BEIJING — China has allocated a special fund of 10 billion yuan ($1.4 billion) to develop inclusive finance this year, the Ministry of Finance (MOF) said on Oct 15.

The amount rose 29.85 percent, or 2.3 billion yuan, from the level in 2017, according to a statement by the MOF.

The special fund has played an important role in supporting lending to rural areas, regions where basic financial services are weak, startups and public services, according to the MOF.

The MOF said it would further optimize financial services in a more targeted and timely manner to support rural development and small businesses.

Inclusive finance includes affordable, convenient and safe financial services for farmers, small businesses, those on low incomes, the disabled and elderly.

According to the 2016-2020 Plan on the Development of Inclusive Finance, China is aiming to build more rural banks, reduce banking costs and encourage innovation in financial products.