In August last year, the illegal fund-raising case of Handan Weiguang Vegetable Planting Cooperative was solved, and the main suspect Gao Moumou, his wife Guo Moumou and 36 other backbones were all arrested by the police.

Since the end of 21, this cooperative has illegally absorbed deposits of 23 million yuan in the names of Hebei Weiguang Group, Handan Weiguang Vegetable Planting Professional Cooperative, Wu 'an Weiguang Fruit Planting Professional Cooperative and Yongnian Weiguang Vegetable Planting Professional Cooperative, under the pretext of investing in farms, vegetable greenhouse bases, coal yards and motor convoys, involving 16 counties including Handan County, congtai district, Fuxing District and Hanshan District of Handan City.

such cases have occurred in Henan, Jiangsu and other provinces. In Yichuan County, Henan Province, which is famous for its investment guarantee business all over the country, the reporter of Economic Observer saw seven farmers' professional cooperatives in Jiangzuo Town of the county, and all the signboards of their business outlets were hung with copper coins in the outer circle. Whenever a visitor comes, the staff sitting next to the tea set will meet him quickly and ask kindly, "Save money or borrow money?"

the development models of these farmers' professional cooperatives are basically the same: the cooperatives are used as the main body, and the deposits of members are absorbed by means of higher interest than banks, voluntary membership and freedom of withdrawal.

"At present, these cooperatives suspected of illegal fund-raising are actually reborn." Dang Guoying, a professor at the Institute of Rural Development of the China Academy of Social Sciences, said that in the past, this illegal fund-raising organization active in rural areas was called the Rural Cooperative Foundation. When Zhu Rongji was the Premier of the State Council, the state made a special attack on such foundations and almost all of them were banned.

The Law on Farmers' Specialized Cooperatives, which was formally implemented on July 1, 27, endowed farmers' specialized cooperatives with independent legal personality and market dominant position, and standardized the basic systems of farmers' specialized cooperatives, such as organizational behavior, property rights relations and surplus distribution. "However, the overall scale of cooperatives is small, and problems such as imperfect internal systems and irregular operation still exist. Among them, financing has always been the main bottleneck restricting its development. " The Journal of Rural Finance, a subsidiary of Agricultural Bank of China, once published an article explaining that because agricultural production itself has great systematic risks and the conditions for the establishment of cooperatives are relatively loose, banks, credit cooperatives and other financial institutions have low recognition of such market players, so they are cautious about lending.

In this case, rural mutual funds cooperatives have become the key development direction of CBRC.

At present, there are three main forms of rural mutual funds organizations in China: the first is a rural mutual funds cooperative registered in the industrial and commercial sector with the approval of the China Banking Regulatory Commission; The second kind of poverty fund mutual aid project carried out by the Ministry of Finance and the the State Council Poverty Alleviation Office in national or provincial poverty-stricken counties; The third type is a cooperative that is approved or acquiesced by the local government and organized spontaneously by farmers or regions. Such as the three-place cooperative, Handan Weiguang vegetable planting cooperative, etc. belong to the third category.

"The first two situations are better, and the third one is prone to illegal fund-raising." Du Xiaoshan, a professor at the Institute of Rural Development of China Academy of Social Sciences, believes that the reason for this difference is not unrelated to supervision. "The first two are supervised by the banking supervision department or the poverty alleviation department respectively, and the third one is rarely supervised after being approved by the local government, or even nobody cares at all."

By the end of 213, there were 98, farmers' professional cooperatives in China, with 74 million farmers joining the cooperatives, accounting for about a quarter of the total farmers in China. "No matter the Industrial and Commercial Bureau, the Agriculture Bureau of the Agriculture Committee, or the banking supervision department, they are unwilling to assume regulatory responsibilities." Dang Guoying analyzed that in the face of such a large number of cooperatives, no matter which department, there is not enough manpower to achieve full coverage of the supervision scope. "Just like the cooperatives in the three places, since it has caused such great harm at present, it is of course better to investigate early than to investigate now. But it has been engaged for so many years, and the supervision has not kept up. The crux is here. "

there are many experts calling for the issuance of management documents at the national or provincial level, which clearly define the registration authority, business authorities, business supervision departments and their supervision responsibilities for farmers' professional cooperatives, and establish and improve the supervision and management system.

Dang Guoying believes that this is unrealistic as far as the supervision power of relevant departments is concerned. "A more effective way is to develop a number of high-quality and large-scale cooperatives in various provinces and cities like foreign countries, which is more conducive to supervision."

At present, there are nearly one million farmers' professional cooperatives in China, so it is not easy to integrate them. The fundamental solution lies in breaking through the financing bottleneck of cooperatives.

In this regard, China Agricultural Bank's Rural Finance Magazine wrote that in addition to increasing financial support for cooperatives, governments at all levels should legally define the internal financing of cooperatives, and confirm the management subject and management norms. In terms of external financing, the government and financial institutions actively coordinate and establish a cooperative credit rating system to meet the needs of micro-loans through the joint guarantee mechanism of farmers' credit loans. For large capital demand, a policy rural credit guarantee company can be set up to provide credit guarantee services for cooperatives and help the financial sector establish a risk prevention barrier.