Only by jumping out of traditional financial thinking can we do a good job in rural finance.

The Boao Forum for Asia has opened rural issues for the first time in 15 years, and it is the first forum this year. At the sub-forum "inclusive Finance: exploring a New Mode of Rural Financial Reform" co-sponsored by Boao Watch magazine and Hainan Rural Credit Cooperatives, participants generally agreed that in view of the characteristics of the rural economy, to do a good job in rural finance is to "jump out of finance and do finance".

"it is every citizen's natural right to receive normal financial services." Li Yang, vice president of the Chinese Academy of Social Sciences, said frankly that many domestic financial institutions set up sites in rural areas, more to absorb funds from rural areas, and rarely to really serve farmers.

In the view of Wu Weixiong, chairman of the Hainan Rural Credit Cooperatives Union, inclusive finance is the way out for rural financial reform. "universal" is to make it easy for farmers to borrow money, and "benefit" is to make it cheap for farmers to borrow money. To do inclusive finance, we should jump out of the traditional financial thinking and use market means to achieve sustainability. As long as the mechanism innovation of financial institutions, the differential measures of regulatory departments and the government's fiscal and tax policies are adopted together, inclusive finance can achieve multi-win.

"for a long time, Rural Credit Cooperatives and Agricultural Bank of China are the main forces of rural financial services in China, but how to properly deal with the commercial nature of Agricultural Bank and the cooperative nature of rural credit cooperatives has not been able to find a suitable way. From the perspective of the new round of rural credit cooperative reform that began in 2003, rural credit cooperatives are rooted in rural areas. Although they are bound to take the road of commercialization and joint-stock transformation, the service object should still be rural areas. " Wu Xiaoling, vice chairman of the Financial and Economic Committee of the standing Committee of the National people's Congress, based on his more than 30 years' experience of rural financial reform, believes that China urgently needs to establish a rural financial system that combines commercial finance, cooperative finance, and policy finance. we must take the road of rural cooperative finance with the combination of production, sales, and credit cooperation, and rural finance is in urgent need of organizational docking with farmers. Only in this way can we ensure commercial sustainability.

Although Hainan Rural Credit Cooperative is the last provincial rural credit cooperative to be reformed in the country, it has been exploring inclusive finance to solve the problem of difficult and expensive loans for farmers over the past seven years, and has explored a relatively scientific and perfect "Hainan Rural Credit-small pass Credit Model for supporting Agriculture". And won the second prize for scientific and technological progress of the people's Bank of China. Hainan rural credit cooperatives have also grown from a "hot potato" with a loss of 5.46 billion yuan and a loan defect rate of more than 88 percent, which is close to the brink of bankruptcy, to one of the powerful banks in Hainan, with net profits of 1.13 billion yuan and tax revenue of 860 million yuan last year.

In order to achieve the word "universal benefit", Hainan Rural Credit Cooperatives innovated the "five-payment model": first, to hand over the right to examine and approve loans to farmers, credit loans of less than 20,000 yuan, as long as farmers do not have a negative list, they voluntarily form a 3-5 joint insurance group, and loan officers must issue appropriate loans to them. The second is to hand over the pricing power of loan interest rate to farmers and create an original micro-credit "honesty reward" system. The loan interest rate is composed of "paid-in interest rate + honesty reward rate". The more honest the farmers repay, the lower the loan interest rate. third, give the right to distribute wages to the credit technician himself, the more you work, the more you get better. The fourth is to hand over the right of loan risk prevention and control to the team of credit technicians to realize the "fish bite tail" circular risk monitoring mechanism, and the fifth is to hand over the right of loan management to the computer. a science and technology system covering the whole process of farmers' basic information, examination and approval process, post-loan management, risk early warning, and loan officer management has been developed.

"at present, 60% of farmers in Hainan can obtain easy loans, and the interest rate is less than 15%. If the loan is repaid in good faith, they can also enjoy the government discount, so the farmers' loan interest rate is generally between 7% and 8%." Wu Weixiong believes that in order to implement inclusive finance in rural areas, there must be a group of professionals who understand "agriculture, rural areas and farmers" and know more about finance to do rural finance. The key to whether farmers repay or not depends on whether they earn money or not. therefore, while giving loans to farmers, rural credit cooperatives in Hainan Province should also teach farmers skills, help farmers manage, and increase their income, so as to ensure farmers' repayment. To this end, Hainan Rural Credit Cooperatives has specially set up a team of microfinance technicians composed of 500 college students.

Wu Xiaoling believes that at present, the most effective way for China's agriculture to achieve large-scale operation is to develop intensive production, support the construction of farmers' professional cooperative organizations, allow organized farmers to connect with financial institutions, and set up mutual insurance funds to ensure farmers' repayment, supplemented by government agricultural policy insurance to prevent farmers from returning to poverty.