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On the morning of October 30th, the Provincial Local Financial Supervision Bureau organized a symposium on the supervision of farmers’ professional cooperatives engaged in credit mutual assistance business. Deputy Director Pan Guangen attended the meeting and discussed with representatives of relevant departments and institutions on the regulatory coordination ideas after the transfer of functions. Personnel from relevant units such as the Provincial Department of Agriculture and Rural Affairs, the Provincial Local Financial Supervision Bureau, the Provincial Supply and Marketing Cooperative, and the Wenzhou Financial Office, as well as representatives of the Farmers’ Professional Cooperative Fund Mutual Aid Association and system software developers, participated in the symposium.
The meeting believes that the credit mutual assistance business carried out by farmers’ professional cooperatives is an effective means to achieve the “trinity” and has played a positive role in the development and growth of farmers’ professional cooperatives. It was unanimously agreed at the meeting that farmers’ professional cooperatives engaged in credit mutual assistance need to strengthen regulatory coordination.
The meeting discussed and decided that the next step will be to carry out joint supervision and assistance in supervision among various departments based on the type of institution, with a focus on the following aspects: firstly, setting standards, comprehensively considering various situations, and unifying the regulatory standards for credit mutual assistance business; The second is to promote universal benefits, adhere to the operational strategy of low profit benefiting farmers, and strengthen policy support for institutions; The third is to control risks, leverage the risk control function of system software on business data, and focus on improving the level of regulatory technology.
(Source: Regulatory Division 2)