During the summer vacation in July when China experienced a series of extreme weather events in most areas, including high waves and heavy rains, Chinese Academy of Financial Inclusion (CAFI) remains devoted to enhancing financial literacy across the society. It reaches out to enterprises, ranches, and government agencies, promoting the concept of financial health and disseminating knowledge about financial inclusion through various methods.
On the afternoon of July 21st, Mr. Bo Wang, researcher of CAFI and member of the financial health research group, was invited to deliver a lecture to the employees of iSoftStone Information Technology (hereinafter referred to as “iSoftStone”) in Beijing. Wang delved into the concept of financial health and its profound significance.
iSoftStone is a leading software and information technology service provider in China, with nearly 90,000 employees working in nearly 100 branches and 20 global delivery centers operating in more than 40 cities worldwide. Prior to the lecture, CAFI had produced four video courses on “Financial Health” for iSoftStone and invited interested employees to join the online survey. The survey results revealed good financial literacy among the employees, attributed to their strong educational backgrounds and work experience. Compared to previous survey respondents, iSoftStone’s responses showcased a higher level of financial literacy.
Mr. Wang clarified the audience’s questions and emphasized the importance of subjective factors in comprehending “financial health”. He emphasized that factors like family money philosophy and individual personality play a vital role in shaping one’s financial health. He also warned that one should not equate income and spending alone with their level of financial health. He emphasized that true financial health goes beyond just the numbers. Instead, it involves a well-structured asset allocation that instills a sense of security, optimism for the future, and contentment in the present. Given the prevailing uncertainties in economic development, he advocated a prudent approach of increasing savings while curbing impulsive spending and indebtedness.
Also in July, Duoguang Bei, President of CAFI, was invited by China Pacific Insurance (Group) (CPIC) to investigate rural revitalization assistance in Tieshagai Town of Qahar Right Middle Banner. During a seminar held on the occasion, he reaffirmed the vital role of inclusive insurance in preventing rural areas from slipping back into poverty. He stressed the necessity of integrating it into the inclusive financial system as a safety net against life risks for rural residents and low-income families. The CAFI research team visited small and micro enterprises in Kunshan and held a seminar, engaging in discussions with some local government departments on the development of inclusive finance, Venture Capital, portfolio risk pool, financial support for rural revitalization, and financial dispute resolution.