A senior official from the Chinese central bank has flagged greater emphasis upon financial inclusion, as well as its incorporation into a broader range of financial activity in China.
Yin Youping (尹优平), head of the consumer right department of the People’s Bank of China (PBOC), said that in future the authority will push for the “in-depth integration of financial inclusion with green finance, tech innovation and supply chain finance.”
“[PBOC] will continue to establish long-term effective mechanisms that are commercially sustainable and have bearable costs, and actively drive the high-quality development of financial inclusion during the period of the 14th Five Year Plan.
“In terms of top-level design, [China] will further drive the organic integration of financial inclusion with key national strategies.”
Yin made the remarks on 3 November at the 16th 21st Century Asia Finance Annual Forum that was held in Beijing.
“At present China has already established a financial inclusion system that has adapted to the comprehensive establishment of a healthy society,” he said.
“However, during a new development phase, China’s comprehensive establishment of new development conditions, its establishment and improvement of a modern financial system, as well as efforts to expedite common prosperity, are all making even greater demands of financial inclusion.”