The development of inclusive finance has gone through three stages including ( ).

Analysis: The development of inclusive financial system has gone through three stages: the first stage is to encourage the rapid development of microcredit, microcredit system also used to be the origin and main body of inclusive finance. And into this century, formal traditional financial institutions, NGOs and other retail financial service providers are increasingly involved in and into the field of microcredit and microfinance, microfinance is a term that can no longer accurately describe these diverse financial institutions. At this time, inclusive finance can more accurately cover the entire system than microfinance, which includes not only specialized microcredit and microfinance institutions, but also commercial banks and other formal financial institutions, forming a broader integration of the financial system, which is a multi-level, wide-coverage, sustainable financial service system.