Building a high-quality modern rural financial system

2015 is a key year for China to deepen its financial reform. In order to explore in depth the situation and tasks facing China's rural financial development, on April 26, the China Rural Financial Development Forum, sponsored by the Financial Research Institute of the Development Research Center of the State Council and co-sponsored by the Postal savings Bank of China and the China Financial and Educational Development Foundation, was held in Beijing with the theme of "New tasks and New Development of China's Rural Finance under the New normal". On the same day, the Forum also released the "China Rural Financial Development report 2014".

It is reported that in order to deepen China's rural financial reform, the Financial Research Institute of the Development Research Center of the State Council has visited more than 20 provinces and cities in eastern, central and western China since 2012 to investigate departments and financial institutions at all levels. and combined with a large number of statistical data to conduct a comparative study. "China Rural Financial Development report 2014" is one of the phased achievements. Zhang Chenghui, the author of the report and director of the Financial Research Institute of the Development Research Center of the State Council, introduced the main judgments and recommendations in the report at the meeting.

Li Wei director of the Development Research Center of the State Council pointed out in the opening speech of the forum that since 2003 by improving the management system and property rights system rural credit cooperatives have made remarkable progress and have become an indispensable main force in supporting agriculture at the grass-roots level. The next step is to further deepen reform, build a high-quality modern rural financial system, and promote agricultural and rural modernization around the implementation of the "four comprehensive" requirements, with emphasis on improving the financial service system, strengthening the ability of risk control, and strengthening the basis for the sustainable development of rural finance.

Wu Xiaoling, deputy director of the Financial and Economic Committee of the National people's Congress, called for the promotion of rural finance through development in three areas. First, we should expand the collateral, develop the combination of mutual credit, and expand the ways of increasing credit; second, we should solve the problem of information asymmetry through Internet technology, issue financial company licenses to promote the development of agricultural product supply chain finance; third, we should guide commercial capital to invest in rural finance through policy finance. Wu Xiaoling particularly pointed out that the reform of policy-oriented financial institutions should establish a support mechanism for incentives and integration through the implementation of capital restraint supervision and separate accounting.

From the perspective of developing direct financing, Jiang Yang, vice chairman of the China Securities Regulatory Commission, introduced the unique role of the capital market in supporting agricultural technological innovation, industrial intensification and large-scale operation, and increasing farmers' property income. In the next step, the CSRC will strengthen the capital market to serve agriculture, rural areas and farmers, constantly increase the supply of financial services in line with the characteristics of agriculture, rural areas and farmers, support futures operating institutions to provide small and medium-sized agricultural enterprises with comprehensive businesses such as cooperative hedging, pricing services, warehouse receipt services, support the development of agriculture-related investment funds, promote the innovation-driven development of agricultural industrialization, and improve the listing mechanism of futures options varieties. We will do a good job in the pilot work of futures and options for agricultural products and improve the quality and level of the futures market in serving agriculture, rural areas and farmers.

In addition, experts and scholars from the Rural Economic Research Center of the Ministry of Agriculture, the China Banking Association, the Postal savings Bank of China, Renmin University of China, and China Agricultural University made special speeches and reports respectively.