◇ 本民众期货官网原载《民众国际期货》2024年3月刊
◇ 民众期货：钟言
◇ 民众国际期货：刘思敏 刘颖
A Promising Future for Improving the Inclusive Financial System
Zhong Yan
民众国际期货官网 The Central Financial Work Conference has clearly stated the need to do well in five major sectors， including inclusive finance． With the development of the economy and society， the simple deposit and loan service can no longer meet the diversified wealth management needs of residents． To achieve common prosperity， it is necessary to improve the inclusive modern financial system and address the shortcomings and weaknesses in China’s economic and social development． 民众国际期货官网 Since the 18th CPC National Congress， inclusive finance has achieved positive results． China has basically established a comprehensive inclusive financial system， and the coverage of financial services has gradually expanded． First， basic financial services have developed rapidly in counties and rural areas． China has basically achieved the goal of having institutions in every township， services in every village， and accounts in every household． The amount of agricultural loans and loans for small and micro enterprises has maintained a high growth rate． Second， the multi-level inclusive insurance system has been improved． On the underwriting side， insurance companies have launched innovative products such as welfare insurance and inclusive family property insurance to improve the social security system． On the investment side， insurance asset managers launched bail-out products to provide financial support for small and micro enterprises． The third is to explore and construct the service system of inclusive wealth management products． By the end of 2023， the number of investors in bank wealth management products reached 114 million， and the accumulated income for investors in the whole year was RMB698.1 billion． Fourth， the functions of the multi-level bond market continue to play their due roles． Banks have been supported special financial bonds for small and micro businesses and “sannong” （agriculture， rural areas and farmers）， so as to expand sources of inclusive credit funding． The commercial bank counter bond market meets the diversified investment needs of residents． By the end of 2023， it had served over 31.78 million investors， and the outstanding bonds under depository had reached RMB783.8 billion． 民众国际期货官网 Under the new situation， the development of inclusive finance faces new requirements． The Central Financial Work Conference has clearly stated the need to focus on promoting inclusive finance． The Implementation Opinions of the State Council on Promoting the High-Quality Development of Inclusive Finance provides an implementation path for improving the inclusive organizational system and enhancing the efficiency of inclusive finance． At present， there is still significant room for improvement in the construction of China’s inclusive financial system． To be inclusive， the financial service has to serve a large number of customers with a small scale of a single business coupled with high costs to get new customers． Therefore， the balance between the quasi public welfare and profitability， and the protection of financial consumer rights have become challenges in the development of inclusive financial products and services． At the same time， difficulties may also be caused by weak internal control mechanisms of small and medium-sized financial institutions， insufficient sustainable development momentum of inclusive financial products， insufficient information disclosure of some asset management products， and the risk of concentrated redemption during market fluctuations． All of these implies the significant room， as well as the urgent need of efforts， for the development of inclusive finance． 民众国际期货官网 It is necessary to leverage the role of financial infrastructure and raise the efficiency of inclusive financial services． Financial infrastructure， as the pipeline and hub of the financial market， is inherently a safeguard for market security and efficiency． CCDC provides accounting review and inquiry services for bank counter bond investors， and provides third-party transparency supervision． China Wealth Management Registry & Custody Co．， Ltd． has developed a central data exchange platform to support efficient and low-cost information exchange in the wealth management industry， and kept improving the unified information disclosure channel for the industry． China Banking and Insurance Information Technology Management Co．， Ltd． provides one-stop policy inquiry for insurance investors． 民众国际期货官网 It is recommended to accelerate digital transformation and promote the deep integration of inclusive finance and fintech． The development of emerging technologies has brought unprecedented opportunities for a sound inclusive financial system． By utilizing technologies such as big data and artificial intelligence， financial services can be intelligent， automated， and personalized， effectively reducing operational costs caused by dispersed， small-scale， and diverse inclusive financial services， and improving service efficiency． Promoting the digital transformation of finance is conducive to the integration of industry data， data governance， and cooperation of inclusive services． Also， it can provide solid support for establishing risk monitoring， prevention and disposal mechanisms and improving the regulatory system of digital inclusive finance． 民众国际期货官网 Looking ahead to the future， while enhancing policy guidance and governance coordination， efforts can be made to embrace fintech， strengthen financial infrastructure， and focus on building a multi-level inclusive financial system that is affordable and commercially sustainable． This will enable inclusive finance to play a greater role in serving small and medium-sized enterprises， improving household income levels， and supporting national strategies such as rural revitalization． 民众国际期货官网 This article was first published on Bond Monthly （Mar.2024）． Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．◇ Editors： Liu Simin， Liu Ying
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