Yan Feng, CBRC: Five aspects help the construction of inclusive financial system.

On August 5th, the first "China inclusive finance Innovation and Development Summit" was held in People's Daily. The Summit released the China inclusive finance Innovation Report (20 18) and revealed the typical case of inclusive finance-China.

At the meeting, Yan Feng, deputy director of inclusive finance Department of China Banking Regulatory Commission, summarized the achievements of inclusive finance in China in recent years and shared his experience in promoting the construction of inclusive financial system. At the same time, she put forward the challenges faced by the development of inclusive finance in China and the next tasks.

Achievements in recent years: the coverage rate of township banks' outlets has reached 96%

Yan Feng pointed out that in recent years, inclusive finance has made great achievements, the coverage of inclusive finance has been continuously expanded, the availability of loans for small and micro enterprises has been continuously improved, and the financial support for agriculture, rural areas and farmers has been continuously enhanced. Specifically, it includes the following four aspects;

First, the coverage of physical outlets and insurance services of township banks has gradually expanded. By the end of 20 17, China's banking financial institutions had 228,000 outlets, and the coverage rate of township banks reached 96%. Most provinces have achieved "institutions in towns and villages", with 364,000 agricultural insurance service outlets, 95% coverage of township outlets and over 50% coverage at village level.

Second, the coverage of basic financial services in urban communities and administrative villages has been expanding. By the end of 20 17, there were 10,000 ATMs and 31190,000 POS machines in China, increasing by 85% and 193% respectively compared with the end of 20 13. China's basic financial services have covered 530 thousand administrative villages, and the coverage rate of basic financial services in administrative villages is about 96%.

Third, the availability of loans for small and micro enterprises has been continuously improved. By the end of 20 17, the loan balance of small and micro enterprises in the banking industry had reached 30.74 trillion yuan, an increase of 73 1% compared with the end of 20 13, and the growth rate was still quite large, providing financial services for 152 10000 small and micro enterprises, compared with 2066.

Fourth, the financial support for "agriculture, rural areas and farmers" has been increasing. By the end of 20 17, the balance of agricultural loans in banking reached 30.95 trillion yuan, an increase of 48.2% compared with the end of 20 13, of which the balance of loans to farmers was 8.1trillion yuan, an increase of 6.5% compared with the end of 20 13. Fifth, the rapid development of poverty alleviation microfinance. Just now, Director Wu Hua of the Poverty Alleviation Office specially introduced the products of poverty alleviation microfinance. The promotion of this product has always been led by the China Banking Regulatory Commission, which has played a great role in alleviating the financing needs of some poor households who have set up a card and promoting their reproduction and development. By the end of 20 17, the balance of poverty alleviation micro-loans was 249.696 billion yuan, an increase of 50.57% over the previous year, and the average household loan was 4 1 1 10,000. There are 6,074,400 poverty-stricken households with filing cards, accounting for 25.8 1% of the poverty-stricken households with filing cards nationwide. This figure is also remarkable, accounting for 1/4.

Popularize inclusive finance's working experience and vigorously develop digital inclusive finance.

Yan Feng said that to promote inclusive finance, we should give full play to China's institutional and organizational advantages, adhere to goal-oriented and problem-oriented, pay attention to government guidance and market-oriented, and vigorously develop digital inclusive finance.

First, give full play to China's institutional and organizational advantages. Give full play to the advantages of Socialism with Chinese characteristics's system, strengthen the top-level design, guide market resources to invest in key areas and areas with unbalanced and inadequate services, and at the same time give full play to the advantages of grassroots party organizations, realize the effective docking of grassroots party organizations and grassroots financial institutions in personnel, information and risk control, and strengthen the integration of social governance and financial services. This is what we often call the "double-base linkage" between grassroots party organizations and grassroots financial institutions.

Second, always adhere to the goal-oriented and problem-oriented, strive to meet the people's growing demand for financial services around the overall goal of improving the availability and satisfaction of financial services, focus on areas and people with gaps and deficiencies in financial services, and set specific targets in different business areas such as financing, savings, payment and insurance. , clear division of responsibilities, do a good job in supervision and implementation, and strengthen supervision efficiency.

Third, the government always pays attention to the guidance of the government and the leading role of the market. At the government level, efforts should be made to improve the legal framework, supervision system and financial infrastructure, create a political and ecological environment conducive to the development of inclusive finance, promptly correct market failures and incentive distortions, give play to the decisive role of the market in the allocation of financial resources, protect the driving force of market innovation, and build a sustainable business development model with controllable costs and risks.

Fourth, vigorously develop digital inclusive finance. The use of Internet, big data, cloud computing and other financial technology means, extend the service radius, expand the service coverage, achieve accurate identification, fine management and accurate service of target customers, reduce the service threshold and service cost, and alleviate the outstanding credit, information and power problems in inclusive finance.

The fifth is to continuously improve infrastructure construction. Improve the problems of inadequate and inappropriate financial services caused by weak foundations such as credit, information, legislation and supervision, and make up for the shortcomings of the current system and supervision that restrict the development of inclusive finance.

Sixth, pay equal attention to learning and experience output. In the process of developing inclusive finance, China attaches great importance to exchanges and learning with international organizations such as inclusive finance Global Partnership. On the other hand, it also pays more attention to the publicity, promotion and export of China's experience.

Challenges facing inclusive finance: Incompatible Financial Services Infrastructure.

Yan Feng pointed out that although inclusive finance, China has made some achievements, its current development still faces many challenges, which are highlighted in five aspects:

The first is the availability of financial services. At present, the allocation of financial resources is still unbalanced and inadequate, and the availability and accessibility of financial services in some areas have not been solved.

The second is the issue of "good" financial services. The quality of financial services is still not high in terms of price, service efficiency and risk prevention and control, and the problem of "good" financial services has not been effectively solved.

The third is whether business can be sustainable. Due to high cost, high risk and unequal cost-benefit, inclusive finance is also facing challenges in developing business sustainability.

Fourth, the financial services infrastructure does not match. Some new institutions and new businesses are also facing the problem of lack of regulatory laws. Credit coverage and interconnection are not enough, and the risk sharing mechanism has not fully played its role.

Fifth, the knowledge and literacy of financial consumers are difficult to adapt to the rapidly developing financial format.

Five aspects help the construction of inclusive financial system

Yan Feng said that the next step in the construction of inclusive financial system in China will focus on five aspects: optimizing supply, innovating products and services, strengthening policy environment support, strengthening risk prevention and supervision, and improving consumer education and protection system.

The first is to optimize the supply system. Constructing the competitive supply pattern of inclusive finance. It is necessary to strengthen the reform of internal system and mechanism, create a specialized mechanism suitable for inclusive business, and stimulate the internal reform dividend of banking institutions. Guide local financial institutions to further focus on the grassroots and return to the source.

The second is to innovate the product service system. Strengthen the innovation of demand-oriented products and services, and highlight the suitability of services and the matching of needs. Make good use of digital inclusive finance tools, reduce customer acquisition and service costs, improve the accuracy of accurate identification and portrait of target customers, and improve the risk management system.

The third is to strengthen the policy environment support system. Accelerate the promotion of legislation in related fields and fill in the shortcomings of the system. Strengthen supervision, incentives and constraints, and improve the differentiated assessment and evaluation mechanism. Strengthen the incentive and promotion of monetary, fiscal and taxation policies, and promote the formation of policy synergy among all parties. Accelerate the construction of credit system and credit platform, and deepen the "interaction between banks and taxes" and "cooperation between banks and businessmen".

The fourth is to improve the risk prevention and supervision system. Strengthen the main responsibility of risk prevention of financial institutions. Improve inclusive finance's supervision toolbox, and improve the technical level of supervision. Strengthen the overall coordination between the central, local and regulatory authorities. Crack down on illegal acts in time, make good use of the sword of supervision, and correct acts that disrupt market order.

The fifth is to improve the consumer education protection system. Strengthen information disclosure and market transparency. Strengthen the awareness of performance of financing subjects, combat the phenomenon of debt evasion and "laziness", and cultivate a good credit environment through rewards and punishments for keeping promises and punishment for breaking promises. Measures to improve consumer rights protection system.