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BEIJING Braxton Miller Jersey , July 1 (Xinhua) -- At 39, Xujiahe Village Party chief Xu Biwei has found himself in a job that does not pay. He's a loan facilitator.
But apparently he is good at what he does. In 2013 the village secured more than 4.6 million yuan (about 740,160 U.S. dollars), a three-fold increase from the year before, in loans thanks to Xu.
The figure is impressive, especially taking into account the huge financial vacuum in rural China, where banks are few despite a large population that need funds for their crops and families.
China's collective land-ownership system is a major constraint on farm borrowing and investment. Farmland cannot be bought or sold, leaving farmers with little collateral to secure long-term loans.
Banks and credit cooperatives Keke Coutee Jersey , meanwhile, also complain about higher risks of default in rural areas, due to a lack of personnel to review applicants' portfolios.
That is where Xu comes in.
In a way, the Communist Party of China (CPC) village chief in central China's Hubei Province works like an independent international rating agency. He assigns credit ratings of fellow villagers, assessing their capabilities to pay back debts and the likelihood of default.
"Nobody else knows my fellow villagers better than me and my colleagues, and the credit cooperatives trust us as well," said Xu.
Villagers looking for loans come to the village committee and the grassroot party committee, which will vouch for the villagers they deem fit Jordan Akins Jersey , and negotiate with credit cooperatives the type of loans they can receive, he said.
The practice has helped fast-track the loan application process.
One of Xu's "clients" Xu Qinghua (the two Xus are not related), a pig breeder in Xujiahe Village, obtained a 200,000 yuan loan last year. The whole process took only two days, whereas previously the application could drag on for months and the maximum loan was only 50,000 yuan.
According to Zhou Weidong, head of the rural commercial bank in Hong'an County Martinas Rankin Jersey , not one debtor has defaulted on interest payments since the program was launched in 2013.
"Grassroot Party committees are indispensable in helping improve rural financial services," said Xu Biwei.
Xujiahe is not an isolated case, as other villages are helping farmers get their hands on vital access to loans.
Qin Hanfeng, deputy head of Hubei's banking regulatory authority, said by the end of March, more than 3,000 grassroot Party organizations in the province had helped secure 1.8 billion yuan in loans for over 7,000 Chinese farmers. Also Justin Reid Jersey , application time had been cut by half.
Xie Haibin, deputy head of the CPC's organization department in Hong'an County, said interactions between villagers and village officials have improved with the loan facilitation program.
Xu Biwei echoed this. "In the old days, we really had trouble in convincing Party members and representatives of villagers to come together.But now, all we need to do is to tell them to come."
NEW YORK, Sept. 7 (Xinhua) -- The just-concluded BRICS summit in Xiamen, China, highlights the rising Asian power's concerted efforts for boosting global economic growth Benardrick McKinney Jersey , said a leading U.S. expert.
The ninth summit of the leaders of Brazil, Russia, India, China and South Africa, or BRICS, closed on Tuesday with a blueprint mapped out to chart the course of the emerging market group to achieve common development and play a bigger role in international affairs while opposing protectionism.
The summit shows the group, the combined economic share of which has almost doubled to 23 percent over the past decade, is committed to boosting global economic growth by strengthening cooperation among them as well as with other developing countries Kevin Johnson Jersey , said Stephen A. Orlins, president of the National Committee on U.S.-China Relations (NCUSR).
China's proposals such as ""BRICS Plus"" and the Belt and Road Initiative -- a global infrastructure project spanning dozens of countries -- are creating new impetus for an open economy, multilateral trade that benefit BRICS and other developing countries and the world as a whole, Orlins told Xinhua at a seminar in downtown New York City on Wednesday.
China has put forward the ""BRICS Plus"" approach by inviting leaders of Egypt, Mexico, Thailand, Tajikistan and Guinea for a dialogue on the sidelines of the Xiamen summit held on Sept. 3-5.
""I think all the initiatives I just talked about, are exactly what (former U.S. Deputy Secretary of State) Robert Zoellick meant (in 2005).That is China being a 'responsible stakeholder' in the world Nick Martin Jersey ,"" Orlins noted.
""It is not overthrowing the global institutions, as some Americans said. It's building global institutions that complement them (existing ones),"" he said. ""So AIIB (Asian Infrastructure Investment Bank) does not overthrow the World Bank, or the Asian Development Bank. It increases what these institutions can do, and in some ways, because we've learned from those institutions, they may be even better institutions.""
""From a U.S. perspective, all of these things are good for two major reasons Will Fuller V Jersey ,"" Orlins said.
""One, as people's per capita income increases, it's actually good for America's economy because our ability to sell goods and services increase. So I think that benefits the United States,"" he said.
""Second, it benefits the United States in terms of increasing economic growth in places that may become fertile ground for recruiting terrorists. When there is economic growth, when people have opportunities to improve their lives, they generally don't become terrorists.""
""If you look at the Belt and Road Initiative, you look at the economic development initiatives (proposed by China) at APEC Julien Davenport Jersey , BRICS and others. It's positive in that regard, so I think America should welcome this,"" Orlins commented.
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