The average growth rate was 87 percent for the four years from 2007 to 2010. The average annual growth rate for the four years was only 6 percent, though, for rural credit cooperatives (see Figure 3). As of August 2011, the qualification share proportion of rural credit cooperatives nationwide had already dropped below 30 percent. In total, 155 rural commercial banks and 210 rural cooperative banks were established, and the total assets of rural banking institutions accounted for 41.4 percent of assets of rural cooperative financial institutions across the country.Although assets of rural cooperative financial institutions exceeded 10 trillion yuan, the qualifications of rural institutions varied greatly across regions. At the provincial level, assets can vary from tens of billions to nearly a trillion yuan, and discrepancies exist in capital adequacy ratios, non-performing loan ratios, earnings capacity, and systems and technology. By the first half of 2011, the total assets of rural credit cooperatives (excluding the assets of rural commercial banks in which restructuring was already completed) countrywide was 6.5761 million yuan. Total paid-in capital was 214.94 billion yuan, accounting for 6.2 percent of the total assets of 105.6691 trillion yuan held by all financial institutions in the banking industry.25 Since 2009, rural credit cooperatives that intended to organize and establish as rural banking institutions have all chosen to reform as rural commercial banks. This reformation is a significant change for rural credit cooperatives. Rural commercial banks develop more quickly because of clear ownership rights, standardized systems, relatively advanced philosophies and more favorable positioning.
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