Nobel laureate Yunus says China's microfinance lags behind India's 20

BEIJING, October 28, by the Ministry of Commerce, the Chinese Academy of Social Sciences and the National Women's Federation and other joint sponsored China Microfinance Development Promotion Network 2009 Annual Meeting and 2009 China Microcredit Summit Forum in Beijing today closed.　　Yunus, the father of microcredit, the Nobel Peace Prize winner and President of Grameen Bank, said at the forum that China's microfinance industry is 20 years behind India, Bangladesh and South America, according to a survey. Professor Yunus said that although China's economy has grown rapidly in recent years, 200 million of poor people still fall below the World Bank's poverty standard. At present, China's urban and rural differences are huge, some poor rural areas than the developed major cities behind decades.　　Microfinance is an effective way to improve the living conditions of poor farmers.　　Besides Professor Yunus, the deputy Director of the Institute of Rural Development of the Chinese Academy of Social Sciences, the China microfinance expert Professor Du Xiao and the China Microfinance Development Promotion Network member institutions, domestic and foreign microfinance institutions and other relevant academic institutions and experts and scholars attended the meeting. The experts and scholars at the meeting discussed the innovation and development of microfinance.　　Among them, the Peer-to-peer credit-assisted Agriculture innovation model, launched by China's leading peer-to-peer credit service, is agricultural credit by Professor Yunus and the participants. After understanding the nature of "agricultural credit", Prof Yunus says "Peer-to-peer microcredit" is a desire to help more people in need through a "personal" interaction model.　　And the "Peer-to-peer Credit aid platform", which is the innovation of the letter of credit, is to help the farmers to alleviate poverty by means of individual personal loan, which is innovative and sustainable, and effectively realizes the perfect combination of commonweal and commercialization. It is reported that from this April onwards, "Yi Agricultural Credit" Peer-to-peer credit support platform has been more than 150 Chinese farmers raised nearly 482,000 funds.