Call to lift financial inclusion
Print Edition
FINANCIAL inclusion should be encouraged to cut poverty and promote inclusive growth in China, a People’s Bank of China official said.
Jiao Jinpu, director of Consumer Financial Protection Bureau under the PBOC, said that financial inclusion offers credit for everyone, especially small businesses, and raises financial service coverage and penetration.
Speaking to financial regulators, scholars and financial firms in Shanghai at the weekend, Jiao said his research showed that every 1 percent rise in rural bank outlets in India cut the poverty rate by 0.34 percent and lifted output by 0.55 percent. This is because financial inclusion allows the poor to do jobs other than farm work.
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