(1) Some insurance policies have obvious temporary characteristics and the amount is limited.
For example, the policy of write-off of non-performing loans and independent write-off of loans of the Ministry of Finance is only effective for small and medium-sized enterprises and agricultural loans issued to financial institutions (from June 5438+ 10/to June 5438+February 3 1 20 10), and new loans were formed in this period in the near future. The banking supervision fee policy is a three-year fixed fee policy, and the current policy expires on 20 10; The policy of pre-tax deduction of loss reserve for agricultural loans of financial enterprises and loans of small and medium-sized enterprises was also implemented from 1 in October 2008 to 1 in February 2000. The tax relief policy of rural credit cooperatives is divided into pilot areas and further expanded pilot areas, which will be implemented until the end of 2008 and 2009 respectively.
(two) some policies are still in the pilot or have limitations and limited benefits.
For example, in 2009, the incremental incentive policy for agricultural loans was only piloted in six provinces (regions) such as Heilongjiang, Shandong, Henan, Hunan, Xinjiang and Yunnan, and in 20 10, three provinces (regions) including Jiangsu, Anhui and Inner Mongolia were expanded into the pilot scope of the policy. For another example, the targeted fee subsidies for rural financial institutions are only targeted at three types of rural financial institutions: village banks, loan companies and rural mutual funds cooperatives, which are obviously unfair to rural credit cooperatives and rural cooperative banks that have served the countryside for a longer time and have more problems left over from history.
(3) Some policies lack detailed rules and integration, which affects the specific implementation effect.
First, the lack of scientific definition of the connotation and extension of related concepts easily leads to confusion in implementation. For example, regarding agricultural loans, in the pre-tax deduction policy of agricultural loan loss reserve, it refers to the loans of farmers, township enterprises and various organizations counted in the Special Statistical System for Agricultural Loans (Yinfa [2007] No.246); However, in the incremental incentive policy of loans, agriculture-related loans refer to loans issued by county financial institutions to support agricultural production, rural construction and farmers' production and life. The specific statistical caliber shall be subject to the provisions of the special statistical system for agricultural loans. According to Yinfa [2007] No.246 document, agricultural loans include not only rural loans (loans from farmers, rural enterprises and various organizations), but also agricultural loans from urban enterprises and various organizations. Second, the current rural financial support policy has some cash and some general reward conditions; Some procedures are not clear, and there is still a lack of detailed rules and integration, especially the lack of democratic supervision from grassroots loan subjects and the system construction of summary declaration and assessment confirmation; Some examination and approval procedures are complicated, and the understanding of all levels and departments is inconsistent, and there are many repetitions, and the implementation cost is high. All of the above will affect the guidance and effective implementation of rural financial service incentive policies.
(D) The threshold set by some policies is too high, which affects the enthusiasm of rural financial institutions.
For example, incremental incentives for agricultural loans from county financial institutions and targeted subsidies from rural financial institutions all emphasize the basic principles of government support, commercial operation, controllable risks and proper management, and set a series of conditions. For example, the incremental incentive policy for agriculture-related loans only rewards the part where the average balance of agriculture-related loans of county financial institutions increases by more than 15% year-on-year, according to the proportion of 2%. County financial institutions with a year-on-year increase in non-performing loan ratio at the end of last year will not be rewarded. "The subsidy for targeted expenses of rural financial institutions is only" 2% of the average loan balance of loan companies and rural credit cooperatives last year, and the average loan balance of last year increased year-on-year. At the end of last year, loan-to-deposit ratio was higher than 50% and reached the regulatory index of CBRC ". These two policies have designed two thresholds linked to loan growth and non-performing loan ratio. Obviously, due to the high cost and low efficiency of rural finance, it is not attractive for financial institutions to support the development of agriculture, rural areas and farmers and improve the quality and level of rural financial services, and it does not meet the original intention of system design.
(D) Policy support for rural cooperative financial institutions needs to be further strengthened.
First, financial support needs to be strengthened. On the one hand, due to the long-term untrue credit asset quality and statistical data of rural credit cooperatives, the amount of insolvency calculated according to the report of the National Rural Credit Cooperatives at the end of 2002 is not the real loss amount; On the other hand, it is obviously impossible to make up for half of the losses of rural credit cooperatives in the reform pilot areas in the short term by relying on local and credit cooperatives themselves. Second, the way of financial support needs to be improved. Different from supporting the reform of state-owned commercial banks, where the state buys and divests non-performing assets of banks at book price and injects capital into banks with foreign exchange reserves, the state has adopted a "buy-money mechanism" in financial support for the reform of rural credit cooperatives, striving to promote the real implementation of reform measures. However, due to the limited financial support conditions and the hasty transition period, the "spending money to buy mechanism" can only achieve the expected theoretical effect in a short period of time.
Second, the practice and experience of foreign rural financial support policies
In order to promote the development of rural finance, many countries have carried out long-term exploration and practice in the construction of rural financial support system and accumulated many useful experiences. It is of great significance to study the solid line and experience of foreign rural financial support policies for the construction and improvement of rural financial policies in China.
(A) the use of administrative and legal means to force and guide rural financial services
First, the government supports the establishment of rural financial institutions. The United States, France and Japan have all established financial institutions dedicated to the development of agriculture, rural areas and farmers, and made clear the main body and market position of the rural financial system through legislation. India has promulgated the Bank Nationalization Act, which clearly stipulates that commercial banks must set up a certain number of branches in rural areas. The Reserve Bank of India requires commercial banks to open branches in cities and 2-3 branches in remote areas, otherwise it will not be approved. The second is to force or guide financial institutions to undertake the responsibility of providing "three rural" financial services. For example, the Central Bank of India requires all banks, including foreign banks, to invest 65,438+08% of their loans in priority areas, which are mainly related to agriculture. The American Community Reinvestment Act stipulates that all financial institutions should put 15% of the loan into the community, and the government will reward financial institutions that meet the legal requirements.
(B) the use of fiscal and tax incentives to encourage and guide the sustainable development of rural finance.
In order to improve the enthusiasm of rural financial services for agriculture, countryside and farmers, countries generally adopt appropriate preferential policies in finance, taxation and supervision. The first is financial subsidies. In 1950s, Japan formulated a subsidy plan for agricultural improvement fund, which stipulated that commercial banks engaged in low-interest agricultural loans could receive interest subsidies from the government, and losses caused by special bad debts could also be compensated by the government. In the United States, financial subsidies are used as a guarantee to incite agricultural loans. Farmers can obtain a 9-month "non-recourse loan" from the agricultural credit company with the agricultural products that have not been harvested as collateral. When the market price is unfavorable, farmers pay back their loans in cash with agricultural products, and the loan companies receive loss subsidies from the government. The second is tax relief. This is a preferential policy generally adopted by all countries. Thailand, the Netherlands and other countries grant long-term tax exemption policies to major agricultural financial institutions. American tax law stipulates that commercial banks with agricultural loans accounting for more than 25% of the total loans can enjoy tax incentives. Third, the government directly or indirectly allocates funds to expand the fund supply of rural financial institutions. For example, the Japanese government provides financial support for agricultural financial institutions by providing low-interest loans and subscribing for low-interest loans. The Federal Land Bank of the United States can issue bonds and bills to the financial market to raise funds.
Give priority to supporting cooperative finance as the foundation of agricultural financial system.
Practice in many developed countries, such as the United States, Germany, Japan and France, has proved that cooperative economy is an effective organizational form to organize individual farmers, individual industrial and commercial households and small and medium-sized enterprises to develop their economies and participate in market competition. Most of the participants in cooperative finance are low-income and poor social classes, and they are in a weak position in market competition. Some economically developed countries, such as the United States, Japan and Germany, make it clear that credit cooperatives are non-profit public welfare legal persons and are tax-free. For example, in 1937, the US Congress decided to exempt credit cooperatives from federal income tax, and made clear provisions in the Federal Credit Cooperatives Law. At the same time, the main source of funds for American credit cooperatives is the savings shares of their members. As a long-term liability, owner's equity consists of reserve, provident fund and undistributed surplus, excluding savings share. Therefore, the funds deposited by members in credit cooperatives are still nominally called "shares", and their income is also "dividends" rather than interest, so they are exempt from personal interest income tax. These two tax-free features make credit cooperatives quickly become the most popular financial institutions. With the support of the government, Japan has established a national network of non-profit cooperative financial organizations rooted in rural areas, which plays the role of the main channel of credit in rural areas.
(D) Promote the standardized development of rural finance and avoid risks by improving the rural financial market environment.
While forcing, encouraging and guiding the increase of rural financial credit through various policies, governments all over the world also attach great importance to the establishment and improvement of agricultural insurance, guarantee and rural public information service system, so as to promote the standardized development of rural finance and avoid risks. First, support the development of agricultural insurance. On 1938, the United States promulgated the Federal Crop Insurance Law, which was revised several times to insure all crops. Japan promulgated the livestock insurance law as early as 1929. After many revisions and supplements, at present, the agricultural disaster compensation law has been formed. 1in July, 1960, the French government implemented agricultural insurance by law.1in June, 1964, the agricultural damage protection system was established, and the insurance coverage was expanded. The National Agricultural Disaster Committee was responsible for compensating the losses of the affected farmers. 1982 natural disaster insurance is enforced according to law. French agricultural insurance system is basically composed of private insurance companies, and the government provides necessary policy support. The second is to improve the rural credit guarantee system. France guarantees the purchase loan of agricultural and sideline products provided by the French Agricultural Credit Bank to agricultural cooperatives through the local agricultural bureau; The Agriculture, Forestry and Fisheries Credit Fund Association of the Japanese government and the Central Treasury of Agriculture and Forestry jointly set up the Agriculture, Forestry and Fisheries Credit Fund (83% of the Japanese government) to provide financing guarantee for the central treasury system of agriculture and forestry and support it to issue agricultural loans. The third is to improve public information services. Germany has established a rural-oriented public information service system, a credit system and a land mortgage registration system to provide all-round information services for rural finance.
Three, learn from foreign experience to improve China's rural financial support policy recommendations
International experience shows that giving rural financial policy support is an indispensable measure to promote rural financial reform and development. Therefore, we should fully learn from foreign experience, establish and improve rural financial support policies that are in line with China's reality, and promote the effective allocation of financial resources to agriculture, rural areas and farmers.
(a) follow the principle of "GSP" and further improve the coverage and intensity of fiscal and taxation preferential policies.
We should follow the principle of "GSP" and "speed up the effective connection between fiscal and taxation policies and rural financial policies" to form a joint force in terms of policy support direction, strength, policy combination mode and timing. First, appropriate tax incentives. Follow the principle of "GSP" and give corresponding income tax and business tax concessions to financial institutions that meet certain conditions for supporting agriculture. The second is to expand the scope of targeted subsidies for rural financial institutions. All financial institutions that set up outlets in rural areas are given a certain fee subsidy to compensate the operating costs of rural financial institutions. In particular, it is necessary to increase financial compensation for rural financial institutions in the central and western regions, old and young border poor areas and rural financial institutions that farmers really need but cannot achieve economies of scale. The third is to further increase the incentives for county-level institutions to issue agricultural loans. As soon as possible in the nationwide promotion of the Ministry of Finance in Heilongjiang and other nine provinces (cities) to carry out the pilot experience of county-level financial institutions to reward agricultural loans, and constantly improve the reward standards. It is suggested that firstly, the connotation, extension and characteristics of agricultural loans should be scientifically defined from the theoretical level to solve the different interpretations of agricultural loans by different support policies; Secondly, it analyzes the operational obstacles and their causes in the implementation of the incremental incentive policy for agricultural loans, and then regulates the declaration and confirmation system for incremental incentives for agricultural loans of various financial institutions; Third, the reward standard should be improved. If the balance of agricultural loans in county institutions is increased over the previous year, part of them will be rewarded within 15%, and part of them will be rewarded above 15% by 2%. Fourth, in accordance with the requirements of "further improving the policy that the newly-increased deposits of banking financial institutions in the county are mainly used for local loan issuance", financial and public fund deposits are given priority to financial institutions that support agriculture. It is suggested that the financial departments at the city and county levels should allocate corresponding financial deposit shares according to the principle of "year-on-year deposit and loan", that is, according to the proportion of financial institutions' loans to support agriculture, so as to mobilize the enthusiasm of financial institutions to support agriculture. The fifth is to establish a supporting mechanism for agricultural loan projects. Financial arrangements for special funds earmarked for agricultural loan interest subsidies and matching funds, reduce the risk of agricultural loan projects supported by pure policy loans and commercial loans, and improve the enthusiasm of financial institutions to support agriculture. Sixth, implement the system of interest tax exemption for agricultural loans and savings deposits, so as to change the interest rate from financial means to comprehensive financial means, and promote rural economic development and farmers' income increase.
(2) Follow the principle of "respecting history and facing reality squarely", while improving the rural financial organization system, highlight the policy support for rural cooperative financial institutions.
While implementing GSP preferences for rural financial institutions, the state should formulate some separate support policies for rural cooperative financial institutions. First, as long as rural credit cooperatives, rural cooperative banks and rural commercial banks are established and restructured according to the principle of serving agriculture, rural areas and farmers, they are all included in the cooperative system and enjoy unified policy preferences and industry supervision. Because at present, many rural financial support policies, including tax incentives, financial support, deposit reserve, bank supervision fees, etc., are limited to rural credit cooperatives and rural cooperative banks reformed by rural credit cooperatives, and rural commercial banks also reformed by rural credit cooperatives cannot enjoy them. At present, the general direction of the country's reform of rural credit cooperatives is to adhere to the joint-stock system in accordance with market principles, and "strive to make rural credit cooperatives into modern financial enterprises with clear property rights and distinctive management in five to 10 years." However, rural commercial banks cannot enjoy the same preferential policies as rural credit cooperatives and rural cooperative banks, which affects the enthusiasm of rural credit cooperatives and rural cooperative banks to transform into rural commercial banks. In fact, even if it is restructured into a rural commercial bank, according to the national policy requirements and its own reality, it still mainly undertakes the functions of serving agriculture, rural areas and farmers, and deserves the same preferential treatment as cooperative financial institutions. The second is to gradually eliminate various policy obstacles that restrict rural cooperative financial institutions. For example, in recent years, the pilot work of new rural social endowment insurance has been promoted in a solid and orderly manner, but due to policy obstacles, rural credit cooperatives have no opportunity to represent the fund account of new rural endowment insurance, thus affecting the new rural endowment insurance business to play a greater social benefit in rural areas. Third, continue to extend preferential tax policies. At the end of 2009, the preferential income tax policies enjoyed by rural credit cooperatives expired, which affected the normal improvement of business to some extent. According to the characteristics of rural credit cooperatives, such as heavy historical burden and limited support for agriculture, we should continue to implement preferential tax policies for rural credit cooperatives. Fourth, support rural credit cooperatives to digest the historical burden, make up their minds to solve the problem of a large number of non-performing assets formed by institutional and historical factors, and compensate them for the price they paid for rural economic development.
(three) according to the special situation of rural financial institutions, the implementation of different monetary and regulatory policies.
Generally speaking, supportive and encouraging monetary and regulatory policies should be adopted for rural financial institutions. First, implement different deposit reserve policies. For county financial institutions with a high proportion of agricultural loans, we will continue to moderately reduce the deposit reserve ratio and encourage them to increase the amount of agricultural loans. The second is to give certain concessions in terms of loan scale and refinancing. In the process of total credit regulation, the scale of agricultural loans will be tilted to a certain extent, especially for farmers. Improve the policy of re-lending for agriculture, and give full play to the role of re-lending for agriculture in guiding the increase of agricultural credit. The third is to implement different credit supervision policies. In view of the characteristics of "short, small, frequent and urgent" loans for customers of agriculture, rural areas and farmers, rural financial institutions are allowed to explore and innovate in credit management, product innovation, process improvement and risk control. The People's Bank of China and the China Banking Regulatory Commission will comprehensively spread the pilot experience of rural financial products and services innovation in six central provinces and three northeastern provinces as soon as possible, and give support in the approval and promotion of new products. The fourth is to implement different regulatory policies such as risk accountability and bad debt write-off. Separate assessment of non-performing loans in agricultural loans. Simplify the write-off procedures, appropriately expand the loan time range of preferential policies for write-off of bad debts in rural financial institutions, and give rural financial institutions greater authority to write off bad debts. Fifth, further establish and improve the supervision, assessment and evaluation system of the coverage of financial institutions' agricultural support services from the aspects of outlets, services and loans. The new deposits absorbed by financial institutions in the county are mainly used for local assessment mechanisms to ensure a sustained and stable increase in credit supply to agriculture, rural areas and farmers. In order to establish assessment and supervision indicators suitable for the business characteristics of agriculture, rural areas and farmers, the relevant state departments should distinguish the assessment indicators of agriculture-related business and urban business when evaluating the performance of state-controlled commercial banks, and fully consider the low income of agriculture-related business to avoid dampening the enthusiasm of financial institutions to support the development of agriculture, rural areas and farmers.
(D) In view of the natural weakness of agriculture, establish a multi-level risk sharing mechanism.
It must be solved by accelerating the development of agricultural insurance and guarantee and establishing a catastrophe risk dispersion mechanism. First, accelerate the construction of agricultural insurance. Improve the institutional arrangements for agricultural policy insurance and commercial insurance, comprehensively develop policy agricultural insurance with financial support, and actively expand the varieties and regional coverage of agricultural insurance premium subsidies; Give corresponding premium subsidies to commercial insurance companies that carry out agricultural insurance, and reduce or exempt agricultural insurance business tax. Improve the agricultural reinsurance system and establish a catastrophe risk dispersion mechanism with financial support. Explore the cooperation mechanism between rural credit and agricultural insurance, and improve the risk transfer and distribution mechanism of agricultural loans. The second is to improve the "three rural" guarantee mechanism and effectively solve the "bottleneck" problem of financing guarantee for "three rural" customers. Explore the establishment of a diversified rural credit guarantee system with government support, joint participation of enterprises and banks, such as policy, commerce, industry and mutual assistance, and rationally disperse and transfer the risks of rural financial business. Explore the establishment of a guarantee mechanism that conforms to the characteristics of agriculture, rural areas and farmers, and expand the scope of rural mortgage guarantee, including the development of forest rights, large agricultural machinery and tools, land management rights and other mortgages and the promotion of chattel guarantee.
(V) Strengthening the construction of rural financial market environment in view of the imperfect rural financial guarantee mechanism.
China's rural financial ecological environment needs to be improved, and the rural financial guarantee mechanism is not perfect. It is necessary to further strengthen the construction of rural financial legal system and provide support and guarantee for it. First, strengthen rural financial legislation and law enforcement. The United States, Japan, India and other countries have relatively perfect legal systems of agricultural finance. At present, there is only a commercial banking law in China, and other rural financial institutions such as rural cooperative financial institutions have no laws. We should consider formulating a special rural financial promotion law and supervision law to fix the nature of rural finance, the responsibility of financial institutions to support agriculture and various rural financial support and promotion policies in legal form. Strengthen the enforcement of financial laws and regulations, improve the legal environment of rural finance, severely crack down on debt evasion, maintain rural financial order and protect the interests of rural financial institutions. The second is to speed up the construction of rural financial infrastructure. Steadily promote the establishment of farmers' electronic credit files and farmers' credit evaluation, pay close attention to the establishment of enterprises and individuals' credit information system covering rural areas throughout the country, improve the disciplinary system for dishonesty, and increase the cost of breach of contract. The third is to promote the development of rural property rights market. Accelerate the certification of the rights and interests of all kinds of rural transferable assets, improve the institutional arrangements for market-oriented circulation, cultivate trading platforms and institutions, establish a property right and property right price formation mechanism with rural characteristics, and effectively promote the legal and orderly transformation of rural assets and rights into tradable financial assets.