Top Chinese Banking Regulator Consults Yunus

22nd April, 2016

Top Chinese Banking Regulator Consults Yunus

Yunus Centre Press Release (22 April 2016)

Mr. Ligen Guo, Vice-Chairman of China Banking Regulatory Commission (CBRC), the highest authority to regulate the Chinese banking sector led a high powered delegation to meet Nobel Laureate Professor Muhammad Yunus. He met Professor Yunus on 21st April 2016 to discuss the policy to promote microcredit in China. He explained that Chinese government is giving very high priority to poverty reduction and microcredit to support ntrepreneurship  among rural people, particularly women. This has become important than before  in the context of Chinese policy to slow down the growth rate from roaring two digit rate to very modest  6 or 7 percent which they now refer to as "new normal". He wanted to benefit from the vast experience of Professor Yunus in running and supporting microcredit programmes in China through public and private sectors, over the last quarter of a century. Professor Yunus shared his long experience with Mr Guo and pointed out the areas where policy changes are must. They discussed in details where and how the policy changes can be introduced.

At the conclusion Mr. Ligen Guo invited Professor Yunus to set up an experimental Grameen programme in China in collaboration with CBRC by redesigning policy framework of CBRC in order to replicate the Grameen programme in China and test out the policy changes.
 
Professor Yunus agreed and thanked Mr. Ligen Guo for the invitation and openness to change. He emphasized that at the first stage if certain policy barriers are removed microcredit programmes can proceed at a steady speed. Grameen China, which runs Grameen microcredit programme in China, will work with CBRC on behalf of professor Yunus to detail out  the steps needed to be taken to put this collaboration in effect.

Mr Ligen Guo was accompanied by Mr. Wenzhong Fan, Director-General, Internal Department, CRBC, Mr. Hong Guo, Chairman, China financial system for youth federation of CBRC,  Deputy Director of Inspection bureau, CBRC, Ms Pingping Zhan, Deputy Director, International Department, Mr  Wei Wu, assistant to Vice-Chairman Guo.

Mr Gao Zhan, CEO of Grameen China, thanked Mr. Ligen Guo for taking this important decision.


Caption 1: Nobel Laureate with Ligen Guo Vice Chairman of China Banking Regulation Commission (CBRC)  


Caption 2 : Nobel Laureate with Ligen Guo Vice Chairman of China Banking Regulation Commission (CBRC)  and Gao Zhan CEO of Grameen China

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