Opening Remarks at International Forum for China Financial Inclusion

By Yulu CHEN President of Renmin University of China

 

Good finance is conductive to adjustment of economic structure and effective allocation of resources, which can also promote better development of the society and push the inclusive growth of economy. Additionally, it will promote the development of social justice and harmony, and make finance better serve the society and people. In order to improve Chinese economic and social situation, it’s a necessary choice to promote the development of society, which needs the common concern and efforts of the whole society.

As a financial system providing effective services to all social strata and groups comprehensively, financial inclusion has a great meaning in following 6 aspects:  improving modern finance system, effectively use of financial methods, promote the sustainable development of Chinese economy, achieve inclusive growth, improve rural financial services and alleviate the poverty and social inequality.

 Developing financial inclusion, encouraging financial innovation and enriching the level of financial markets and products as national strategies are highlighted in ‘the Decision on Major Issues Concerning Comprehensively Deepening Reforms’, which is adopted at the Third Plenary Session of the 18th CPC Central Committee.  It remarks that financial inclusion has become an important strategic content of Chinese financial development. Government has issued a series of policies and measures on the development of financial inclusion, which have accelerated the construction of the financial infrastructure, increases the financial reformation’s innovation and exploration, and strengthen the accountability and risk of control mechanism.

On the whole, financial inclusion has developed rapidly in China. However, there are still some gaps to be filled, such as finance structural imbalance, inadequate access to finance in SMEs and financial depression in “ San Nong", etc. These problems still haven't been solved fundamentally. If we want to achieve sustainable long-term development in Chinese economy, it is essential to learn how to serve the real economy, orderly promote the deepening reform in banking sector and actively develop multi-level capital market system. All these objectives require actions to put financial inclusion as a critical priority of financial reform that all market drivers can benefit from.

  Under the “new normal background of China's economic transformation and financial reform, International Forum for China Financial Inclusion in 2015 provides a unique stage for international dialogue for Chinese policy makers, researchers and practitioners. We sincerely wish this conference will promote the healthy and remarkable development of financial inclusion in China.