Professor Yunus addresses Grameen International Conference on Microcredit in China

Grameen Trust in collaboration with China Association of Microfinance organized a Conference on Microcredit in China and an international training workshop on Grameen Generalized System (GGS) from October 22-25, 2006 in Beijing.

Since the formation of the first MFI in Yixian by the China Academy of Social Science (CASS), microfinance has now a track record of more than ten years in China as an instrument for poverty alleviation. There is still no major microfinance institution in China to provide financial services to poor people and other marginalised groups. Even though the state governments support microfinance development and many new commercialized microfinance companies have been established, there are at the same time numerous constrains at the micro and macro levels.

More than 300 participants attended the conference including UNDP, World Bank, officials of the People's Bank of China, the Banking Regulatory Commission, the Ministries of Commerce and Finance, the State Council's Poverty Alleviation and Development Office of the State Councils, the Chinese Academy of Social Science and a huge number of media and press representatives.

Professor Muhammad, the 2006 Nobel Peace Prize winner and the pioneer of microcredit movement, presented a keynote speech at the opening ceremony. He focused on the challenges of microcredit with emphasis on regulatory policy, management capacity and the funding capability. Moreover, during the visit Prof. Yunus had discussions and meetings with the minister, senior officials from the State Council, Ministry of Commerce, Peoples' Bank of China, and China Banking Regulatory Commission. PBOC has offered a license to Prof. Yunus to start BOT projects in China.

Prof. H.I.Latifee, the Managing Director of Grameen Trust in his opening remarks highlighted the experience of MFI operations and challenges faced by the practitioners, understanding the history and future plans regarding the microfinance sector in China. It is expected that this conference will promote to expedite the microcredit operations of NGOs-MFIs in China.