The construction of Xinjiang’s rural credit system began with

The development history of Xinjiang Rural Credit Cooperatives

The development history of Xinjiang Rural Credit Cooperatives can be summarized into several stages including initial establishment, Agricultural Bank of China trusteeship and reform and development.

(1) Initial construction stage (1952-1983)

Xinjiang Yixinshe was first established in October 1952, in Xihe Township, Fukang County, and Putao Township, Turpan County

Manas County and Hotan County are the first batch of rural credit cooperatives in Xinjiang to be piloted by the Xinjiang Branch of the People's Bank of China.

In February 1954

Xinjiang’s first pastoral credit cooperative was established in No. 2 Township, Eighth District, Nanshan, Urumqi (now Xiaoquzi Township)

, the credit union also became the first rural credit union in Urumqi. By the end of 1957, 2,122 rural credit cooperatives had been established in Xinjiang, with 891,000 members and a share capital of 3.585 million yuan, basically realizing the establishment of credit cooperatives in rural areas

. During this period, the members became the organizational basis of the credit cooperative, realizing the member cooperation system and the

fund mutual assistance system. The establishment of rural credit cooperatives and the high-density establishment of grassroots outlets have played a positive role in combating private usury, effectively solved the difficulties of farmers and herdsmen in production and life, and provided strong support.

Supported the cooperative movement and promoted the recovery and development of the rural economy. Credit cooperatives at this stage have a single business and are small in scale. Their main service targets are members, and they have obvious cooperative characteristics.

(2) Agricultural Bank of China trusteeship stage (1984-1996)

In 1984, Agricultural Bank of China Xinjiang Branch established a credit cooperation management department in the county branch and began to exercise control

As for the industry management functions of credit cooperatives, Xinjiang Rural Credit Cooperatives began to enter the custody stage of the Agricultural Bank of China until 1996.

It was decoupled from the Agricultural Bank of China. During this period, the nature of the financial organization of credit unions became obvious, and business operations were expanded.

Business operations were more professional, but independence was lost, and members lost the management rights and ownership of the credit union

(3) Reform and development stage (1996 to present)

At the end of 1996, rural credit cooperatives and the Agricultural Bank of China officially separated, making rural credit cooperatives move towards a true cooperative financial organization

A breakthrough step was taken on the road to success. From 2003 to 2004, the State Council issued the "Notice of the State Council on Issuing the Pilot Plan for Deepening the Reform of Rural Credit Cooperatives" and the "Notice of the General Office of the State Council on Further Reform of Rural Credit Cooperatives" Opinions on Reform", comprehensively promote the reform of rural credit cooperatives, and many new

development models have been introduced into the country, such as rural cooperative banks, village and town banks, branches of mainland commercial banks, etc.

Rural commercial banks will also emerge. On July 26, 2006, Xinjiang United Rural Credit Cooperatives was formally established

, and Xinjiang began an era in which the provincial government was responsible for the management of rural credit cooperatives. This marks that Xinjiang Rural Credit Cooperatives have entered a new stage of development, putting Xinjiang's rural financial industry on the track of scientific development and standardized operation. Deepening the reform of rural credit cooperatives will have a positive and far-reaching impact on improving the rural financial service system, promoting the construction of a new socialist countryside, and promoting the development of Xinjiang's agriculture and rural economy.