FINANCE

China’s Banks Cannot Achieve Financial Inclusion Alone, Think Tank Chief Says

By Leng Cheng and Peng Qinqin

Bei Duoguang, head of the China Academy of Financial Inclusion, told Caixin that the steps the government has taken to improve financial access have helped but are probably not enough to create a self-sufficient microloan market. Photo: Caixin

(Beijing) — To achieve financial inclusion in China, a competitive and sustainable microloan market is more important than simply offering loans at lower rates or to provide lending to borrowers shunned by banks, the head of a local think tank said.

Access to financial services, especially but not limited to loans, is one of China’s policy priorities. The Chinese government launched the campaign in 2015 to alleviate poverty and boost economic progress for the country’s rural population of about 600 million.

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