ICBC Promotes Specialised Financial Services for New Urban Migrants

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China’s biggest bank in terms of assets has touted the creation of a special initiative in response to calls from the Chinese government for the domestic financial system to better cater to the needs of the country’s new urban migrants.

The Industrial and Commercial Bank of China (ICBC) recently launched its “1+3+X” specialised financial services system, which focuses in particular on the diversified financial needs of new urban migrants.

The system focuses in particular on the financing needs of China’s new urban migrants with regards to accommodation, entrepreneurship and healthcare, as well as retirement funds, employment, education and training.

According to ICBC the services system will “provide high-quality financial services to new urban residents, and continually increase the accessibility and convenience of financial services for new urbanites.”

On 18 April the People’s Bank of China (PBOC) and the State Administration of Foreign Exchange (SAFE) issued the “Notice on Effectively Providing Financial Services for Pandemic Prevention and Control and Economic and Social Development” (关于做好疫情防控和经济社会发展金融服务的通知), which amongst other things made special reference to “strengthening financial services for key consumption areas and new urban demographics.”