Following the Central Financial Work Conference’s emphasis on providing high-quality services for economic and social development and addressing “Five Major Areas” like technology, green, inclusive, pension, and digital finance, the State Council recently issued the Opinions on Promoting High-Quality Development of Inclusive Finance (hereinafter referred to as “the Opinions”).
To implement these directives, IB released the “Implementation Opinions on Promoting High-Quality Development of Inclusive Finance by Industrial Bank” (hereinafter referred to as “the Implementation Opinions”) on November 2nd. This document includes 33 targeted measures aimed at comprehensively upgrading inclusive financial services, extending these services to SMEs, and reaching into rural areas to better serve the high-quality development of the economy and society.
The Implementation Opinions focus on strengthening organizational leadership, optimizing internal assessment and evaluation, implementing a due diligence exemption mechanism, increasing tolerance for non-performing loans, enhancing assessment and evaluation mechanisms, optimizing product and service offerings, and increasing support for non-financial bond financing and mergers and acquisitions financing. These 33 measures are designed to create an inclusive financial service system characterized by adaptability, competitiveness, and inclusiveness, reinforcing IB’s commitment to fostering an ecosystem of digital and inclusive finance.
IB recognizes the vital role of SMEs, agricultural entities, and individual industrial and commercial households in energizing China’s economy, contributing significantly to economic prosperity, job stability, and innovation. These entities are the primary focus of IB’s inclusive finance initiatives. In recent years, IB has designated inclusive finance as one of its “Five New Tracks”, continuously improving mechanisms and product offerings, accelerating the digital transformation in inclusive finance, developing comprehensive financial service solutions for the entire lifecycle of technology-driven businesses, and establishing a financial service system for rural revitalization. These initiatives reflect IB’s unique approach to the development of inclusive finance. As of September end, IB’s loan balance in inclusive finance was close to 500 billion yuan, benefiting over 220,000 customers.
“We are committed to thoroughly implementing the spirit of the Central Financial Work Conference, using the Implementation Opinions as a guide to continue building a high-level inclusive finance system,” said the head of IB’s Inclusive Finance/Rural Revitalization Department. “We will increase financial support to key areas and weak links in inclusive finance, fulfill our role in this important sector, and continuously meet the growing financial needs of the economy and the people.”