FINANCE

Inclusive Finance Must Be Commercially Sustainable, Former PBOC Chief Says

Published: Sep. 25, 2025 2:53 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

For inclusive finance to succeed, it must be commercially sustainable and rely on market mechanisms rather than just government support, according to former People’s Bank of China (PBOC) Governor Yi Gang.

Speaking at an inclusive finance forum on Sept. 25, Yi stressed that financial services for ordinary people and small businesses are fundamentally a market activity. He defined inclusive finance in China as providing affordable and effective services, with a focus on agriculture, rural areas, farmers, and small and micro enterprises.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Disclaimer

This is an AI-generated English rendering of original reporting or commentary published by Caixin Media. In the event of any discrepancies, the Chinese version shall prevail.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

Former PBOC Governor Yi Gang emphasized that inclusive finance must be commercially sustainable and market-driven, not reliant solely on government support.
During 2020-2021, China leveraged 21.7 billion yuan in incentives into 16 trillion yuan in loans and 374 billion yuan in refinancing into over 10 trillion yuan in new credit for small businesses.
Yi noted that incentive-compatible tools helped guide credit to priority sectors, preserving market mechanisms and preventing moral hazard.

AI generated, for reference only

Who’s Who

People's Bank of China: The People's Bank of China (PBOC) is China's central bank. Former Governor Yi Gang emphasized inclusive finance must be commercially sustainable. During the Covid-19 pandemic, the PBOC implemented tools to support small businesses. These tools leveraged incentive funds and preferential refinancing to guide financial resources to specific sectors, promoting inclusive finance while preserving market mechanisms.

AI generated, for reference only

GALLERY

: Gallery: Asia New Vision Forum Kicks Off in Singapore

NEWSLETTERS

Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription

PODCAST

Caixin Deep Dive: Former Securities Regulator Yi Huiman’s Corruption Probe

00:00

00:00/00:00

MOST POPULAR

1: Analysis: Youth Unemployment Surge Exposes Cracks in China’s Economic Transition

2: Huawei Unveils Three-Year AI Chip Roadmap as Nvidia Faces Setbacks in China

3: Cover Story: China’s Last Big Bet on Its Energy Reform in Race to Cap Carbon Emissions

4: Chart of the Day: Northern Provinces Lead China’s Wind, Solar Generation

5: China Drafts Rule to Disable Assisted-Driving Systems for Inattentive Drivers