Big state-owned lender Agricultural Bank of China (ABC) has launched an ambitious services plan for new urban migrants, in response to calls from the the Chinese central government to better cater to their financial needs.
On 15 June ABC launched its “521 Comprehensive Financial Services Plan for New Urbanites,” for the purpose of “focusing on the financial needs of new urbanites who are a vanguard in China’s urban development”.
The “521” Plan refers specifically to “five major guarantees, two driving assisting forces, and one integration of high-quality fundamental financial services”.
ABC said that the plan will seek to cater specifically to the financial services needs of new urban migrants in the areas of secure accommodation, entertainment, convenient consumption, healthcare, aged care, and childhood education.
“We will pragmatically raise the level of financial services for the new urban migrant demographic,” said ABC.