After the Earthquake in China: Interview with IFC. An Interview with Mr. Jinchang Lai Head of IFC Chengdu Office. August 2008
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1 After the Earthquake in China: Interview with IFC An Interview with Mr. Jinchang Lai Head of IFC Chengdu Office August ) How do you see the landscape of microfinance development in China? Up to now, how many MFIs exist in Sichuan, China? Although microcredit has been around in China for more than a decade, there were no real commercially-oriented MFIs until most recently. Currently, China has two government-authorized pilot programs. One is the microcredit company (MCC) pilot program initiated by the central bank, People s Bank of China (PBOC); and the other is the village and township bank (VTB) pilot program led by the China Banking Regulatory Commission (CBRC). These were launched in for a few Provinces, and have now been extended to the whole country. In Sichuan Province, both pilot programs are under active development. There are already two MCCs in Sichuan: one is established by Chinese investors in Guangyuan; and the other is co-sponsored by IFC in Nanchong, which is the first pilot MCC invested by foreign funders in China. The latter one, MicroCred Nanchong, has been performing quite well so far. Its cumulative lending has exceeded RMB 16 million Yuan (US$2.3 million) with over 600 clients. There are also four pilot VTBs in this Province, and IFC China is developing a new one in collaboration with international and local partners. We expect that some 8-10 more MFIs will be launched in the next two years or so. MCC is by definition a non-deposit-taking lender while VTB is a full service microfinance bank and can take deposits. To further promote the development of a commercially sustainable microfinance industry, China s policy and regulatory environment would need further reforms. In this area, IFC China has been working together with other parts of the World Bank Group to support the authorities efforts. Our activities involve mainly advocacy, best practice training, market survey and business plan preparation for pilot MCCs and VTBs, scaling up the impact of microfinance through umbrella players serving multiple MFIs, and the development of a framework for non-deposit-taking lending institutions. In the process, we do use CGAP s best practice materials frequently. 1
2 2) How will the Sichuan Earthquake change the overall landscape of microfinance? Do you know which MFIs have been involved in relief or reconstruction work? Microfinance can be a broad concept in a large field. It could be the downscaled business line of a banking or non-banking institution, which services micro and small clients. It could be specialized banks focusing on microfinance. It could also be regulated or unregulated non-deposit-taking microfinance companies, or simply an unincorporated microfinance program or project. In the context of Sichuan, some city commercial banks and practically all Rural Credit Cooperatives (RCCs) have one or more downscaled business lines. They have already done a great deal of work in disaster relief and reconstruction. First, immediately after the earthquake, they took emergency measures to protect their funds, data and archives and ensure that their staff members were safe. Second, they have actively provided funding to the disasteraffected enterprises, mostly SMEs, as well as those companies producing relief and reconstruction goods such as tents, canned food, disinfectant liquids, cement, etc. Third, they have been ensuring that displaced people have convenient access to financial services, e.g., deposit withdrawals and remittances. However, the fact remains that microfinance-focused institutions such as MCCs and VTBs are still very small in number. These new players have also suffered losses and are courageously coping with the situation. There is a VTB in Beichuan, where the whole County town was flattened during this disaster. The Beichuan village bank was set up by Mianyang City Commercial Bank last year. The village bank was completely destroyed, as its building collapsed and some of its staff members died or were seriously injured. We actually met one of its employees who was buried under the rubble of the building for more than twenty hours. Physically, the VTB no longer exists. It issued more than RMB 3.0 million Yuan (US $437,400) in outstanding loans, a significant part of which are no longer recoverable given that many of its clients died, disabled or lost their business. The current challenge is how to re-capitalize it and restart the microfinance operations. In spite of the tragedy, the surviving management and staff of the village bank have a high spirit and are determined to rebuild the VTB in the near future. The Guanyuan MCC is also in the earthquake zone. I have met with its General Manager, who is a woman banker, several times since the disaster. She told me that she has kept her company open from the second day of the earthquake just to show to clients that they are ready to help. The company issued several emergency loans to 2
3 the clients damaged by the disaster in the first two weeks. This is a commendable microfinance spirit, i.e. to stay together with micro and small entrepreneurs in the community in the face of difficulties. Indeed, in the past few months, we have personally seen many financial services points operating in tents or temporary shelters in the disaster areas. The other Sichuan pilot MFIs are not located in the heavily hit areas, but some of their clients have been indirectly affected due to a temporary loss of market (e.g., tourism), inability to access raw materials, etc. Based on what we know, they are also endeavoring to help the affected clients. Non-banking financial institutions, such as guarantee companies, are also actively working to help with reconstruction efforts. Some of them have existing downscaled business lines. Among them, one is called Chengdu Small Enterprises Credit Guarantee Company (CGC), which was built up with the assistance of IFC, DFID and SECO. It focuses on supporting lending to small enterprises; and it is a rather socially conscious company. Despite its own business losses from the three heavily-hit Counties in the North-Western part of Chengdu, they quickly organized some employees to become disaster relief volunteers soon after the earthquake. They have also been providing finance or emergency loans to disaster-affected enterprises and the factories producing relief and reconstruction materials. Such support enables those enterprises to work overtime and accelerate the local supply of much-needed products. In addition, CGC has speeded up its loan review and approval process and given favorable treatments to the disaster-affected SMEs. The disaster has made many people lost their jobs or business. This is unfortunate, but is actually helping to drive up entrepreneurial spirit. We have seen news reports about the displaced people who want to start their own business because they do not want to live off outside aid for too long. In fact, a small business was created by a woman only 10 days after the earthquake in a refugee camp outside Chengdu; and the authorities swiftly gave her a business license on the same day. In the coming months, many micro and small businesses will be rebuilt or started afresh in Sichuan. This provides a good opportunity for MFIs to develop. It is also expected that the regulatory authorities will favourably approve requests for setting up new MFIs or expanding existing ones. 3) What IFC Chengdu is doing to assist the reconstruction efforts? In the first few weeks following the earthquake, IFC Chengdu had to operate from home and then from a rented space in a suburban hotel. The normal office was reopened on June 9 after the safety of the building was professionally confirmed. All 3
4 along, we have been maintaining contacts with the authorities and clients to enquire about their safety and the need for assistance. During this difficult period of May-June 2008, IFC s East Asia and Pacific Management including the then Director Richard Ranken, current Director Karin Finkelston, China and Mongolia Country Manager Michael Ipson and Advisory Services Head Mario Fischel stayed in Chengdu personally together with the staff members. Under their leadership, Chengdu Office staff has been maintaining a high spirit. Despite aftershocks and other uncertainties, the Chengdu team has managed to deliver practically all advisory services activities as originally scheduled. In particular, working together with colleagues from Beijing, Hong Kong and Washington DC, IFC Chengdu has developed an Emergency Assistance Program to Sichuan. The senior Management has subsequently approved a special allocation of USD 1.0 million grant funding for this program. In line with its mandate, IFC s support to the Sichuan reconstruction effort will concentrate on the recovery of private sector. An important dimension is to assist the micro, small and medium enterprises (MSMEs). We are working through the local financial institutions which have business lines serving smaller clients. These institutions have been partners for IFC Chengdu for some time. We have dialogued with the local authorities, and they are very pleased with the IFC s approach. In fact, two investment projects have just been approved by the Board to provide financial assistance to disaster-affected MSMEs through two Sichuan-based financial institutions, including the credit guarantee company mentioned above. We are continuing to look for other opportunities in this area as well as in livelihood development and in strengthening business environment. 4) What can Government/Banks/MFIs do to better facilitate reconstruction work? Do you see any chances for further development of microfinance to alleviate poverty in this region after this tragedy? After such a terrible disaster, it will take several years for the region to recover. More than 12 million people displaced by the disaster have been living in temporary shelters. The government is making great efforts to build over 5 million units of temporary housing. In addition, many infrastructure and business facilities must be rebuilt. Disaster-affected enterprises will require rehabilitation. People in the disaster areas will also need employment or to make a living by starting their own small business. All these are related to an important element, i.e. financing. Thus, financial 4
5 institutions, including MFIs, have an indispensable role to play in the reconstruction process. In particular, private enterprises, 99% of which are MSMEs, require financial assistance to set up or rehabilitate their business operations. Microfinance can be a good instrument to help these MSMEs. Sichuan is a Province of 87 million people. It has a large economy with a GDP accounting for more than a quarter of that of the Western part of China which consists of 12 Provinces. Given the demand for finance and the potential size of the market, there are ample opportunities to develop microfinance in Sichuan. The two microfinance pilot programs initiated by PBOC and CBRC, respectively, have recently been extended to the whole country. This is encouraging. For the country as a whole, despite on-going difficulties in policy and regulatory environment, there are already some 25 VTBs and more than 100 MCCs (including those not yet officially sanctioned). In Sichuan, the regulatory authorities have given preferential treatments to the development of MFIs in the quake zone. It is expected that more MFIs will be established, and IFC China plans to provide assistance to some of them. We would very much like to see a commercially vibrant microfinance industry emerge over the next few years. 5
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