Asset Building Financial Inclusion Working Paper

中国呼图壁养老保险质押贷款项目双重激: 励和双重资产积累 [Dual incentives and dual asset building: The Hutubi Rural Social Security Loan Program in China]

The Hutubi Rural Social Security Loan program is a policy innovation in a rural area of China by loaning savings in social security accounts back to peasants for them to purchase assets for agricultural and other development. In contrast to the nationwide recession in rural social security, this program has shown its success in proliferating rural social security funds and retaining social security participants. With a focus on the administrative data of the loan program, this study aims to provide an in-depth understanding of the loan program and examine how asset building is possible for the poor when institutional incentives are offered. The findings show that when proper policy incentives are provided, poor peasants can build assets. The Hutubi program may be a good model for other rural areas in China and other developing countries.

The English version of this source was subsequently published in the Journal of Social Policy (

For the English version of this CSD Working Paper, see

Project: China: Inclusive Asset-Based Policy