To fully implement the decisions and arrangements made by the CPC Central Committee and the State Council, guide the allocation of more financial resources to key areas and weak links in rural economic and social development, and further boost and improve financial services in rural areas, the People’s Bank of China (PBC) and the China Banking and Insurance Regulatory Commission (CBIRC) jointly released the Measures on Appraisals and Evaluations for Financial Institutions Serving Rural Revitalization (hereinafter referred to as the Evaluations Measures) recently.
The Evaluations Measures demonstrates the new practices of providing financial services for rural revitalization, and also proposes new requirements for the work. First, it highlights the provision of financial support to key areas and weak links in rural revitalization. The Evaluations Measures, composed of 21 articles or five chapters, specifies the objects, indicators, approaches, procedures, results and result application of evaluations with a focus on supporting new types of agribusinesses, small farmers and others. Second, it further strengthens the role of evaluations as incentives or constraints. In fulfilling their functions and responsibilities of macro management and financial supervision, such as employing monetary policy tools, performing market access management, conducting financial regulatory rating, reviewing and approving the establishment of institutions, and adjusting the scope of business, financial regulators will leverage evaluation results as an important reference to urge and guide financial institutions to boost support for rural revitalization.
In the next step, the PBC will, in close collaboration with the CBIRC and other authorities, adhere to the principle of objectiveness, impartiality and fairness, support financial institutions to operate independently in compliance with the laws and regulations, and earnestly perform appraisals and evaluations for financial institutions serving rural revitalization, thus better meeting the demand for diversified financial services in the course of rural revitalization.
