Inclusive financial service has been available in five State-owned banks, less than two months after Premier Li Keqiang made the requirement during the May 3 State Council executive meeting.
At the meeting, Premier Li required all large commercial banks to set up inclusive financial departments in 2017.
As inclusive finance becomes a routine service, small and medium-sized enterprises (SMEs) and the agricultural sector will have access to easier and cheaper ways of obtaining financing.
“Financial institutions should serve both large enterprises and SMEs, and offer them timely support,” Premier Li said at the meeting, adding that inclusive finance should support the real economy with better coverage and availability.
“Large commercial banks should bear the responsibility to become the backbone of inclusive finance,” the Premier said.
This year’s government work report also encouraged large and medium commercial banks to establish inclusive finance departments to facilitate financing for SMEs.
In addition to the support for SMEs and agriculture, inclusive finance also serves as a tool for the government to conduct targeted adjustment.
The Premier reiterated that the development of inclusive finance requires support from financial institutions, related policies and better supervisory rules.
While ensuring loans are directed to the real economy with strict supervision, potential risks should never be neglected, Premier Li said.
According to the Premier, the development of inclusive finance plays an important role in employment and economic upgrade, and thus more financial resources must be directed to the real economy.