Developing inclusive finance good for better serving real economy, official

BEIJING, Nov. 9 (Xinhua) – Developing inclusive finance, as an important aspect of financial services for supporting the real economy, is conducive to guiding capitals directly to the numerous small- and medium-sized enterprises (SME), said Wang Bingnan, China's vice minister of commerce on October 6.

Wang made the remarks at a themetic forum of the third China International Import Expo (CIIE) called "The Building and Digital Development of Inclusive Finance", saying that developing inclusive finance will also benefit stable development of market entities.

Photo: Wang Bingnan, China's vice minister of commerce makes a speech at the themetic forum of "The Building and Digital Development of Inclusive Finance" of the third CIIE.

Digital development is a typical trend of inclusive finance. Currently, China is going through accelerating development of financial technologies and innovation changes, and digital technology is being actively applied in finance so as to expand the service scope, lower threshold, optimize service quality and continuously improve financial services.

During the process, a batch of good practices emerged. Wang took big data and cloud computing technology as examples, which pooled information of various aspects for precisely serving the SMEs and provided widely-welcomed integrated financial services for such open platforms as the Canton Fair and CIIE.

For next step, China's Ministry of Commerce will continue to enhance coordination with the country's financial regulators and institutions to jointly create sound financial policy environment to better serve the new development pattern of "dual circulation" that features the domestic market as the mainstay with domestic and international markets reinforcing each other, Wang noted.

The themeyic forum of "The Building and Digital Development of Inclusive Finance" is co-organized by the People's Bank of China and Bank of China and supported by China Economic Information Service (CEIS). (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)