The
microcredit program has empowered many women entrepreneurs in rural areas.
这个小额信贷项目让许多农村地区的女性企业家拥有了自主创业的能力。
He took out a
microcredit loan to start his own small business.
他申请了一笔微型贷款来创办自己的小企业。
Microcredit institutions have played a significant role in poverty alleviation.
小额信贷机构在扶贫工作中发挥了重要作用。
She repaid her
microcredit loan on time, building her credit history.
她按时偿还了小额信贷，为自己建立了良好的信用记录。
The government is encouraging banks to expand their
microcredit offerings.
政府正在鼓励银行扩大其小额信贷服务范围。
Microcredit can be an effective tool for promoting economic development.
小额信贷可以作为促进经济发展的一种有效手段。
Many NGOs provide
microcredit services to help marginalized communities.
许多非政府组织提供小额信贷服务以帮助边缘化社区。
The success of the
microcredit initiative depends on proper risk management.
微型信贷计划的成功与否取决于适当的风险管理。
The interest rates on
microcredits are typically higher than traditional bank loans.
小额信贷的利率通常比传统银行贷款要高。
Microcredit has been criticized for its potential to create debt traps for vulnerable borrowers.
小额信贷因其可能给弱势借款人带来债务陷阱而受到批评。
In 2002, he spearheaded a microcredit program called the Mary Kay Women’s Small Business Fund which has since helped more than 10,000 women in Yunnan province become entrepreneurs.
"Thanks to the government's poverty alleviation relocation and microcredit policies, I've been able to find affordable housing and find a way to make a living," said Zhong Xueling, a breakfast store operator in Qintang district of Guigang, Guangxi Zhuang autonomous region.
To provide stable income, the Qintang district government issued special poverty alleviation microcredit for local residents so they could start up their own businesses.
Using the microcredit, Zhong opened her own breakfast store, which has become popular among local residents and workers.
It marks a new chapter in the development of China's financial technology, or fintech sector, which is already a pioneer in electronic payments, direct loan transfers, microcredit, peer-to-peer lending and innovative crowdfunding.
The banking and insurance regulatory body is considering to transfer the P2P online lending platforms into microcredit firms, CBIRC Vice-Chairman Zhu Shumin told reporters at a news conference.
That means the online business of matching individuals seeking for money with the lenders will face stricter regulatory standards, which ask for higher collateral after their transition into microcredit lenders, according to analysts.
The World Bank cited a program launched by JD Digits, formerly known as JD Finance, to provide farmers with microcredit as a successful project in the World Development Report 2019.
Bai Xuemei, vice-president of CD Finance, a Beijing-headquartered rural microfinance institution, said on the sidelines of the forum: "With the development of science and technology, some very capable institutions that highlight financial technologies have emerged, offering loans via microcredit companies.
"As the former vice-president of the China Micro-Credit Companies Association, Bai noted that many banks are less capable than microcredit companies in terms of customer acquisition and risk identification when they are dealing with farmers, small enterprises and individually owned businesses.
In her view, the government should encourage large and medium-sized commercial banks to collaborate with microcredit companies in promoting financial inclusion.
"This will combine the advantage of banks in offering loans at low costs with the strong abilities of microcredit companies in customer acquisition and risk management.
According to Guo, such scams tend to take the form of private lending and ask the victim to sign a contract in the name of microcredit.
A recent survey on 617 micro and small businesses in 200 villages in Beijing's peripheral areas found that at the start-up phase, 13 percent of the businesses obtained bank loans, 13 percent borrowed from friends and relatives, 8 percent secured funding from microcredit companies, nearly 8 percent received loans from small lending services offered by Alibaba Group Holding Ltd and Tencent Holdings Ltd, while the majority of business owners used their own money or borrowed from individual creditors, said Mo Xiugen, director of research at the Chinese Academy of Financial Inclusion at Renmin University of China.
He advised policymakers to encourage joint-stock commercial banks and microcredit companies to play a bigger part in providing financing to micro and small companies,xa0as these financial institutions are more flexible and experienced in serving small business clients than large State-owned commercial banks.
So far, 86 households in the village have passed the assessment, and the microcredit system has granted 6.46 million yuan to the villagers, with more than 3 million yuan already used.
Despite their inherently limited lending scales, microcredit companies are playing an important role in China's financial inclusion industry, analysts said.
As of the end of September, a total of 8,332 microcredit companies in China registered an aggregate loan balance of 972.1 billion yuan ($141 billion).
Microcredit lenders' role in improving financial inclusion, however, is much more substantial than their proportion in lending balances, according to Mo Xiugen, research head of the Chinese Academy of Financial Inclusion at Renmin University of China.
"Many microenterprises without financial accounts were almost totally unable to access financial services in the past, but microcredit companies have improved accessibility," Mo said.
"The biggest contribution from microcredit lenders is their technological innovation," he said, as internet-based industry players, such as Ant Financial and JD Finance, have developed technologies to assess customers' credit based on big data analysis.
"With more innovation, microcredit companies could embrace significant growth," said Zeng Gang, director of banking research at the Institute of Finance and Banking of the Chinese Academy of Social Sciences.
Zeng advised microcredit lenders to transform their business models and to "cooperate with other institutions, such as internet enterprises and commercial banks, to integrate themselves into a larger and more vital ecosystem".
Among the microlenders exploring new business models is Dunxin Financial Holdings Ltd, a medium-sized financial group focusing its microcredit business on Central China's Hubei province.
Xiang Weiguo, head of the China Micro-credit Companies Association, said at the forum that unfavorable regulatory environments in terms of tax, financing and litigation have hindered the sustainable development of microcredit companies.
For instance, clients who refuse to repay loans may not be convicted of fraudulent borrowing, as microcredit companies are not seen as financial institutions by the law.
The new platform will mainly provide personal credit information collected from online microcredit companies, internet credit information intermediary agencies and other internet financing institutions, including consumer finance companies, according to analysts.
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