Abstract
Financial inclusion has become an important development strategy in many countries, and related research is increasing. Financial inclusion in China has had significant progress recently. It has gradually formed a unique and sustainable development path with supporting policies and regulations as well as rapid development and application of digital technology. While challenges remain, the experience of Chinese financial inclusion provides valuable lessons and research directions for policymakers and researchers.
Highlights
Financial inclusion, or “inclusive finance,” is the availability and equality of opportunities to access a range of appropriate financial services, such as savings, credit, payment, and risk management products, by individuals and enterprises, especially lowincome people and micro and small enterprises (MSEs)
There is a need for more systematic research on this topic, some introductory studies have been conducted on financial inclusion, rural finance, and digital financial inclusion
This paper provides a comprehensive and thorough outlook of China’s financial inclusion progress, with perspectives from policy support, banking services framework, digital financial development, and cross-country assessment
Summary
“inclusive finance,” is the availability and equality of opportunities to access a range of appropriate financial services, such as savings, credit, payment, and risk management products, by individuals and enterprises, especially lowincome people and micro and small enterprises (MSEs). Financial inclusion has become an important financial development strategy worldwide to enhance individuals’ financial well-being, reduce poverty and promote economic growth (Bruhn and Love 2014). By October 2018, more than 55 countries had committed to the inclusive financial service framework, and more than 60 were planning national strategies to promote it (World Bank 2018). The Global Findex database shows that 1.2 billion adults worldwide have newly obtained an account since 2011. The percentage of adults with banking accounts rose from 62% in 2014 to 69% in 2017 in the world, with 54% to 63% in developing economies (World Bank 2017). There have been successful and valuable examples of financial inclusion practices in many economies during this period, such as the Grameen Bank in Bangladesh, the community banks in the US, agent banking in Brazil, and
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