China’s Banking Regulator Convenes Micro-Finance Meeting

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The China Banking and Insurance Regulatory Commission (CBIRC) has flagged its commitment to improving financial inclusion with the convening of a conference on providing greater financial support to Chinese small businesses.

On 9 June CBIRC convened its Micro and Small Finance Work Teleconference (小微金融工作专题(电视电话)会议), for the purpose of “discussing the current situation of financial support for micro-and-small enterprises”.

“Regulators at all levels and banking sector financial institutions at all levels must strengthen their sense of responsibility and continue to expand the vigour of financial aid for micro-and-small enterprises and individual industrial and commercial registrants,” said the CBIRC meeting.

“This embodies the political nature of the implementation of financial work.”

CBIRC highlighted a focus on work across four areas in future, including:

  1. The formulation and implementation of grass-roots focused measures.
  2. Further efforts with regard to focused loan extension, with an especial focus on micro-and small enterprises.
  3. Reform and optimisation of financial services to target outstanding problems.
  4. Comprehensive implementation of “combinations”, with regulatory agencies at all levels actively engaging in communication and coordination with local government authorities.