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Chinese Turn to World Council of Credit Unions for Help in Building Rural Credit Cooperatives

The Chinese government has turned to the World Council of Credit Unions for help in establishing credit unions in the poorest of the country's provinces. The Chinese have authorized the beginnings of credit unions, known as rural credit cooperatives.

By David Morrison | Updated on May 08, 2007

MADISON — The Chinese government has turned to the World Council of Credit Unions for help in establishing credit unions in the poorest of the country’s provinces. The Chinese have authorized the beginnings of credit unions, known as rural credit cooperatives.

The Chinese government established a legal framework to allow for the existence of the cooperatives at the end of 2006, WOCCU said. On World Council’s second visit to China, WOCCU CEO Pete Crear, along with Brian Branch, chief operating officer, and Ralph Swoboda, WOCCU’s consultant on China, spent a week with government officials, RCC representatives and regulators from the People’s Bank of China and the China Regulatory Banking Commission to begin planning RCC reform in the southwest Guizhou Province–one of the poorest and least developed in China, WOCCU said.

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