Cooperative financial organizations have a long history in our country. Before the establishment of the People's Republic of China, cooperative finance had achieved certain development in practice. However, during the socialist transformation process in the early days of the founding of the People's Republic of China, individual ownership of the means of production was abolished. With the increase in public ownership, the cooperative nature of rural credit cooperatives was diluted and transformed into grassroots institutions of the national bank in rural areas. After entering the 1980s, this "government-run" institutional arrangement no longer adapted to the development and changes of the rural economy. In 1984, my country's rural credit cooperatives began to implement institutional reforms with the basic content of restoring the mass nature of the organization, democracy in management, and flexibility in operations. In 1996, rural credit cooperatives were decoupled from the state-owned commercial bank Agricultural Bank of China, placed under the custody of the People's Bank of China, and began to operate on cooperative principles. In 2003, eight provinces began pilot reforms and achieved initial results. In 2004, the reform of rural credit cooperatives was deepened nationwide and continues to this day.