OREANDA-NEWS. November 14, 2013. Citibank (China) Co. Ltd. ("Citi") and the China Banking Association today announced the winners of the 9th annual Microentrepreneurship Awards in China. An award ceremony was held in Beijing to commend outstanding microentrepreneurs and institutions in the microfinance field in the past year, and also launch the Chinese Microfinance Industry Development Report, a first of its kind.

Over 200 microfinance practitioners and supporters from government, non-profit organizations, banks, industry research institutions and media attended the ceremony. Among these veterans and advocates of the microfinance industry were Yang Zaiping, Executive Vice President of China Banking Association, Teng Hongjun, Executive Vice President of Citi China, Professor Du Xiaoshan, Deputy Director of Institute of Rural Development, Chinese Academy of Social Sciences, and Liu Dongwen, General Manager of CFPA Microfinance Management Co., Ltd.

Supported by the Citi Foundation and carried out by the China Banking Association, the annual Microentrepreneurship Awards aims to promote the prominent role of microfinance in poverty alleviation nationwide, as well as commend the important contributions of micro-entrepreneurs to the economic development of families and communities. The awards ceremony has since become the largest and most influential event for Chinese microfinance practitioners to network with and learn from each other.

This year, the awards committee received about 160 applications for Institutional Awards from 23 provinces, and another 100 individual applications for the Microentrepreneur of the Year Award. The awards are meant to promote outstanding microfinance institutions which have excelled in financial, social and comprehensive performance. They include the main Microfinance Institution of the Year award, and five categorical institutional awards, namely, Most Innovative Microfinance Institution, Best Inclusive Financial Award, Best Sustainable Award, Best Social Performance Award, and Best Risk Management Award. Each categorical award is further segmented into commercial and non-commercial institutions. Ewenke Baoshang Rural Bank won the Microfinance Institution of the Year Award and Miss Xin Yuequn from Chunhua County of Shaanxi Province won the Microentrepreneur of the Year Award.

The Chinese Microfinance Industry Development Report launched at the ceremony is supported by Citi Foundation and developed by the awards committee. The report analyzes microfinance institutions from their organization and governance, to financial performance and social contribution, as well as innovation on microfinance product and service. It looks into the 19 nominated institutions of this year's awards and summarized their experiences in innovation, development, risk control, financial inclusion, sustainability and social benefit.

Yang Zaiping said, "The recent development of the microfinance sector empowered and facilitated the entrepreneurship potential of individuals. Through individuals' diligence to climb out of poverty and facilitate the development of neighborhood communities and disadvantaged groups, these people have become the driving force of the economic improvement. The development of microfinance demands support from all stakeholders. China Banking Association will continue to be the bridge to advocate for the development of microfinance so more people can benefit."

Teng Hongjun, Executive Vice President of Citi China, said, "We would like to congratulate all winners. Citi has been a proud supporter of this important award series in China for the past nine years, and we hope to continue contributing to the development of microfinance sector and financial inclusion in China, so as to make financial services more accessible to underserved individual and small businesses, as well as help build a strong community."

Citi is one of the leading corporate supporters of microfinance, microenterprise and financial inclusion in China and around the world. In China, Citi has helped to establish the China Association of Microfinance, Microfinance Training Center, and support the capacity building of the microfinance sector. The Awards were established in China in 2005 through the support of the Citi Foundation to recognize the efforts of microentrepreneurs while also raising awareness of the importance of microfinance efforts to increase access to finance.