Abstract：As an effective tool for poverty reduction， microfinance has become an important part of China’s poverty alleviation strategy since the late 1990s. Existing research mainly focuses on different types of microfinance institutions and projects and their impacts， neglecting the development of the policy and its driving forces. Based on an account of microfinance policy development process in China since 1996， this paper analyses the scope， content， and direction of policy changes by using the policy six-elements model developed by Howlett and Cashore. It argues that the development of microfinance policy in China presents a more complex policy dynamic than that suggested by Peter Hall’s model，which indicates a “progressive incremental” mode of policy change. To be specific，in our case，the policy elements at the abstract level have remained relatively stable throughout the whole period，while considerable changes have taken place at the procedural and operational levels. That is to say， gradual and incremental changes could foster to a major change，where a new policy equilibrium replaces the original one. During this process， policy learning， political environment change， and policy entrepreneurs in the focusing events have played a crucial role in promoting policy changes. This research concludes by discussing the significance and possible application of the policy six-elements model in exploring the process of policy change in the future.
2021, Vol. 60 
