The Chinese central bank and a slew of other central government agencies have jointly unveiled plans for financial inclusion trials in three cities situated in the provinces of Jiangxi and Shandong.
The People’s Bank of China (PBOC) recently issued the “Jiangxi Province Ganzhou Municipality, Ji’an Municipality Financial Inclusion Reform Trial Zone Overall Plan” (江西省赣州市、吉安市普惠金融改革试验区总体方案) and the “Shandong Province Linyi Municipality Financial Inclusion Servicing Rural Village Revival Reform Trial Zone Overall Plan” (山东省临沂市普惠金融服务乡村振兴改革试验区总体方案) to the provincial governments of Jiangxi and Shandong.
The Plan was released in collaboration with other central government bodies including the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology (MIIT), the Ministry of Finance (MOF) and the China Banking and Insurance Regulatory Commission (CBIRC).
The Jiangxi Plan outlines a total of 21 measures across five areas including:
- Improvements to a multi-tier, pluralised financial inclusion system,
- The innovative development of digital financial inclusion,
- The strengthening of financial support for rural village revival and micro and small-enterprises,
- Strengthening of risk management,
- The establishment of a financial ecosystem.
Within a three-year period, the Plan envisages the creation of a financial inclusion services system in the trial zone that “matches the needs of high-quality growth,” alongside continued optimisation of financial infrastructure.
The Shandong province outlines 26 measures across seven areas including:
- Promotion of rural village financial services,
- Improving county-level pledge and guarantee systems,
- Expanding direct financing channels for agricultural enterprises,
- Raising the comprehensive protection level of rural village insurance,
- Strengthening financial support for key areas of rural village revival,
- Optimising the rural village financial ecosystem,