Oct 12, 2018 (China Knowledge) - The Blue paper on China's inclusive Finance (2018) was made public yesterday. The paper was released in a joint press conference held by China Construction Bank and China Economic Information Service agency.
The blue paper outlines the progress made in China’s inclusive finance. Recently, products and services generated by finance have become increasingly diversified. Digital inclusive finance kept growing rapidly. The application of Fintech, Internet and big data into inclusive financial business has turned into a trend for development and their models are updating constantly.
Some problems faced by inclusive finance have also been pointed out. Considering the difficulty of pushing inclusive finance’s sustainability, it is hard to strike a balance between inclusive financial development. Some newly established bodies and new businesses are also facing regulation challenges.
It advocates improving inclusive financial system, covering policy, and institutional regulatory aspects. In order to expand financial coverage and make products and services of finance better available to the outside world, a transformation and harnessing of current social networks and services channels is stressed.
On the basis of the existing credit information framework, credit investigation system need improvement and should continue to promote collection, integration, openness and sharing of credit.
The paper emphasizes on education and training of consumers and making financial training ways diverse with boosting the ability of risk cognition.
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