1 Sep, 2016
BEIJING, 26 August 2016, (Xinhua) — The upcoming G20 Summit will discuss three important documents on inclusive finance to guide the sector’s development globally, a Chinese central bank official said on Friday.
The documents, which are about high-level principles, a new indicator system and funding services for small and medium-sized enterprises (SMEs), will be submitted to the summit for deliberation, Yi Gang, vice governor of the People’s Bank of China, said during a financial forum.
Inclusive finance is one of the major topics of the G20 summit scheduled from Sept. 4 to 5 in China’s eastern city of Hangzhou with a theme of “Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy.”
Yi said the document promotes the use of digital technology, seeks a balance between innovation and risks and calls for establishing a proper regulatory framework.
An upgrade of the current indicator system is also a significant part as the inclusive finance sector is changing rapidly. New indices such as digital payment will be included.
The documents also give a priority to the improvement of SME credit and bankruptcy systems and encourage financial institutions to make loans backed by movable property.