Abstract
Although this book explores major developments in the provision of agricultural credit in China during the Republican era between 1912 and 1949 it is important to understand agricultural credit and institutions in the post-1978 modern era. To provide context, this chapter overviews developments in agricultural credit from 1978 to the present. We start at 1978 and discuss the reforms through 2003. In 2003 rural credit reforms took on a sense of urgency and by 2006 it was the number one policy objective of the Chinese government. We then provide an overview of credit conditions by reviewing some of our own field research and surveys in China, starting around 2007.
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- 1.
For an overview of agricultural conditions in post-1949 China see Buck , J.L ., O.L. Dawson and Yuan-li Wu. (1966). “Food and Agriculture in Communist China” Hoover Institute/Fredrick A. Praeger Publishers, Washington DC/NY NY.
- 2.
Mingming Chang. (2006). Performance and Insufficiency: A Historical Investigation of Loan Activities of Rural Credit Cooperatives in the Early Years of New China – Taking Hubei , Hunan , Jiangxi Provinces as Center, in Chinese Agricultural History, No.3.
- 3.
Shaw, E.S. (1973). Financial Deepening in Economic Development, Oxford University Press, New York, NY.
Mckinnon, R.I. (1973). Money and Capital in Economic Development, Brookings Institution, Washington, DC.
- 4.
He, L. and C.G. Turvey. (2009). Financial Repression in China’s agricultural economy. China Agricultural Economics Review. 1(3):260–274.
- 5.
This section is abstracted largely from Shen, Minggao , Jikun Huang , Lingxiu Zhang and S. Rozelle. (2010). “Financial Reform and Transition in China: A Study of the Evolution of Banks in Rural China”. Agricultural Finance Review 70(3):305–322.
- 6.
Shen et al., op cit is interesting since the data collected were 10 years prior to publication in 1998, with a focus on the 1994 to 1996 period when they believe fundamental reforms started to take place. Their intelligence and data gathering efforts were from a broad section of townships in Jiangsu and Zhejiang Province.
- 7.
Shen et al., op cit, page 310.
- 8.
Shen et al., op cit, page 311.
- 9.
Around 2009 we were discussing bonus incentives with RCC lenders in Eastern China when one of the junior lenders remarked that in that office/county managers were held accountable for loan losses, and could face salary reductions if it was determined that the bad loans were due to poor judgement. Penalizing salaries was apparently permitted, but this was up to the discretion of the local manager and a review of circumstances. We raised this point at other RCCs and found that the policies varied. The more common was that bonuses from profitable loans would be reduced by some amount of loan losses for which the lender was deemed responsible. Curious about the adverse incentives of such a system we conducted a series of field experiments with front-line lenders (Cao et al. 2016) in Shandong province in 2014 and found that loan officers did ration credit by rejecting more loans when facing risks of personal income loss. However, providing risk information about the application pool boosted the approval rate and offset the behavioral responses by a roughly similar magnitude. Thus certain institutional settings, such as the responsibility system initiated around 1983 could have actually increased credit rationing , and reduced lending, via strategic loan misclassification. This suggests that lenders facing penalties might well be increasing Type II errors (rejecting loans that would otherwise be acceptable) in order to reduce Type I errors (accepting loans that are actually poor quality), which could become very costly to agricultural lenders as shown in Nayak and Turvey (1997).
Cao, Ying (Jessica), C.G. Turvey Jiujie Ma , Rong Kong Guangwen He Jubo Yan. (2016). “Incentive mechanisms, loan decisions and policy rationing”, Agricultural Finance Review, 76(3):326–347.
Nayak, G.N ., and C.G. Turvey. (1997). Credit risk assessment and the opportunity costs of loan misclassification. Canadian Journal of Agricultural Economics 45(3), 285–299.
- 10.
Shen et al., op cit.
- 11.
See Turvey, C.G. (2017). Historical developments in agricultural finance and the genesis of America’s farm credit system. Agricultural Finance Review, 77(1), 4–21.
- 12.
Rural Agricultural Gazetteers of Heilongjiang Province (Published in 1992). Note slight rounding error of 0.4%.
- 13.
Ibid.
- 14.
Agricultural Finance Gazetteers of Anhui Province (1997).
- 15.
Shen et al., op cit, page 316.
- 16.
Shen et al., op cit, page 319.
- 17.
Kong, R ., C.G. Turvey , H. Channa, and Y. Peng. (2015). Factors affecting farmers’ participation in China’s group guarantee lending program. China Agricultural Economic Review, 7(1), 45–64.
Here it was found that most farmers appear to be part of group guarantees only because they have to in order to get access to formal credit products. Some 87.21% of the people who belong to groups and utilize the formal credit products belong to this category because their lenders have made participation in groups compulsory for access to credit. This may ration farmers’ willingness to even apply for credit. It also indicates a preference on the part of older and more risk-averse respondents to avoid participation in group guarantees . Furthermore the results indicate that informal and formal credit appear to be substitutable for farmers in the sense that farmers not participating in group guarantees , tended to borrow more from friends and relatives .
- 18.
Cao et al., op cit, page 330.
- 19.
Xie, Ping. (2003). “Reforms of China’s Rural Credit Cooperatives and Policy Options” China Economic Review 14:434–442.
- 20.
Xie. (2003). op cit.
- 21.
In ‘true’ cooperatives, loss burdens are typically spread amongst all members through reduced profit shares. Cooperative principles were widely applied before 1949, but during the Mao era, share ownership became muddied as cooperatives consolidated with collectivization and became less voluntary. This persisted well into later reforms particularly when it came to conversion to Rural Credit Banks newly structured as joint-stock companies. On one occasion we asked RCC managers seeking to convert to a RCB how new shares were to be allocated to farmer-members. Because members were not issued shares there was no mechanism for members to participate in the newly formed joint-stock RCB.
- 22.
Xie. (2003). op cit also states an objective to reduce high-interest money-lender rates. Over the years we have tried to determine the role of money-lending and usury but have found little background. We have reported some forms of money-lending for gambling and vice but virtually no reporting of money-lending on a large scale. This was almost 10 years after these reforms so it is possible that the reforms worked on this objective, but the evidence is elusive.
- 23.
Besley, T. (1994). “How do Market Failures Justify Interventions in Credit Markets” The World Bank Research Observer 9(1):27–47.
Adams, D.W. and D.H. Graham. (1981). “A Critique of Traditional Agricultural Credit Projects and Policies” Journal of Development Economics 8:347–366.
Adams, D.W., D.H. Graham and J.D. Von Pischke. (1984). edts. Undermining Rural Development with Cheap Credit. Westview Press, Boulder and London.
Gonzales-Vega, C. (1982). “Cheap Agricultural Credit: Redistribution in Reverse” Discussion Paper 10, Colloquium on Rural Finance, Sept 1–3, 1981. Economic Development Institute, World Bank, Washington DC (Revised January 11, 1982).
Adams, D.W. (1972). Agricultural Credit in Latin America: A Critical Review of External Funding Policy. American Journal of Agricultural Economics, Vol. 53, No. 2 (May, 1971), pp. 163–172.
- 24.
Williamson, J. (2004). The Washington Consensus as Policy Prescription for Development, World Bank Practitioners for Development lecture 2004 [http://www.iie.com/publications/papers/williamson0204.pdf]. Washington, DC: Institute for International Economics.
- 25.
Turvey, C.G. and R. Kong. (2010). “Informal lending amongst friends and relatives : Can microcredit compete in rural China?” China Economic Review, 21(4): 544–556.
- 26.
Dorward, A ., J. Kydd and J.Morrison. (2004). “A Policy Agenda for Pro-Poor Agricultural Growth”. World Development, 32(1), 73–89, 2004.
- 27.
Turvey, C.G. (2013). Policy rationing in rural credit markets. Agricultural Finance Review, 73(2), 209–232.
- 28.
Lin, J.Y. (2011). “New Structural Economics: A Framework for Rethinking Development” The World Bank Research Observer 26:193–221.
Stiglitz, J.E. (2008). China: Towards a new model of development, China Economic Journal, 1:1, 33–52.
Stiglitz, J.E. (2011). “Rethinking Development Economics” The World Bank Research Observer 26:230–236.
- 29.
Guo, Pei and Xiangping Jia IA, “The Structure and Reform of Rural Finance in China”, China Agricultural Economic Review, 1(2):212–236.
- 30.
Examples of Foreign NGO MFIs around 2010 are Wokai http://www.wokai.org/, Accion http://www.accion.org/, etc.; major domestic ones are Chifeng Zhaowuda Women’s Sustainable Development Association (CZWSDA) in Inner Mongolia , and Association for Rural Development of Yilong County (ARDY) in Sichuan .
- 31.
For example, RCCs are usually restricted to operate only within county borders. However, in recent years some RCCs have opened Village and Township Banks in different counties, or even provinces, in order to get around county and provincial RCCU restrictions and expand their lending activities in that way.
- 32.
But these are not microfinance institutions of the group lending Grameen type. Rather the word ‘micro’ is relative to commercial/industrial credit demand not poor entrepreneurs. MFI loans could easily exceed 500,000 Yuan. In fact NGO sponsored MFIs of the Grameen type were not able to register (see Guo and Jia, op cit).
- 33.
Not much attention has been paid to these cross-county restrictions, but arose from the design of the RCCU . As an anectdote, around 2009 we visited two RCCs within a short drive of each other but across county boundaries in Eastern China. One RCC required not only group guarantees , but also personal guarantees and additional collateral . This RCC had a loan to deposit ratio around 50%. The second RCC took a different approach, and had a loan to deposit ratio of 80% (allowed at that time). The branch manager knew every farmer in his district and insisted that his lenders also made every effort to visit and get to know farmer-borrowers. This manager did not require group guarantees but loaned on trust. Non-performing loans were negligible. However, with cross-county restrictions farmers facing credit rationing in one county due to onerous guarantee requirements could not borrow from an RCC a short distance away because of county restrictions.
- 34.
See Guo and Jia, op cit. This was in Suizhou village in Hubei .
- 35.
Chongqing Rural raises $1.35 billion in HK IPO: sources. Reuters. December 9, 2010. https://www.reuters.com/article/us-chongqing-pricing/chongqing-rural-raises-1-35-billion-in-hk-ipo-sources-idUSTRE6B81F720101209
- 36.
AgBank IPO officially the world’s biggest. Financial Times, August 13, 2010 https://www.ft.com/content/ff7d528c-a6bc-11df-8d1e-00144feabdc0
- 37.
HSBC Gets Approval for Rural Bank in China. August 9, 2007. Reuters. http://www.reuters.com/article/idUSL0930628220070809
- 38.
National Rural Social economic Survey Collection, 1985, 1986–1999, 2000–2009 Agricultural Bureau of China, Policy Research Office of CPC Central Committee, Rural Fixed Observation, Fixed observation office. Chinese Agricultural Press, Beijing.
Note: 1992 and 1994 were missing or not surveyed. We use the average of 1991 and 1993, and 1993 and 1995, respectively to impute these values.
Eastern Region: Heilongjiang , Jilin, Liaoning , Hebei , Beijing, Tianjin, Shandong , Jiangsu , Zhejiang , Fujian , Guangdong , Hainan , Taiwan , Guangxi .
Middle Region: Shanxi , Henan , Anhui , Jiangxi , Hunan , Hubei , Inner Mongolia .
Western Region: Xinjiang , Gansu , Shaanxi , Ningxia , Sichuan , Chongqing , Guizhou , Yunnan , Xizang , Qinghai.
- 39.
Kumar , C. and C.G. Turvey. (2011). “Credit Constraint Impacts on Farm Households: Survey Results from India and China” Cornell University , Applied Economics and Management, unpublished paper, August.
- 40.
Turvey , C.G. and Rong Kong. (2009). “Business and financial risks of small farm households in China”, China Agricultural Economic Review, Vol. 1 Iss: 2, pp.155–172.
- 41.
Turvey , C.G. and R. Kong. (2010). Informal Lending Amongst Friends and Relatives: Can Microcredit Compete in Rural China? China Economic Review 21(4):544–556.
- 42.
Boucher , S., M. Carter , and C. Guirkinger , 2008. Risk rationing and wealth effects in credit markets: Theory and implications for agricultural development, American Journal of Agricultural Economics 90, 409–423.
- 43.
Verteramo Chiu, L ., V.S. Khantachavana , and C.G. Turvey. (2014). Risk rationing and the demand for agricultural credit: a comparative investigation of Mexico and China. Agricultural Finance Review, 74(2), 248–270.
- 44.
Turvey C.G., Guangwen He , Rong Kong , Jiujie Ma , Patrick Meagher (2011). “The 7 Cs of rural credit in China”, Journal of Agribusiness in Developing and Emerging Economies, Vol. 1 Iss: 2, pp. 100–133.
- 45.
Turvey , C.G. , G. He, M. Jiujie, R. Kong ., and P. Meagher. (2012). Farm credit and credit demand elasticities in Shaanxi and Gansu . China Economic Review, 23(4), 1020–1035.
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Appendices
Appendices
1.1.1 Appendix 1: Average RCC Loans, Billion RMB, 1979–2014, Eastern Provinces
Year | Guangdong | Shandong | Zhejiang | Jiangsu | Hebei | Liaoning | Guangxi | Fujian | Heilongjiang | Jilin |
|---|---|---|---|---|---|---|---|---|---|---|
1979 | 4.22 | 4.74 | 2.06 | 3.45 | 2.81 | 1.04 | 1.53 | 1.15 | 0.93 | 0.55 |
1980 | 11.98 | 6.82 | 5.15 | 3.41 | 3.84 | 2.28 | 2.07 | 1.71 | 1.00 | 1.66 |
1981 | 16.20 | 10.03 | 5.24 | 4.13 | 4.83 | 2.71 | 2.74 | 2.47 | 1.93 | 1.46 |
1982 | 20.11 | 11.75 | 5.86 | 5.32 | 5.91 | 3.81 | 4.56 | 3.18 | 3.09 | 2.07 |
1983 | 24.19 | 15.18 | 7.67 | 13.56 | 7.95 | 5.76 | 5.50 | 4.07 | 3.36 | 2.61 |
1984 | 50.32 | 37.57 | 17.12 | 31.37 | 23.95 | 12.99 | 8.29 | 7.97 | 5.97 | 7.78 |
1985 | 60.71 | 41.82 | 20.16 | 33.81 | 27.45 | 14.91 | 10.05 | 8.88 | 6.74 | 8.04 |
1986 | 83.18 | 65.14 | 35.43 | 48.63 | 43.44 | 22.45 | 12.88 | 12.40 | 9.87 | 10.01 |
1987 | 116.38 | 85.60 | 43.09 | 63.84 | 65.21 | 32.23 | 17.96 | 15.61 | 13.12 | 13.35 |
1988 | 142.98 | 103.71 | 47.51 | 72.11 | 84.13 | 41.38 | 19.87 | 16.14 | 15.42 | 14.56 |
1989 | 175.13 | 127.92 | 57.09 | 86.37 | 102.56 | 50.88 | 21.34 | 19.38 | 17.82 | 16.36 |
1990 | 245.48 | 162.18 | 79.86 | 110.04 | 135.32 | 70.13 | 28.44 | 26.65 | 24.38 | 21.16 |
1991 | 315.83 | 196.44 | 102.62 | 133.71 | 168.08 | 89.39 | 35.54 | 33.93 | 30.93 | 25.96 |
1992 | 495.57 | 243.31 | 150.64 | 171.62 | 207.63 | 125.89 | 50.13 | 51.80 | 40.31 | 33.44 |
1993 | 670.14 | 285.18 | 208.26 | 217.37 | 248.59 | 158.44 | 73.58 | 66.12 | 46.27 | 40.51 |
1994 | 875.05 | 350.69 | 301.26 | 299.26 | 304.47 | 205.31 | 112.40 | 84.74 | 59.39 | 50.02 |
1995 | 1050.19 | 417.05 | 386.68 | 368.25 | 367.56 | 250.28 | 127.71 | 97.28 | 72.55 | 61.53 |
1996 | 1237.61 | 531.82 | 461.24 | 455.61 | 463.14 | 295.94 | 140.63 | 115.98 | 86.81 | 69.91 |
1997 | 1389.11 | 616.46 | 611.57 | 510.40 | 514.94 | 328.44 | 149.76 | 134.71 | 97.18 | 92.00 |
1998 | 1607.45 | 678.85 | 694.52 | 554.82 | 669.99 | 362.52 | 155.15 | 154.75 | 105.99 | 94.39 |
1999 | 1743.02 | 739.03 | 788.78 | 607.47 | 738.77 | 374.13 | 160.35 | 174.19 | 111.96 | 103.66 |
2000 | 1781.23 | 951.02 | 940.61 | 745.68 | 895.70 | 403.43 | 173.68 | 201.22 | 114.61 | 113.85 |
2001 | 1862.07 | 1170.71 | 1084.05 | 854.86 | 996.75 | 427.20 | 194.71 | 217.05 | 129.72 | 130.88 |
2002 | 1998.47 | 1402.01 | 1338.86 | 1070.21 | 1077.09 | 460.07 | 227.62 | 252.15 | 156.92 | 160.18 |
2003 | 2250.16 | 1739.97 | 1802.87 | 1244.54 | 1207.89 | 523.19 | 263.54 | 328.45 | 186.67 | 194.09 |
2004 | 2536.36 | 1947.94 | 1998.31 | 1318.46 | 1353.51 | 604.50 | 326.85 | 379.18 | 240.23 | 219.47 |
2005 | 2431.82 | 2001.71 | 999.71 | 1110.95 | 1362.00 | 599.70 | 389.08 | 436.34 | 278.03 | 250.80 |
2006 | 2861.10 | 2155.56 | 1063.33 | 1165.05 | 1623.99 | 685.13 | 498.54 | 499.31 | 325.64 | 426.94 |
2007 | 3330.86 | 2524.42 | 1209.65 | 1265.72 | 1893.13 | 805.70 | 621.88 | 532.36 | 405.69 | 536.82 |
2008 | 3791.14 | 2925.39 | 1099.80 | 1406.47 | 2084.29 | 943.19 | 694.67 | 630.07 | 526.98 | 614.27 |
2009 | 4586.32 | 3356.18 | 1094.57 | 1615.00 | 2541.76 | 1208.81 | 904.29 | 764.65 | 715.21 | 696.51 |
2010 | 3116.59 | 3802.91 | 1155.13 | 1458.14 | 3033.53 | 1411.01 | 1129.96 | 911.77 | 860.59 | 726.29 |
2011 | 2816.73 | 3816.82 | 1379.94 | 974.75 | 3535.19 | 1623.30 | 1272.39 | 927.27 | 974.69 | 732.14 |
2012 | 2455.16 | 3628.37 | 1495.33 | 387.66 | 3972.28 | 1360.66 | 1498.16 | 855.19 | 1107.56 | 764.25 |
2013 | 2412.68 | 3582.87 | 1699.30 | 4042.53 | 1330.50 | 1727.93 | 1034.19 | 1233.01 | 750.84 | |
2014 | 2699.03 | 3176.17 | 1592.60 | 4361.03 | 1308.55 | 2058.29 | 1196.04 | 1378.98 | 621.00 |
1.1.2 Appendix 2: Average RCC Loans, Billion RMB, 1979–2014, Middle Provinces
Year | Henan | Hunan | Shanxi | Hubei | Anhui | Jiangxi | Inner Mongolia |
|---|---|---|---|---|---|---|---|
1979 | 4.76 | 2.00 | 2.46 | 2.10 | 1.10 | 0.65 | 0.83 |
1980 | 6.87 | 3.01 | 3.39 | 2.65 | 1.92 | 0.95 | 0.96 |
1981 | 9.29 | 3.91 | 4.41 | 2.83 | 2.76 | 1.23 | 1.04 |
1982 | 11.07 | 4.79 | 4.99 | 3.42 | 4.02 | 1.86 | 1.27 |
1983 | 13.10 | 5.41 | 6.98 | 4.74 | 4.95 | 2.81 | 1.60 |
1984 | 25.58 | 9.43 | 15.68 | 12.98 | 10.10 | 5.36 | 2.98 |
1985 | 28.14 | 10.97 | 15.93 | 13.05 | 11.69 | 6.42 | 3.18 |
1986 | 39.15 | 16.99 | 19.71 | 16.03 | 16.99 | 8.41 | 3.74 |
1987 | 54.73 | 24.51 | 25.01 | 21.72 | 21.49 | 10.43 | 4.77 |
1988 | 62.71 | 25.72 | 33.42 | 25.50 | 23.24 | 12.19 | 6.17 |
1989 | 74.04 | 29.98 | 43.91 | 29.87 | 24.85 | 14.20 | 7.80 |
1990 | 97.13 | 42.39 | 57.93 | 38.78 | 32.91 | 20.11 | 10.15 |
1991 | 120.23 | 54.81 | 71.95 | 47.68 | 40.98 | 26.02 | 12.51 |
1992 | 146.59 | 73.77 | 89.15 | 61.11 | 48.74 | 35.28 | 16.90 |
1993 | 172.50 | 98.55 | 104.15 | 76.41 | 61.70 | 46.22 | 22.32 |
1994 | 233.57 | 151.76 | 128.91 | 91.41 | 84.74 | 62.86 | 30.58 |
1995 | 294.76 | 210.93 | 156.69 | 117.52 | 112.74 | 83.73 | 41.79 |
1996 | 369.73 | 254.61 | 187.18 | 146.57 | 141.05 | 107.18 | 47.51 |
1997 | 441.97 | 262.91 | 208.17 | 177.58 | 170.76 | 117.12 | 55.31 |
1998 | 512.64 | 301.72 | 246.18 | 205.34 | 196.90 | 130.06 | 64.30 |
1999 | 568.11 | 326.17 | 255.50 | 197.85 | 223.09 | 140.94 | 74.27 |
2000 | 670.75 | 372.04 | 281.92 | 213.01 | 246.08 | 169.21 | 91.62 |
2001 | 766.63 | 414.45 | 347.40 | 247.15 | 295.32 | 195.47 | 124.62 |
2002 | 875.64 | 459.97 | 423.30 | 283.36 | 354.25 | 237.29 | 146.35 |
2003 | 1009.24 | 534.04 | 581.86 | 341.39 | 428.68 | 310.17 | 174.11 |
2004 | 1167.64 | 626.13 | 706.51 | 404.69 | 513.35 | 353.58 | 211.15 |
2005 | 1274.92 | 674.24 | 818.08 | 449.74 | 589.01 | 423.62 | 245.99 |
2006 | 1521.38 | 728.20 | 931.45 | 519.98 | 670.60 | 459.46 | 315.96 |
2007 | 1720.87 | 772.37 | 1098.97 | 630.06 | 790.46 | 538.52 | 378.46 |
2008 | 1951.58 | 911.03 | 1227.50 | 744.83 | 855.92 | 665.06 | 490.34 |
2009 | 2366.85 | 1132.11 | 1464.24 | 683.85 | 839.70 | 837.10 | 590.02 |
2010 | 2703.01 | 1319.88 | 1776.83 | 830.99 | 776.22 | 980.28 | 720.58 |
2011 | 2833.54 | 1417.51 | 2017.01 | 931.26 | 861.74 | 1133.59 | 846.14 |
2012 | 2951.17 | 1542.97 | 2084.46 | 838.10 | 713.66 | 1236.28 | 985.10 |
2013 | 3331.45 | 1641.26 | 2269.54 | 656.30 | 684.39 | 1275.25 | 1120.31 |
2014 | 3507.66 | 1606.46 | 2280.87 | 414.94 | 1354.18 | 1132.09 |
1.1.3 Appendix 3: Average RCC Loans, Billion RMB, 1979–2014, Western Provinces
Year | Sichuan | Shaanxi | Yunnan | Gansu | Guizhou | Xinjiang | Ningxia | Qinghai |
|---|---|---|---|---|---|---|---|---|
1979 | 3.87 | 1.79 | 1.26 | 0.68 | 1.14 | 0.30 | 0.15 | 0.18 |
1980 | 8.25 | 2.47 | 1.63 | 0.85 | 1.60 | 0.30 | 0.18 | 0.21 |
1981 | 7.92 | 2.85 | 2.09 | 1.05 | 2.04 | 0.30 | 0.17 | 0.22 |
1982 | 10.00 | 3.42 | 3.04 | 1.30 | 2.70 | 0.32 | 0.21 | 0.28 |
1983 | 14.52 | 4.65 | 5.06 | 1.43 | 3.55 | 0.50 | 0.32 | 0.35 |
1984 | 26.18 | 9.49 | 9.35 | 2.82 | 4.64 | 1.73 | 0.62 | 0.59 |
1985 | 27.14 | 10.47 | 10.32 | 3.55 | 5.09 | 1.85 | 0.83 | 0.83 |
1986 | 36.97 | 14.68 | 12.52 | 4.60 | 6.10 | 2.11 | 0.85 | 0.85 |
1987 | 47.47 | 19.66 | 15.68 | 5.70 | 7.29 | 3.05 | 1.02 | 0.81 |
1988 | 47.35 | 22.89 | 16.67 | 6.35 | 7.93 | 3.79 | 1.54 | 0.92 |
1989 | 59.64 | 27.68 | 17.45 | 7.51 | 7.95 | 4.84 | 2.05 | 1.01 |
1990 | 78.16 | 35.62 | 20.20 | 9.60 | 9.33 | 5.64 | 2.48 | 1.12 |
1991 | 96.69 | 43.56 | 22.95 | 11.68 | 10.70 | 6.45 | 2.91 | 1.22 |
1992 | 132.22 | 55.99 | 30.70 | 15.17 | 14.29 | 7.97 | 3.53 | 1.43 |
1993 | 175.14 | 70.62 | 41.16 | 21.66 | 17.41 | 9.95 | 4.94 | 1.81 |
1994 | 242.46 | 91.77 | 55.05 | 29.18 | 21.87 | 16.82 | 6.85 | 2.50 |
1995 | 322.93 | 117.88 | 72.25 | 38.73 | 27.94 | 24.32 | 9.48 | 3.67 |
1996 | 405.08 | 146.67 | 105.53 | 50.10 | 32.84 | 24.01 | 11.72 | 4.15 |
1997 | 370.92 | 179.55 | 137.99 | 59.53 | 29.23 | 13.79 | 4.64 | |
1998 | 427.58 | 208.63 | 145.87 | 69.26 | 46.85 | 31.97 | 15.12 | 6.18 |
1999 | 527.95 | 228.50 | 162.70 | 81.35 | 56.98 | 35.98 | 16.15 | 7.33 |
2000 | 568.35 | 261.54 | 186.05 | 103.38 | 71.17 | 41.42 | 19.11 | 91.40 |
2001 | 659.87 | 308.47 | 218.38 | 124.44 | 92.18 | 56.92 | 28.10 | 14.38 |
2002 | 728.71 | 358.48 | 260.29 | 157.50 | 125.50 | 77.75 | 50.20 | 19.27 |
2003 | 832.37 | 416.64 | 323.48 | 189.03 | 148.59 | 112.07 | 83.37 | 27.07 |
2004 | 921.78 | 472.57 | 382.96 | 216.18 | 196.69 | 134.67 | 106.67 | 29.16 |
2005 | 969.48 | 537.22 | 517.09 | 242.80 | 248.99 | 149.81 | 131.25 | 29.28 |
2006 | 1142.59 | 632.92 | 563.47 | 288.24 | 333.86 | 156.26 | 154.34 | 34.77 |
2007 | 1383.01 | 740.64 | 711.20 | 344.19 | 418.56 | 224.80 | 173.52 | 62.79 |
2008 | 1677.32 | 823.89 | 897.39 | 358.02 | 517.79 | 301.62 | 204.73 | 80.84 |
2009 | 2277.01 | 1026.36 | 1167.28 | 504.16 | 726.58 | 425.57 | 211.24 | 101.75 |
2010 | 1930.56 | 1178.46 | 1439.90 | 591.64 | 925.38 | 621.93 | 266.67 | 126.97 |
2011 | 2225.01 | 1328.77 | 1745.00 | 684.00 | 1051.16 | 862.31 | 321.74 | 127.73 |
2012 | 2651.12 | 1560.49 | 2081.72 | 912.01 | 1315.35 | 1147.11 | 281.75 | 163.87 |
2013 | 2963.01 | 1804.51 | 2498.14 | 1149.11 | 1637.51 | 1142.03 | 348.36 | 199.14 |
2014 | 3337.42 | 1923.90 | 2984.36 | 1369.27 | 1612.72 | 1215.43 | 293.44 | 229.46 |
1.1.4 Appendix 4: Average RCC Loans, RMB/Mou, 1979–2014, Eastern Provinces
Fujian | Guangdong | Guangxi | Hebei | Heilongjiang | Jiangsu | Jilin | Liaoning | Shandong | Zhejiang | |
|---|---|---|---|---|---|---|---|---|---|---|
1979 | 4.35 | 6.03 | 3.00 | 3.04 | 1.10 | 4.07 | 1.35 | 2.63 | 4.44 | 4.56 |
1980 | 6.65 | 18.11 | 4.25 | 4.25 | 1.14 | 3.90 | 4.08 | 5.81 | 6.45 | 11.16 |
1981 | 9.76 | 25.33 | 5.67 | 5.47 | 2.21 | 4.86 | 3.59 | 7.04 | 9.62 | 11.29 |
1982 | 12.90 | 31.42 | 9.49 | 6.87 | 3.65 | 6.17 | 5.10 | 10.06 | 11.39 | 12.66 |
1983 | 16.77 | 38.47 | 11.89 | 9.17 | 3.90 | 15.87 | 6.42 | 15.41 | 14.46 | 16.75 |
1984 | 33.39 | 80.41 | 18.38 | 27.51 | 6.92 | 36.54 | 19.06 | 34.75 | 34.88 | 37.81 |
1985 | 38.01 | 99.55 | 22.61 | 31.71 | 7.86 | 39.50 | 19.77 | 40.25 | 38.51 | 45.27 |
1986 | 51.65 | 136.11 | 28.31 | 49.51 | 11.66 | 57.12 | 24.79 | 61.28 | 58.98 | 81.23 |
1987 | 61.38 | 214.18 | 38.95 | 75.04 | 15.41 | 75.11 | 33.06 | 89.02 | 78.62 | 98.52 |
1988 | 62.32 | 265.95 | 41.96 | 95.74 | 18.73 | 86.00 | 36.09 | 114.85 | 94.64 | 110.54 |
1989 | 72.96 | 315.66 | 43.11 | 117.01 | 21.08 | 103.01 | 40.68 | 141.56 | 118.46 | 132.38 |
1990 | 97.06 | 432.79 | 55.32 | 154.00 | 28.48 | 133.24 | 52.38 | 193.79 | 149.02 | 182.11 |
1991 | 120.02 | 558.11 | 66.71 | 190.68 | 35.90 | 165.24 | 63.85 | 245.71 | 178.63 | 234.28 |
1992 | 179.80 | 903.17 | 93.28 | 242.25 | 47.54 | 208.40 | 82.59 | 346.52 | 224.50 | 352.37 |
1993 | 241.93 | 1302.25 | 136.64 | 286.49 | 53.51 | 270.63 | 100.00 | 436.47 | 265.43 | 530.46 |
1994 | 302.53 | 1681.17 | 203.77 | 352.03 | 68.50 | 380.93 | 123.20 | 566.53 | 322.44 | 792.37 |
1995 | 343.14 | 1980.00 | 222.26 | 421.51 | 83.90 | 465.61 | 151.55 | 690.62 | 384.84 | 985.67 |
1996 | 399.82 | 2276.06 | 233.97 | 522.02 | 97.72 | 575.69 | 172.06 | 815.76 | 484.53 | 1163.63 |
1997 | 457.62 | 2520.38 | 241.43 | 581.39 | 107.61 | 640.66 | 226.19 | 905.54 | 561.28 | 1550.59 |
1998 | 530.18 | 2901.45 | 246.53 | 736.44 | 115.28 | 688.51 | 232.40 | 998.61 | 609.49 | 1771.92 |
1999 | 597.48 | 3311.94 | 254.95 | 815.85 | 120.89 | 757.12 | 255.05 | 1027.81 | 657.70 | 2022.78 |
2000 | 720.38 | 3454.07 | 277.41 | 992.53 | 122.85 | 938.57 | 250.65 | 1113.83 | 853.14 | 2646.38 |
2001 | 800.02 | 3585.68 | 309.65 | 1108.63 | 129.86 | 1099.16 | 267.64 | 1077.48 | 1039.14 | 3339.72 |
2002 | 947.48 | 4051.73 | 361.31 | 1205.46 | 159.17 | 1372.44 | 341.70 | 1207.79 | 1269.04 | 4368.89 |
2003 | 1303.93 | 4607.78 | 419.71 | 1398.26 | 190.43 | 1620.18 | 411.49 | 1406.75 | 1598.46 | 6360.70 |
2004 | 1505.09 | 5275.32 | 513.26 | 1556.59 | 242.94 | 1719.21 | 447.53 | 1623.54 | 1831.02 | 7192.28 |
2005 | 1758.53 | 5050.12 | 599.58 | 1550.29 | 275.72 | 1453.89 | 506.25 | 1579.53 | 1864.47 | 3522.66 |
2006 | 2232.70 | 6528.44 | 897.10 | 1863.67 | 278.84 | 1577.56 | 886.65 | 1888.86 | 2004.40 | 4234.06 |
2007 | 2429.56 | 7634.25 | 1111.61 | 2187.91 | 340.96 | 1708.65 | 1085.80 | 2175.29 | 2353.89 | 4911.65 |
2008 | 2837.28 | 8607.80 | 1219.67 | 2392.11 | 435.94 | 1872.73 | 1228.98 | 2538.08 | 2717.76 | 4430.34 |
2009 | 3386.39 | 10246.38 | 1552.03 | 2927.45 | 589.66 | 2136.77 | 1371.75 | 3084.38 | 3113.79 | 4369.91 |
2010 | 4015.28 | 6888.24 | 1916.21 | 3479.46 | 707.94 | 1913.68 | 1390.98 | 3463.60 | 3515.29 | 4649.07 |
2011 | 4056.65 | 6160.79 | 2121.89 | 4029.31 | 797.43 | 1271.98 | 1401.94 | 3915.64 | 3512.81 | 5603.34 |
2012 | 3778.81 | 5303.18 | 2463.02 | 4523.31 | 905.09 | 506.64 | 1437.87 | 3231.53 | 3338.89 | 6433.85 |
2013 | 4511.76 | 5135.46 | 2815.52 | 4620.45 | 1010.60 | 1387.09 | 3161.26 | 3264.15 | 7350.10 | |
2014 | 5188.35 | 5688.22 | 3471.01 | 5005.15 | 1127.92 | 1105.91 | 3142.46 | 2877.51 | 7003.52 |
1.1.5 Appendix 5: Average RCC Loans, RMB/Mou, 1979–2014, Middle Provinces
Anhui | Henan | Hubei | Hunan | Inner Mongolia | Jiangxi | Shanxi | |
|---|---|---|---|---|---|---|---|
1979 | 1.37 | 4.36 | 2.69 | 2.40 | 1.69 | 1.14 | 5.72 |
1980 | 2.48 | 6.37 | 3.54 | 3.81 | 2.00 | 1.71 | 7.94 |
1981 | 3.51 | 8.44 | 3.90 | 4.88 | 2.23 | 2.21 | 10.64 |
1982 | 5.02 | 9.99 | 4.58 | 6.01 | 2.73 | 3.36 | 12.15 |
1983 | 6.29 | 11.56 | 6.41 | 6.98 | 3.46 | 5.14 | 16.91 |
1984 | 12.68 | 22.38 | 17.57 | 12.35 | 6.43 | 9.83 | 37.65 |
1985 | 14.28 | 24.08 | 17.80 | 14.67 | 6.98 | 11.86 | 40.06 |
1986 | 20.81 | 33.12 | 21.74 | 22.54 | 8.20 | 15.47 | 49.88 |
1987 | 25.67 | 45.79 | 29.60 | 32.79 | 10.66 | 19.02 | 62.65 |
1988 | 28.45 | 52.57 | 35.28 | 34.31 | 13.53 | 22.58 | 83.58 |
1989 | 30.16 | 61.70 | 41.14 | 38.68 | 17.05 | 25.56 | 109.65 |
1990 | 39.59 | 81.69 | 52.68 | 53.31 | 21.50 | 34.93 | 144.25 |
1991 | 50.00 | 100.18 | 64.23 | 68.17 | 26.23 | 44.64 | 181.18 |
1992 | 59.77 | 122.81 | 85.03 | 92.66 | 34.82 | 60.36 | 223.88 |
1993 | 74.65 | 142.94 | 107.23 | 128.76 | 45.85 | 80.79 | 260.44 |
1994 | 102.54 | 193.22 | 127.29 | 196.30 | 62.09 | 109.26 | 321.71 |
1995 | 134.95 | 242.86 | 158.51 | 269.04 | 82.28 | 140.70 | 402.18 |
1996 | 168.69 | 301.64 | 193.39 | 321.18 | 89.79 | 178.18 | 474.29 |
1997 | 201.16 | 360.01 | 229.46 | 328.27 | 94.74 | 193.98 | 544.25 |
1998 | 229.91 | 407.92 | 266.81 | 380.18 | 106.69 | 224.09 | 609.66 |
1999 | 259.95 | 448.75 | 254.02 | 406.30 | 122.21 | 240.06 | 643.46 |
2000 | 273.25 | 510.58 | 280.87 | 464.93 | 154.91 | 299.45 | 697.40 |
2001 | 338.16 | 583.98 | 330.02 | 522.52 | 218.35 | 353.17 | 946.01 |
2002 | 393.72 | 655.43 | 385.26 | 590.47 | 248.60 | 443.11 | 1085.24 |
2003 | 469.80 | 737.51 | 478.25 | 690.76 | 302.66 | 620.67 | 1569.22 |
2004 | 557.97 | 846.75 | 565.53 | 793.95 | 356.43 | 682.22 | 1888.32 |
2005 | 642.15 | 915.71 | 617.82 | 845.16 | 395.75 | 806.68 | 2155.48 |
2006 | 762.91 | 1087.05 | 753.53 | 998.94 | 479.45 | 870.04 | 2683.29 |
2007 | 892.78 | 1221.53 | 896.24 | 1045.06 | 559.73 | 1026.70 | 3008.28 |
2008 | 953.51 | 1379.46 | 1020.55 | 1205.86 | 714.69 | 1247.57 | 3293.98 |
2009 | 929.26 | 1668.98 | 908.47 | 1411.73 | 851.67 | 1557.00 | 3965.83 |
2010 | 857.38 | 1897.02 | 1039.05 | 1606.45 | 1029.03 | 1796.14 | 4720.69 |
2011 | 955.05 | 1987.25 | 1162.68 | 1687.12 | 1190.09 | 2066.03 | 5311.53 |
2012 | 795.64 | 2069.23 | 1037.39 | 1812.73 | 1377.00 | 2237.65 | 5473.70 |
2013 | 765.05 | 2325.86 | 809.63 | 1897.41 | 1553.57 | 2296.68 | 6000.20 |
2014 | 2439.55 | 511.50 | 1832.92 | 1539.01 | 2430.96 | 6028.58 |
1.1.6 Appendix 6: Average RCC Loans, RMB/Mou, 1979–2014, Eastern Provinces
Gansu | Guizhou | Ningxia | Qinghai | Shaanxi | Sichuan | Xinjiang | Yunnan | |
|---|---|---|---|---|---|---|---|---|
1979 | 1.96 | 3.79 | 1.65 | 3.49 | 3.50 | 3.27 | 1.01 | 3.05 |
1980 | 2.46 | 5.64 | 2.01 | 4.15 | 4.88 | 6.87 | 0.99 | 4.07 |
1981 | 3.09 | 7.15 | 2.01 | 4.40 | 5.90 | 6.51 | 0.99 | 5.27 |
1982 | 3.80 | 9.21 | 2.62 | 5.63 | 7.21 | 8.20 | 1.08 | 7.66 |
1983 | 4.12 | 12.23 | 3.77 | 7.02 | 9.76 | 12.30 | 1.71 | 12.75 |
1984 | 8.14 | 15.51 | 7.45 | 11.68 | 20.17 | 22.25 | 6.02 | 23.40 |
1985 | 10.18 | 16.84 | 10.01 | 16.57 | 22.45 | 23.06 | 6.50 | 25.77 |
1986 | 13.13 | 19.46 | 10.32 | 16.72 | 31.39 | 31.19 | 7.39 | 31.12 |
1987 | 15.93 | 22.46 | 12.21 | 15.95 | 41.00 | 39.73 | 10.43 | 38.46 |
1988 | 17.81 | 23.81 | 17.62 | 17.90 | 47.92 | 39.14 | 12.90 | 39.45 |
1989 | 21.01 | 22.89 | 23.32 | 18.96 | 57.26 | 48.50 | 16.49 | 40.03 |
1990 | 26.57 | 26.06 | 27.88 | 20.48 | 73.29 | 62.66 | 18.94 | 44.97 |
1991 | 32.55 | 28.11 | 32.31 | 22.52 | 89.22 | 75.89 | 21.25 | 49.89 |
1992 | 41.43 | 36.58 | 39.44 | 26.14 | 114.64 | 103.69 | 25.98 | 65.21 |
1993 | 59.52 | 43.83 | 54.59 | 33.03 | 147.43 | 138.30 | 33.24 | 86.29 |
1994 | 78.67 | 53.92 | 74.62 | 44.48 | 190.95 | 191.88 | 56.18 | 113.55 |
1995 | 102.65 | 66.48 | 99.16 | 64.50 | 262.13 | 251.52 | 79.74 | 145.69 |
1996 | 133.11 | 75.95 | 119.85 | 73.53 | 307.01 | 311.92 | 77.92 | 206.71 |
1997 | 158.41 | 141.06 | 81.69 | 398.64 | 390.54 | 91.59 | 264.08 | |
1998 | 183.82 | 103.78 | 150.40 | 109.01 | 444.16 | 440.15 | 97.51 | 279.13 |
1999 | 213.60 | 123.53 | 156.63 | 128.37 | 483.46 | 543.29 | 106.45 | 296.67 |
2000 | 276.40 | 151.53 | 188.00 | 1,650.77 | 574.13 | 591.47 | 122.13 | 321.55 |
2001 | 337.34 | 198.21 | 278.88 | 271.82 | 712.10 | 689.41 | 167.21 | 368.29 |
2002 | 431.52 | 270.16 | 437.32 | 389.83 | 853.87 | 761.89 | 223.53 | 447.76 |
2003 | 522.05 | 320.64 | 738.13 | 579.91 | 1027.27 | 886.97 | 317.03 | 561.99 |
2004 | 589.22 | 418.94 | 920.91 | 616.10 | 1152.66 | 981.92 | 374.89 | 650.19 |
2005 | 651.64 | 518.29 | 1193.91 | 614.18 | 1278.54 | 1022.64 | 401.51 | 854.16 |
2006 | 787.81 | 750.34 | 1391.33 | 672.25 | 1588.87 | 1223.08 | 374.13 | 975.51 |
2007 | 915.64 | 937.52 | 1458.36 | 1215.26 | 1831.12 | 1490.60 | 534.90 | 1225.81 |
2008 | 925.45 | 1120.90 | 1692.47 | 1573.90 | 1977.77 | 1777.03 | 672.26 | 1481.77 |
2009 | 1280.04 | 1519.82 | 1722.06 | 1979.38 | 2470.72 | 2402.78 | 912.49 | 1840.02 |
2010 | 1480.88 | 1892.73 | 2137.02 | 2321.50 | 2815.52 | 2036.72 | 1306.95 | 2236.80 |
2011 | 1670.43 | 2093.44 | 2552.70 | 2331.99 | 3178.08 | 2326.07 | 1730.34 | 2617.18 |
2012 | 2224.50 | 2537.88 | 2270.02 | 2956.82 | 3681.87 | 2745.28 | 2238.74 | 3008.09 |
2013 | 2764.98 | 3037.99 | 2754.60 | 3583.14 | 4226.99 | 3060.27 | 2191.05 | 3494.80 |
2014 | 3262.10 | 2923.47 | 2341.60 | 4144.12 | 4513.93 | 3451.81 | 2202.81 | 4148.15 |
1.1.7 Appendix 7: National Rural Household Loans Per Mou
Year | Total loan | Formal loan | Informal loan | |||||
|---|---|---|---|---|---|---|---|---|
RMB/mou | Total | Bank loan | RCC | Total | Rural Cooperative Fund | Informal lending | Zero-interest informal lending | |
1986 | 32.84 | 11.85 | 11.85 | 20.99 | ||||
1987 | 45.38 | 15.39 | 15.39 | 29.99 | ||||
1988 | 54.38 | 15.96 | 15.96 | 38.42 | ||||
1989 | 50.04 | 11.09 | 11.09 | 38.95 | ||||
1990 | 51.22 | 13.20 | 13.20 | 38.02 | ||||
1991 | 60.44 | 16.15 | 16.15 | 44.29 | ||||
1992 | 80.82 | 19.20 | 19.20 | 61.62 | ||||
1993 | 102.22 | 22.40 | 22.40 | 79.82 | 4.58 | 75.24 | 45.81 | |
1994 | 118.76 | 27.92 | 27.92 | 90.84 | 6.10 | 84.75 | 47.40 | |
1995 | 135.82 | 33.62 | 33.62 | 102.20 | 7.66 | 94.54 | 49.03 | |
1996 | 164.94 | 42.78 | 42.78 | 122.17 | 6.22 | 115.94 | 59.79 | |
1997 | 156.33 | 38.42 | 38.42 | 117.91 | 4.67 | 113.24 | 61.32 | |
1998 | 167.26 | 35.63 | 35.63 | 131.63 | 5.87 | 125.76 | 62.32 | |
1999 | 177.27 | 44.69 | 44.69 | 132.58 | 6.27 | 126.31 | 64.81 | |
2000 | 192.27 | 57.56 | 57.56 | 134.70 | 0.89 | 133.81 | 69.90 | |
2001 | 190.81 | 56.24 | 56.24 | 134.57 | 1.52 | 133.05 | 65.46 | |
2002 | 184.40 | 49.08 | 49.08 | 135.32 | 0.94 | 134.39 | 71.56 | |
2003 | 243.60 | 80.88 | 38.45 | 42.43 | 162.71 | 162.71 | 99.91 | |
2004 | 219.32 | 76.82 | 32.80 | 44.02 | 142.50 | 142.50 | 92.19 | |
2005 | 228.74 | 83.91 | 34.43 | 49.48 | 144.84 | 144.84 | 94.03 | |
2006 | 236.13 | 91.63 | 36.00 | 55.63 | 144.51 | 144.51 | 96.46 | |
2007 | 223.61 | 89.17 | 27.13 | 62.04 | 134.45 | 134.45 | 109.47 | |
2008 | 287.38 | 126.49 | 40.06 | 86.43 | 160.88 | 160.88 | 105.07 | |
2009 | 330.76 | 124.21 | 55.68 | 68.53 | 206.55 | 206.55 | 136.57 | |
1.1.8 Appendix 8: Eastern Rural Household Loans Per Mou
Year | Total loan | Formal loan | Informal loan | |||||
|---|---|---|---|---|---|---|---|---|
RMB/mou | Total | Bank loan | RCC | Total | Rural Cooperative Fund | Informal lending | Zero-interest informal lending | |
1986 | 59.32 | 19.21 | 19.21 | 40.11 | 40.11 | |||
1987 | 83.26 | 24.47 | 24.47 | 58.79 | 58.79 | |||
1988 | 118.19 | 25.83 | 25.83 | 92.36 | 92.36 | |||
1989 | 107.14 | 20.58 | 20.58 | 86.56 | 86.56 | |||
1990 | 91.24 | 19.65 | 19.65 | 71.59 | 71.59 | |||
1991 | 125.95 | 25.33 | 25.33 | 100.62 | 100.62 | |||
1992 | 181.91 | 27.41 | 27.41 | 154.51 | 146.94 | |||
1993 | 239.44 | 29.70 | 29.70 | 209.74 | 11.47 | 198.27 | 111.44 | |
1994 | 267.48 | 37.32 | 37.32 | 230.16 | 17.41 | 212.75 | 98.67 | |
1995 | 295.58 | 44.96 | 44.96 | 250.62 | 23.35 | 227.27 | 85.87 | |
1996 | 349.32 | 79.77 | 79.77 | 269.54 | 10.18 | 259.37 | 117.09 | |
1997 | 300.90 | 41.78 | 41.78 | 259.12 | 5.82 | 253.29 | 132.62 | |
1998 | 350.51 | 48.11 | 48.11 | 302.40 | 4.74 | 297.66 | 134.01 | |
1999 | 375.36 | 80.66 | 80.66 | 294.70 | 14.47 | 280.23 | 129.66 | |
2000 | 486.99 | 130.60 | 130.60 | 356.39 | 0.96 | 355.43 | 160.30 | |
2001 | 445.70 | 126.44 | 126.44 | 319.25 | 0.15 | 319.10 | 144.31 | |
2002 | 368.82 | 75.28 | 75.28 | 293.54 | 0.97 | 292.57 | 132.89 | |
2003 | 418.21 | 112.11 | 82.67 | 29.44 | 306.10 | 306.10 | 189.40 | |
2004 | 404.96 | 127.63 | 70.59 | 57.04 | 277.34 | 277.34 | 173.54 | |
2005 | 449.42 | 144.17 | 60.35 | 83.82 | 305.25 | 305.25 | 199.12 | |
2006 | 477.64 | 146.48 | 51.47 | 95.01 | 331.16 | 331.16 | 218.94 | |
2007 | 397.03 | 143.46 | 41.46 | 102.00 | 253.57 | 253.57 | 199.76 | |
2008 | 599.30 | 300.69 | 104.83 | 195.87 | 298.60 | 298.60 | 182.17 | |
2009 | 610.13 | 260.76 | 161.42 | 99.33 | 349.38 | 349.38 | 215.13 | |
1.1.9 Appendix 9: Middle Rural Household Loans Per Mou
Year | Total loan | Formal loan | Informal loan | |||||
|---|---|---|---|---|---|---|---|---|
Total | Bank loan | RCC | Total | Rural Cooperative Fund | Informal lending | Zero-interest informal loan | ||
1986 | 25.77 | 10.24 | 10.24 | 15.52 | 15.52 | |||
1987 | 33.01 | 12.60 | 12.60 | 20.41 | 20.41 | |||
1988 | 40.61 | 14.18 | 14.18 | 26.43 | 26.43 | |||
1989 | 30.65 | 7.19 | 7.19 | 23.46 | 23.46 | |||
1990 | 36.98 | 9.95 | 9.95 | 27.03 | 27.03 | |||
1991 | 39.90 | 11.88 | 11.88 | 28.02 | 28.02 | |||
1992 | 46.79 | 13.17 | 13.17 | 33.63 | 33.63 | |||
1993 | 55.91 | 14.55 | 14.55 | 40.45 | 0.80 | 39.65 | 27.88 | |
1994 | 70.03 | 19.62 | 19.62 | 49.61 | 1.42 | 48.19 | 33.95 | |
1995 | 84.17 | 24.70 | 24.70 | 58.78 | 2.03 | 56.75 | 40.03 | |
1996 | 97.60 | 23.78 | 23.78 | 73.10 | 3.18 | 69.92 | 41.98 | |
1997 | 113.66 | 30.23 | 30.23 | 82.81 | 4.03 | 78.78 | 47.14 | |
1998 | 104.33 | 20.86 | 20.86 | 82.69 | 2.65 | 80.04 | 45.29 | |
1999 | 104.15 | 20.81 | 20.81 | 81.84 | 2.09 | 79.75 | 46.99 | |
2000 | 104.01 | 22.10 | 22.10 | 80.56 | 0.42 | 80.14 | 53.46 | |
2001 | 92.18 | 16.53 | 16.53 | 75.05 | 0.14 | 74.91 | 48.54 | |
2002 | 106.57 | 25.24 | 25.24 | 80.70 | 0.31 | 80.38 | 56.51 | |
2003 | 139.61 | 37.55 | 7.62 | 29.93 | 99.04 | 99.04 | 68.42 | |
2004 | 129.51 | 43.22 | 18.56 | 24.65 | 82.59 | 82.59 | 66.37 | |
2005 | 134.25 | 48.09 | 17.98 | 30.11 | 82.86 | 82.86 | 63.02 | |
2006 | 155.96 | 64.94 | 23.94 | 41.00 | 84.77 | 84.77 | 63.71 | |
2007 | 147.42 | 49.29 | 10.41 | 38.88 | 94.89 | 94.89 | 79.66 | |
2008 | 154.84 | 55.35 | 15.40 | 39.96 | 96.16 | 96.16 | 80.42 | |
2009 | 171.06 | 45.13 | 10.34 | 34.79 | 125.90 | 125.90 | 97.61 | |
1.1.10 Appendix 10: Middle Rural Household Loans Per Mou
Year | Total loan | Formal loan | Informal loan | |||||
|---|---|---|---|---|---|---|---|---|
Total | Total | Bank loan | RCC | Total | Rural Cooperative Fund | Informal loan | Zero-interest informal loan | |
1986 | 17.63 | 6.94 | 6.94 | 10.69 | 10.69 | |||
1987 | 27.65 | 10.68 | 10.68 | 16.97 | 16.97 | |||
1988 | 28.60 | 11.32 | 11.32 | 17.28 | 17.28 | |||
1989 | 35.93 | 10.04 | 10.04 | 25.88 | 25.88 | |||
1990 | 35.13 | 12.17 | 12.17 | 22.96 | 22.96 | |||
1991 | 44.19 | 16.87 | 16.87 | 27.32 | 27.32 | |||
1992 | 57.77 | 23.47 | 23.47 | 34.31 | 34.31 | |||
1993 | 75.74 | 29.53 | 29.53 | 46.21 | 5.49 | 40.72 | 25.71 | |
1994 | 86.78 | 34.85 | 34.85 | 51.94 | 5.26 | 46.68 | 29.98 | |
1995 | 99.15 | 40.80 | 40.80 | 58.35 | 4.99 | 53.35 | 34.76 | |
1996 | 139.52 | 48.27 | 48.27 | 91.25 | 8.82 | 82.43 | 45.24 | |
1997 | 114.53 | 51.81 | 51.81 | 62.72 | 4.93 | 57.79 | 26.48 | |
1998 | 140.15 | 53.64 | 53.64 | 86.51 | 12.92 | 73.59 | 36.71 | |
1999 | 141.98 | 59.00 | 59.00 | 82.97 | 7.00 | 75.98 | 40.01 | |
2000 | 167.07 | 76.38 | 76.38 | 90.69 | 1.87 | 88.82 | 42.50 | |
2001 | 171.63 | 78.76 | 78.76 | 92.87 | 6.02 | 86.85 | 29.42 | |
2002 | 201.83 | 83.85 | 83.85 | 117.98 | 2.51 | 115.47 | 50.99 | |
2003 | 314.72 | 143.00 | 55.24 | 87.76 | 171.72 | 171.72 | 85.40 | |
2004 | 284.05 | 117.00 | 32.44 | 84.56 | 167.05 | 167.05 | 79.10 | |
2005 | 271.72 | 120.28 | 52.75 | 67.53 | 151.43 | 151.43 | 73.10 | |
2006 | 240.66 | 105.87 | 46.50 | 59.37 | 134.79 | 134.79 | 71.15 | |
2007 | 244.74 | 141.00 | 59.55 | 81.44 | 103.75 | 103.75 | 85.60 | |
2008 | 321.48 | 131.27 | 36.71 | 94.56 | 190.21 | 190.21 | 90.78 | |
2009 | 433.26 | 176.46 | 53.02 | 123.44 | 256.81 | 256.81 | 149.76 | |
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Fu, H., Turvey, C.G. (2018). Current Conditions of Rural Credit in China. In: The Evolution of Agricultural Credit during China’s Republican Era, 1912–1949. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-76801-4_1
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