Report of Financial Inclusion Development in China (2022) released by the Chinese Academy of Financial Inclusion at Renmin University of China
(2022-11-15 11:11:50)

The Report of Financial Inclusion Development in China (2022) was released by the Chinese Academy of Financial Inclusion at Renmin University of China (CAFI) on Nov. 9th at the 2022 International Forum for China Financial Inclusion (IFCFI), pointing out that financial health promotes inclusive finance into a new stage of high-quality development.

The concept and evaluation dimensions of “financial health” are based on CAFI’s data analysis of more than 200,000 low- and middle-income people and a three-year follow-up survey of more than 200 households and small enterprises that have experienced unprecedented challenges during the three years of the COVID-19 pandemic.

Mo Xiugen, vice president of CAFI, introduced the main contents of the report, especially the origin and connotation of the concept of financial health. According to him, financial health is used to measure the extent to which individuals, families, and businesses manage daily income and expenditure smoothly, cope with financial shocks steadily, comprehensively prepare the financial resources needed for future growth and development, and maintain financial control. It reflects the good operation status, immunity, and growth potential of the economic subject.

The survey results show that although China’s inclusive group has a certain level of financial health as a whole, there is still much room for improvement, recommending that the whole society pay attention to financial health.

The report, themed on protecting financial health, was officially released at IFCFI, which was held under the guidance of the People’s Bank of China (PBC) and China Banking and Insurance Regulatory Commission (CBIRC), sponsored by Renmin University of China (RUC), China Banking Association (CBA), National Internet Finance Association of China (NIFA), and China Micro-credit Companies Association (CMCA).

The report shows that incorporating financial health into the policy framework and increasing the attention of all sectors of society to the protection of financial consumer rights and financial health will promote the development of inclusive finance in China under the background that inclusive finance has entered a stage of high-quality development.

After the release ceremony, Elisabeth Rhyne, CAFI academic advisor and former managing director of the International Center for Inclusive Finance, first delivered a keynote speech on the topic of “Financial Health: A Global Movement”.

Yin Youping, deputy director of the Financial Consumer Protection Bureau of PBC, regarded the report as forward-looking, international, and academic. He added that he’s looking forward to deeper researches with the help of scholars, government institutions, and people from all walks of society.

Participants gave positive feedback in the comment session and thematic discussions. The topics discussed included inclusive finance and enterprise development, the importance of financial health construction, inclusive finance and business development, inclusive finance and financial education, inclusive finance and financial service providers, and so on.

Starting from the release ceremony of the report, “Anti-risk, Resilience, High Quality – 2022 International Forum for China Financial Inclusion” will officially open from November 10th to 11th. In the follow-up agenda, nearly 70 guests will have more in-depth discussions on topics such as “Rural Finance”, “Financial Demands of New Citizens”, “Green Inclusive Finance”, “Inclusive Insurance” and “Financial Resilience of Small and Micro Enterprises.

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