CBIRC and PBC Publish Report on Inclusive Financial Development
CBIRC and PBC published the "2019 China Inclusive Financial Development Report." The report covers nine aspects of inclusive financial system mechanism, including product services, capital market financing, credit information system, guarantee credit system, differential supervision, and laws and regulations.
The key topics covered in the report include the following:
- Guide financial institutions to deepen the reform of the inclusive financial system
- Guide various organizations to use modern information technology to improve service quality and efficiency and to create exclusive product services for the characteristics and needs of inclusive financial services
- Guide insurance companies to develop inclusive insurance products for special groups
- Promote development of capital market financing instruments such as the common stock and preferred stocks, regional equity markets, innovative start-up corporate bonds, and agricultural futures options
- Strengthen the construction of credit information systems and sharing platforms to alleviate financing difficulties caused by lack of information
- Optimize the credit guarantee system and mechanism to promote effective risk-sharing and focus on financing and establishment of a national guarantee fund to promote effective lending
- Formulate relevant legal systems such as “two rights” mortgages, speed up the shortcomings of local financial supervision systems, study and revise the supervision system of Internet insurance business, and provide legal protection for related work
- Increase the protection of financial consumer rights and enhance consumer financial literacy by strengthening information disclosure and market transparency, promoting financial consumer disputes resolution using a third-party non-litigation settlement mechanism, and carrying out special inspection and governance of financial consumer rights protection
Related Links (in Chinese)
Keywords: Asia Pacific, China, Banking, Insurance, Inclusive Financial Development, Regulation and Supervision, Credit Risk, PBC, CBIRC
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