The opening ceremony of Xiangxi MinFuXinRong microfinance service center (XXMFSC) was held in Jishou City, Xiangxi Tujia and Miao Ethnic Minority Autonomous Prefecture of Hunan Province on April 9, 2008. Mr. Wang Yue, Director General of CICETE and the officials of the autonomous prefecture and Jishou City attended the ceremony. Five clients got the first loan at the time.

The XXMFSC is jointly invested by CICETE and the Xiangxi Rural Development Association in accordance with the guidelines of Microcredit Company experiment promoted by People's Bank of China. The service center can provide microcredit, remittance, insurance agent and other financial services except deposit saving.

Since 1997, CICETE has been experimenting microcredit project in Xiangxi Prefecture with UNDP assistance and got positive impact on both social and economic development for the poor farmers in the area. The XXMFSC is a commercialized MFI transformed from the previous project. The microcredit business and the loan portfolio have been transformed from the Rural Development Association to the new service center. CICETE will provide more funds and mobilize further investment to the service center when the business developed.