What are the reasons for the formation of inclusive finance in China?

Inclusive finance's concept comes from English: inclusive financial system. This is the first word widely used by the United

What are the reasons for the formation of inclusive finance in China?

Inclusive finance's concept comes from English: inclusive financial system. This is the first word widely used by the United Nations system in promoting the Year of Microcredit in 2005. Its basic meaning is: a financial system that can effectively and comprehensively serve all social classes and groups. The current financial system does not provide effective services for all people in society. The United Nations hopes to promote the establishment of such a financial system by developing microfinance.

Inclusive financial system should include the following levels of connotation:

1, the first is an idea: Professor Junas, winner of the 2006 Nobel Peace Prize and president of Grameen Bank, said: Credit right is a human right. In other words, everyone should have the right to obtain financial services. Only when everyone has the opportunity of financial services can everyone have the opportunity to participate in economic development, achieve social prosperity and build a harmonious society and a harmonious world.

2. In order to make everyone get financial services, it is necessary to carry out financial system innovation, including system innovation, system innovation and product innovation.

3. As large enterprises and rich people have already had opportunities for financial services, the main task of establishing an inclusive financial system is to provide opportunities for traditional financial institutions to serve low-end customers and even the poor, which is microfinance or microfinance-financial services for the poor, low-income people and micro-enterprises. To this end, we must first provide appropriate space in terms of laws and regulatory policies. Secondly, we should allow the development of new microfinance institutions and encourage traditional financial institutions to carry out microfinance business.

China Microfinance Development Network is the first country to introduce this concept. In order to publicize the International Year of Microcredit in 2005, they decided to use this concept for publicity. Bai Chengyu proposed to use "inclusive financial system" as the Chinese translation of inclusive financial system. Some people also put forward the use of terms such as "tolerance", but after consideration, they feel that other words cannot express the universality of the parties. Finally, the concept of "inclusive" is used, which is to let everyone enjoy financial services equally.

In June 2004, 1 1, the homepage of China Microfinance Development Promotion Network was opened, and the title of the homepage clearly stated the purpose of the network: "Promoting the inclusive financial system and building a well-off society in an all-round way". At the inaugural meeting of the network held in1October 9 165438, we put forward this concept again and wrote it into the proposal of the network.

Jiao Jinpu, deputy director of the Research Bureau of the People's Bank of China, officially used this concept at the Asian Microfinance Forum held in Beijing in March 2006.