Focusing on "Rural Finance" The International Forum for China Financial Inclusion 2023 Was Successfully Held


Take It to the Next Level- The International Forum for China Financial Inclusion 2023 and Academic Summit of Digital Economy Open Research (hereinafter referred to as the "Forum") concluded successfully on September 27th. The "Forum" was organized by the Renmin University of China and hosted by the Chinese Academy of Financial Inclusion (CAFD).

Under the premise of focusing on the theme of "rural finance", topics such as How should rural commercial banks reform? What are the pain points in developing inclusive insurance? and Can consumer finance stimulate domestic demand? were also discussed by participating experts.


Guogiang Liu, Deputy Governor of PBC attended this forum and pointed out that the current work must be focused on the following aspects:

"First, strengthen financial services for private small-micro enterprises to provide confidence and synergy for business entities.

Second, Consolidate the foundation of agricultural-related financial services comprehensively promote rural revitalization and the construction of an agricultural power.

Third, strengthen the empowerment of digital technology, and promote the expansion and efficiency of inclusive finance;

Fourth, strengthen the protection of financial consumers' rights and interests, and focus on the inclusive and safe development of financial services."

Xiaohui Zhang, Former Assistant Governor of thePBC, recalled that:

"The Chinese government has actively supported the development of inclusive finance as a national development strategy since 2013, and formulated the Plan for Advancing Inclusive Finance Development (2016-2020). In March 2017, the State Council executive made clear requirements for large commercial banks to establish inclusive finance divisions to focus on small-micro enterprises and 'agriculture, rural areas and farmers' to improve service capabilities. Since the outbreak of the COVID-19 epidemic in 2020, the central government and various ministries and commissions have introduced many financial measures to guide financial institutions to benefit small-micro enterprises. As the impact of digital technology on the financial industry continues to deepen, the PBC has also issued high-level principles for digital inclusive finance under the G20 framework, promoting the development of inclusive finance through the use of digital financial services."

Li Yun, Vice President of China Construction Bank, Xiaolong Wang, Party Secretary and Chairman of Zhejiang Rural Commercial United Bank, and Liang Feng, President and Executive Managing Director of Mybank, further introduced the important role of digital technologies in addressing difficultiesin inclusive finance. China Construction Bank, Zhejiang Rural Commercial United Bank, and Mybank have extensively applied technological means intheir respective business areas, improving the service quality of small andmicro enterprises and rural finance.

CAFI released The Report of Financial Inclusion Development in China (2023) during the "Foru", which proposed the establishment of a "dual-goal"rural financial ecosystem. CAFI President, Duoguang Bei summarized the basic elements for the success of rural commercial banks as follows: 

"centering on the governance structure, reflecting the contribution to the society in the mission and vision, sufficiently improving the external legal regulations and infrastructure, and continuously improving their own management ability and competitiveness."

Jie Wei, Professor, Department of Innovation, Entrepreneurship and Strategy, School of Economics and Management at Tsinghua University, is optimistic about the role of the platform economy; Yiping Huang, Director of the Institute of Digital Finance, Peking University, introduced how mobile payment can benefit sole traders,"If small traders continue to use QR codes to collect payments, about 60% of them can obtain credit in 12 months, and the possibility of obtaining credit will rises to about 90% in 36 months" The 4th Academic Summit of Digital Economy Open Research released 10 annual outstanding papers (8 Pioneer Award papers and 2 Peak Award papers)and an award ceremony was held, Jinghui Xu, former general manager of Dajia Insurance Group, believed that inclusive insurance is an important part of inclusive finance, and the future development logic should be: "to address the applicability and accessibility of inclusive insurance, to build a solid business foundation through systematic coordination, Keep risks undercontrol, and to reduce operating costs through innovative empowerment"; Michal Matul, Head of Digital Health, Consumer Insights and Training for AXAEC, affirmed the achievements of China's inclusive insurance development, suggested that upcoming issues can be solved by optimizing products.simplifying processes, setting up reasonable insurance premiums.strengthening cooperation between the private sector and the government, the insurance industry and the medical industry. Xiaoyan Zhang, Chair Professor of Finance and Associate Dean at PBC School of Finance,Tsinghua University, suggested that the application of artificial intelligence in thefinancial field also needs to meet the accuracy requirements of financial policies: Oamar Saleem, CEO of the SME Finance Forum, said in his speech that digitalization, altermative data, and sustainability development and valuechains become key factors in expanding financial services for Small and Medium Enterprises. Financial institutions need to leverage new technologies and collaborate with market stakeholders to provide efficient and convenient services to underserved groups such as SMEs, women and youth.