Preparatory Meeting for Launching Inclusive Financial Sectors Coordination Committee was held in Beijing

Project Division III     2010-01-05 10:54:43

  The “Building Inclusive Financial Sectors in China” project of UNDP came in effect upon signature on the project document jointly made by UNDP, CICETE, and the project implementing parties including PBC and CDB in 2008. One important component of this project is that relevant departments and organizations form an Inclusive Financial Sectors Coordination Committee (the Committee) led by the PBC in China, and discuss an available way and a concrete policy framework to build inclusive financial sectors in China.

    To this end, the PBC held a preparatory meeting of forming an Inclusive Financial Sectors Coordination Committee in Beijing on the morning of December 30, 2009, the participants of which included Jiao Jinpu, the party secretary general of Graduate School of PBC and the director of UNDP Project Office, and other 20 officials and staff from government agencies and international organizations like UNDP, CICETE, Research Bureau of PBC, CDB, CBRC, CSRC and CIRC, and about 10 experts and scholars from authoritative rural finanical research institutions like CASS and Peking University, as well as representatives of microcredit practitioners from commercial banks.

    UNDP and CICETE expressed their attention and supportive attitude, respectively. During the meeting, Mrs. Wang Weili, Deputy Director of CICETE, pointed out that inclusive finance was a concept raised in 2005 when it was designated by the United Nations as the Year of Microcredit, CICETE had actively been involved in the experiments of microcredit for poverty alleviation for many years so that CICETE had accumulated and summarized rich experiences and lessons, therefore, she not only ensured that CICETE would play an active role in the implementation of this project, but also believed that the research outcome of this project would promote the sustainable development of MFIs under the jurisdiction of CICETE.

    During the meeting, senior officials of various government agencies including CBRC, CSRC, CIRC, CDB and the Ministry of Agriculture and professional scholars of some research institutions, all of them agreed on the importance of undertaking a research regarding the available way of building inclusive financial sectors in China, and they also showed their supportive attitude. In accordance with the research framework of “inclusive finance” made by the PBC project team, all the participants expressed their own opinions about the definition of inclusive finance, and mentioned that the research should not only assess the current situation of the supply of domestic financial services, but also focus more on the voice of the demand side.

  On the basis of the progress of this meeting, the Committee will be officially formed in the first half of 2010, and one leader of PBC ranking at the governor level will be a team leader of the Committee and he/she will take the lead in establishing a dialogue mechanism among the various stakeholders and carry out specific research activities as well as distribute the research work within the members of the Committee. According to the work plan of the PBC project team, the final feasibility study report on the policy framework of building inclusive financial sectors in China is expected to be accomplished in 2010.

 Inclusive financial sector is a new concept for financial development raised by UN and the World Bank in year 2005. The aim is to include people and enterprises at all levels into the financial service system, and thus promote the realization of MDGs.