The Notice on Promoting Sound Development of Poverty Alleviation Micro-credit Issued

 

To further improve the poverty alleviation micro-credit management, standardize the work on poverty alleviation micro-credit at all government levels, and better play its role in targeted poverty alleviation, the China Banking Regulatory Commission (CBRC), Ministry of Finance, People’s Bank of China, China Insurance Regulatory Commission (CIRC) and the State Council Leading Group Office of Poverty Alleviation and Development jointly issued the Notice on Promoting Sound Development of Poverty Alleviation Micro-credit (hereinafter referred to as “the Notice”).

 

The Notice further specifies the key points of the poverty alleviation micro-credit policies, and requires that governments at all levels should stick to the path of targeted poverty alleviation and keep developing productivity during the process of poverty alleviation, thus to provide more internal dynamics for low-income households to shake off poverty. Under the framework of the Notice, relevant parties should take their own responsibilities earnestly, strengthen the incentive-constraint mechanism and control the loan risks. The Notice also clarifies some contents on differentiated supervision of poverty alleviation micro-credit and due diligence system. It emphasizes that all relevant parties should intensify statistical monitoring and personnel assessment, understand relevant policies correctly and make sure that the low-income households comprehend the meaning of “guarantee and mortgage exemption, base rate lending and fiscal discount”.

 

 

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