BEIJING — China has made remarkable progress in its evolution of financial inclusion in the last 15 years, as the country pushes digital finance innovation, according to a recent report.
China has established one of the world’s largest agent banking networks, said the report, jointly written by the People’s Bank of China and the World Bank Group.
“China’s rate of account ownership - a basic metric of financial inclusion - is on par with that of other G20 countries,” it said.
Financial inclusion in China has undergone a significant transformation in recent years, according to the report, citing a string of effective measures.
China has been developing a robust financial infrastructure, extending the formal financial sector into previously underserved rural areas and establishing new financial service providers.
Fintech innovation will continue to surge, given the rapid growth in the sector of digital finance is increasingly meeting the high demand for new financial products and services, the report said.
According to the report, China still faces challenges in achieving long-term financial inclusion, as sustainable and market-oriented approaches are required.
“Risks associated with new technology-driven providers and products must be better understood and effectively managed,” it added.