financial system Although assets of rural cooperative financial institutions The reform of rural credit cooperatives has made exceeded 10 trillion yuan, the qualifications of rural significant progress, and the business performance has institutions varied greatly across regions. At the provincial also considerably improved. Rural credit cooperatives are level, assets can vary from tens of billions to nearly a now being gradually transformed into rural commercial trillion yuan, and discrepancies exist in capital adequacy banks, with the purpose of better serving agriculture and ratios, non-performing loan ratios, earnings capacity, rural areas. In 2010, the total assets of rural commercial and systems and technology. By the first half of 2011 banks was 2, 767 billion yuan, which accounted for the total assets of rural credit cooperatives(excluding the 19. 53 percent of the assets of rural financial institutions assets of rural commercial banks in which restructuring Table 1. Total Assets of Rural Commercial Banks of China Proportionate to Banking Industry Assets (2006to2010) 20062007200820092010 Total assets of rural commercial banks(100 million yuan) 38 27670 Proportion of rural financial institutions ( %) 8.35% 1953% Commercial Banks Financial Proportion of financial institutions of the banking industry(%)1.15%1.16%1.49%2.37%2.90% Times, August 3, 2011. tp: /finance. people. com. cn/bank/GB/15317585htm Figure 3. After-tax Profit Comparison between Rural Financial Institutions and Urban Commercial Banks China Banking Regulatory (2007-2010) Share Proportion for 900 Rural Credit Cooperatives nt:100,000,000Yuan Throughout China Already 800 verage annual growth rate 47% securities Times 700 work, August 2, 2011 600 ural credit cooperatives content/2011-08/02/con- 500 400 Average annual growth rate 87% Average annual growth rate 6% Already Have 200 Strategy for Rural Market, 100 Average annual growth rate 51% uary4,2012,http∥ new.163com/120104 2007 O7MTTP42300014JB Data Source: China Banking Regulatory Commission 2010 Annual Report8 8 自改革开放以来，我国农村金融事业得到了巨 大发展。农村金融机构改革持续推进 , 支持“三 农”发展力度不断加强。中国的农村金融机构 主要由农村商业银行、农村合作银行、农村信 用社组成。其主要业务是为农村家庭以及微小 型企业提供贷款。随着我国农村金融体制改革 的不断深化，股份制已经成为农村信用社改革 的主导方向。据银监会称，现有农村合作银行 要全部改制为农村商业银行，并且要通过 5 年 左右的时间全面完成农信社股份制改革 22 。目 前，还有 1424 家农村信用社已经达到或基本 达到农村商业银行组建条件 23 。如何来完成接 下来的千余家农信社的股份制改革，将是农村 金融体制改革所面临的最大挑战。 农村信用合作社的改革已经取得显著的进展并 且其业务绩效也有了很好的改观。农村信用合 作社现在正逐步转变成为农村商业银行，目的 就在于能够更好的服务于农业和农村地区的发 四、推进涉农金融服务，农村金融体 制改革的步伐日趋加快 资料来源：中国银监会 资料来源：银监会2010年报 表1 2006 – 2010年中国农商行资产总额及其在中国银行业中的比例 图3 农村金融机构与城市商业银行税后利润比较（2007-2010） 2006 2007 2008 2009 2010 农商行资产总额（亿元） 5,038 6,097 9,291 18,661 27,670 占农村金融机构比例（%） 8.35% 8.28% 9.93% 16.45% 19.53% 占银行业金融机构比例（%） 1.15% 1.16% 1.49% 2.37% 2.90% 展。在 2010 年，农商行资产总额达到 27,670 亿元，占比农村金融机构 19.53%。占比银行 业金融机构 2.90%（见表 1）。近几年来，农 村商业银行的利润增长很快，农村商业银行 2010 年的税后利润达到 279.9 亿元，从 2007 年至 2010 年的 4 年平均增长率达到 87%。而 农村信用社的4年年均增长率仅有6%（见图3）。 截至 2011 年 8 月，全国农村信用社资格股占 比已降到 30% 以下，已组建农村商业银行 155 家、农村合作银行 210 家，农村银行机构资产 总额占全国农村合作金融机构的 41.4%24 。尽 管农村合作金融机构总资产超过了 10 万亿， 但各地农合机构的资质相差悬殊。以省为单位， 资产从几百亿到近万亿规模不等，资本充足率、 不良率、盈利能力、体制机制等差别甚大。到 2011 年上半年，全国农信社（不包括已经改 制完成的农商行）总资产规模为6.5761万亿元， 总实收资本为 2,149.4 亿元，在 105.6691 万 亿元的银行业金融机构总资产中占比 6.2%25 。 22 23 24 25 银监会：农村合作银行要 全部改制为农村商业银行， 金融时报，2011年08月 03日， http://finance.people.com.cn /bank/GB/15317585.htm 银监会：全国农村信用社 资格股占比已降到30%以 下，证券时报网，2011年 8月2日， http://kuaixun.stcn.com/ content/2011-08/02/content _3110510.htm 农村金融2011 金融机构 对农村市场已有系统化战 略，中国经济网，2012年 1月4日， http://news.163.com/12/01 04/10/7MTTP42300014JB5. html 农信社改革进入最棘手阶 段 省联社模式存废未定， 三农直通车，2011年11月 21日， http://info.china.alibaba. com/news/detail/v0-d1021 627385.html 城市商业银行 农村商业银行 农村合作银行 农村信用社 单位：亿元 年均增长率 47% 年均增长率 87% 年均增长率 6% 年均增长率 51% 700 800 900 600 500 400 300 200 100 0 2007 2008 2009 2010 IV. Rural financial system reform accelerates from the promotion of rural-related financial services With reform efforts opening up Chinese markets to the outside world, rural financial services in China have undergone a development reformation as well. Efforts of rural financial institutions – including rural commercial banks, rural cooperative banks and rural credit cooperatives – continue to support the development of “agriculture, farmers and villages”. Their major business is to provide loans to rural families and micro-enterprises. The shareholder system has become a focus for credit cooperative reform. The CBRC reports that all existing rural cooperative banks will be restructured as rural commercial banks in a process to be completed over the next five years.22 There are 1,424 rural credit cooperatives that have met or are near to meeting the conditions for reorganization as a rural commercial banks.23 Reorganizing over 1,000 rural credit cooperatives is the greatest challenge in reforming the rural financial system. The reform of rural credit cooperatives has made significant progress, and the business performance has also considerably improved. Rural credit cooperatives are now being gradually transformed into rural commercial banks, with the purpose of better serving agriculture and rural areas. In 2010, the total assets of rural commercial banks was 2,767 billion yuan, which accounted for 19.53 percent of the assets of rural financial institutions and 2.90 percent of assets in the banking industry as a whole (see Table 1). In the past few years, the profits of rural commercial banks have grown rapidly. By 2010, after-tax profits for rural commercial banks equaled 27.99 billion yuan. The average growth rate was 87 percent for the four years from 2007 to 2010. The average annual growth rate for the four years was only 6 percent, though, for rural credit cooperatives (see Figure 3). As of August 2011, the qualification share proportion of rural credit cooperatives nationwide had already dropped below 30 percent. In total, 155 rural commercial banks and 210 rural cooperative banks were established, and the total assets of rural banking institutions accounted for 41.4 percent of assets of rural cooperative financial institutions across the country.24 Although assets of rural cooperative financial institutions exceeded 10 trillion yuan, the qualifications of rural institutions varied greatly across regions. At the provincial level, assets can vary from tens of billions to nearly a trillion yuan, and discrepancies exist in capital adequacy ratios, non-performing loan ratios, earnings capacity, and systems and technology. By the first half of 2011, the total assets of rural credit cooperatives (excluding the assets of rural commercial banks in which restructuring Table 1. Total Assets of Rural Commercial Banks of China Proportionate to Banking Industry Assets (2006 to 2010) 2006 2007 2008 2009 2010 Total assets of rural commercial banks (100 million yuan) 5,038 6,097 9,291 18,661 27,670 Proportion of rural financial institutions (%) 8.35% 8.28% 9.93% 16.45% 19.53% Proportion of financial institutions of the banking industry (%) 1.15% 1.16% 1.49% 2.37% 2.90% Figure 3. After-tax Profit Comparison between Rural Financial Institutions and Urban Commercial Banks (2007-2010) Data Source: China Banking Regulatory Commission 2010 Annual Report Unit: 100,000,000 Yuan Average annual growth rate 87% Average annual growth rate 51% Average annual growth rate 47% Average annual growth rate 6% Urban commercial banks Rural commercial banks Rural cooperative banks Rural credit cooperatives 22 China Banking Regula￾tory Commission: All Rural Cooperative Banks Will Be Restructured as Rural Commercial Banks, Financial Times, August 3, 2011, http://finance.people.com. cn/bank/GB/15317585.htm 23 China Banking Regulatory Commission: Qualification Share Proportion for Rural Credit Cooperatives Throughout China Already Dropped Below 30%, Securities Times Net￾work, August 2, 2011, http://kuaixun.stcn.com/ content/2011-08/02/con￾tent_3110510.htm. 24 Rural Finance 2011 Financial Institutions Already Have Systemized Strategy for Rural Market, China Economy Network, January 4, 2012, http:// news.163.com/12/0104/ 10/7MTTP42300014JB5. html. 8 自改革开放以来，我国农村金融事业得到了巨 大发展。农村金融机构改革持续推进 , 支持“三 农”发展力度不断加强。中国的农村金融机构 主要由农村商业银行、农村合作银行、农村信 用社组成。其主要业务是为农村家庭以及微小 型企业提供贷款。随着我国农村金融体制改革 的不断深化，股份制已经成为农村信用社改革 的主导方向。据银监会称，现有农村合作银行 要全部改制为农村商业银行，并且要通过 5 年 左右的时间全面完成农信社股份制改革 22 。目 前，还有 1424 家农村信用社已经达到或基本 达到农村商业银行组建条件 23 。如何来完成接 下来的千余家农信社的股份制改革，将是农村 金融体制改革所面临的最大挑战。 农村信用合作社的改革已经取得显著的进展并 且其业务绩效也有了很好的改观。农村信用合 作社现在正逐步转变成为农村商业银行，目的 就在于能够更好的服务于农业和农村地区的发 四、推进涉农金融服务，农村金融体 制改革的步伐日趋加快 资料来源：中国银监会 资料来源：银监会2010年报 表1 2006 – 2010年中国农商行资产总额及其在中国银行业中的比例 图3 农村金融机构与城市商业银行税后利润比较（2007-2010） 2006 2007 2008 2009 2010 农商行资产总额（亿元） 5,038 6,097 9,291 18,661 27,670 占农村金融机构比例（%） 8.35% 8.28% 9.93% 16.45% 19.53% 占银行业金融机构比例（%） 1.15% 1.16% 1.49% 2.37% 2.90% 展。在 2010 年，农商行资产总额达到 27,670 亿元，占比农村金融机构 19.53%。占比银行 业金融机构 2.90%（见表 1）。近几年来，农 村商业银行的利润增长很快，农村商业银行 2010 年的税后利润达到 279.9 亿元，从 2007 年至 2010 年的 4 年平均增长率达到 87%。而 农村信用社的4年年均增长率仅有6%（见图3）。 截至 2011 年 8 月，全国农村信用社资格股占 比已降到 30% 以下，已组建农村商业银行 155 家、农村合作银行 210 家，农村银行机构资产 总额占全国农村合作金融机构的 41.4%24 。尽 管农村合作金融机构总资产超过了 10 万亿， 但各地农合机构的资质相差悬殊。以省为单位， 资产从几百亿到近万亿规模不等，资本充足率、 不良率、盈利能力、体制机制等差别甚大。到 2011 年上半年，全国农信社（不包括已经改 制完成的农商行）总资产规模为6.5761万亿元， 总实收资本为 2,149.4 亿元，在 105.6691 万 亿元的银行业金融机构总资产中占比 6.2%25 。 22 23 24 25 银监会：农村合作银行要 全部改制为农村商业银行， 金融时报，2011年08月 03日， http://finance.people.com.cn /bank/GB/15317585.htm 银监会：全国农村信用社 资格股占比已降到30%以 下，证券时报网，2011年 8月2日， http://kuaixun.stcn.com/ content/2011-08/02/content _3110510.htm 农村金融2011 金融机构 对农村市场已有系统化战 略，中国经济网，2012年 1月4日， http://news.163.com/12/01 04/10/7MTTP42300014JB5. html 农信社改革进入最棘手阶 段 省联社模式存废未定， 三农直通车，2011年11月 21日， http://info.china.alibaba. com/news/detail/v0-d1021 627385.html 城市商业银行 农村商业银行 农村合作银行 农村信用社 单位：亿元 年均增长率 47% 年均增长率 87% 年均增长率 6% 年均增长率 51% 700 800 900 600 500 400 300 200 100 0 2007 2008 2009 2010