The concept of inclusive finance was put forward by the United Nations in 25, which refers to providing appropriate and effective financial services to all social strata and groups with financial service needs at an affordable cost. The government work report in 216 proposed to "vigorously develop" inclusive finance. The service targets are small and micro enterprises, farmers, urban low-income people, poor people, disabled people, the elderly and other special groups.

Five major banks set up inclusive finance business departments

In the p>217 Government Work Report, it was mentioned that large and medium-sized commercial banks should be encouraged to set up inclusive finance business departments, and large state-owned banks should take the lead in doing so, and implement differentiated assessment methods and support policies to effectively alleviate the financing difficulties and high financing costs of small and medium-sized enterprises. On May 3, 217, Li Keqiang presided over the the State Council executive meeting, explicitly requiring large commercial banks to complete the establishment of inclusive finance business unit in 217.

"financial institutions can't just look at major enterprises and ignore small enterprises, let alone' send umbrellas in sunny days and withdraw them in rainy days'!" Li Keqiang pointed out at the executive meeting on May 3, 217 that "it is necessary to improve the coverage and availability of financial services by developing inclusive finance and provide effective support for the real economy." The Premier said: "Large commercial banks must establish correct concepts and become the backbone of inclusive finance. You are duty bound! "

The five major state-owned commercial banks all indicated that the next step will be to accelerate the construction of inclusive finance's business department. ICBC will extend the inclusive finance Division to all tier-one (directly affiliated) branches, and plans to build 23 micro-finance franchises in tier-two branches or key branches by the end of the year. Bank of Communications takes the credit business with an exposure of less than 2 million yuan (inclusive) as a breakthrough, establishes the mechanism of "franchise team+traditional outlets", and gradually promotes the mode of division system.

relying on the resources of BOC Group, Bank of China established the inclusive finance Business Department on the basis of BOC Fudeng Village Bank in advance.

Li Keqiang has repeatedly said that the development of inclusive finance needs not only the efforts of financial institutions and the support of relevant supporting policies, but also more perfect regulatory policies: on the one hand, it is necessary to monitor whether they really face the real economy, especially the "agriculture, rural areas and farmers" and small and medium-sized enterprises according to the loan flow, on the other hand, it is also necessary to pay attention to the corresponding risk points and prompt them in time.

by the end of June, 217, the specific plans for the five state-owned commercial banks, namely, industry, agriculture, China, China Construction Bank and Shanghai Communications Bank, to set up the inclusive finance Business Department have all been issued, and the inclusive finance Business Department of the Head Office has been officially listed.

The five major state-owned commercial banks have started to explore and improve their management systems, in addition to setting up relevant departments. In 217, China Construction Bank set a new inclusive finance indicator in the KPI assessment system of tier-one branches, and initially included the financing services of major groups such as small and micro enterprises, agriculture-related businesses and individual businesses involved in inclusive finance.

Agricultural Bank of China copied the mature business department system serving "agriculture, countryside and farmers" to inclusive finance, forming a service system of "agriculture, countryside and farmers financial department+inclusive finance business department".

Extended information:

targeted cuts to required reserve ratios, inclusive finance was fully implemented on January 25, 218

At 12: 3 on January 17, 218, the People's Bank of China (the central bank) released a message in its official "Central Bank Microbroadcast" in Weibo, saying that on September 3, 217, the People's Bank of China issued the "targeted cuts to required reserve ratios on inclusive finance". At present, the relevant financial statistics work is in full swing, and it is expected that inclusive finance targeted cuts to required reserve ratios will be fully implemented on January 25, 218.

on September 3, 217, the central bank announced the implementation of the targeted cuts to required reserve ratios policy for inclusive finance from 218: in order to support financial institutions to develop their business in inclusive finance, we will focus on loans for small and micro enterprises with a single credit of less than 5 million yuan, loans for individual industrial and commercial households and small and micro enterprise owners, and loans for farmers' production and operation, entrepreneurship guarantee, poverty-stricken people with files and cards, and education.

the targeted cuts to required reserve ratios policy shall be uniformly implemented for commercial banks whose loan increment or balance accounts for a certain proportion of the total loan increment or balance.

targeted cuts to required reserve ratios assessment mechanism was introduced by the central bank in 214 and has been implemented for more than three years. By implementing the preferential reserve ratio for commercial banks that meet the requirements of prudent operation and meet the standards of loans for agriculture, rural areas and small and micro enterprises, and dynamically adjusting the reserve ratio according to the loan situation of commercial banks for agriculture, rural areas and small and micro enterprises every year, a positive incentive mechanism will be established to guide commercial banks to improve and optimize their credit structure and enhance their support for agriculture, rural areas and small and micro enterprises.

compared with the original targeted cuts to required reserve ratios policy, the inclusive finance-targeted cuts to required reserve ratios policy, which will be implemented on January 25th, is an expansion and optimization of the original targeted cuts to required reserve ratios policy according to the deployment of the State Council, so as to better guide financial institutions to develop inclusive finance business.

It is worth noting that after the Central Bank issued the Notice of the People's Bank of China on the Implementation of targeted cuts to required reserve ratios in inclusive finance on September 3, 217, the market predicted that targeted cuts to required reserve ratios would release 8 billion yuan of liquidity, but later the market generally believed that the actual scale might be 3-38 billion yuan, far lower than the previous forecast. The capital scale of 3 billion yuan is even lower than the recent medium-term loan facility (MLF).

Regarding the impact of inclusive finance targeted cuts to required reserve ratios on monetary policy and liquidity, which the market is most concerned about, some market researchers thought that "near-comprehensive RRR cut" was "equivalent to a general RRR cut of .5 percentage points" when the policy was introduced. Later, the Financial Times, which is directly controlled by the central bank, wrote that targeted cuts to required reserve ratios was only fine-tuning the policy, not a comprehensive RRR cut in disguise.

The relevant person in charge of the central bank also said earlier that the implementation of targeted cuts to required reserve ratios policy in inclusive finance will not change the overall orientation of prudent monetary policy. At the same time, the liquidity released by targeted cuts to required reserve ratios's policy is also in line with the requirements of total regulation, and liquidity in the banking system remains basically stable.

according to the regulations of the central bank, inclusive finance has retained the original two assessment criteria for implementing the targeted cuts to required reserve ratios policy this time: for commercial banks whose loan balance or increment accounted for 1.5% in the previous year, the deposit reserve ratio can be lowered by .5 percentage point on the basis of the benchmark file published by the People's Bank of China; For commercial banks whose loan balance or increment reached 1% in the previous year, the deposit reserve ratio can be further lowered by 1 percentage point on the basis of the first file according to the principle of progressiveness.

Among them, the first assessment standard basically adapts to the actual lending situation of most commercial banks in inclusive finance, which helps to encourage them to continuously tilt their credit resources to inclusive finance.

Regarding the second assessment standard, the central bank bluntly said, "This standard is relatively high, which can only be achieved by commercial banks with outstanding loans in inclusive finance, but it is conducive to the establishment of a positive incentive mechanism, and it also belongs to the proper meaning of targeted cuts to required reserve ratios policy issues."

according to the regulations of the central bank, state-owned commercial banks, China Postal Savings Bank, joint-stock commercial banks, city commercial banks, non-county rural commercial banks and foreign-funded banks are all eligible to participate in the assessment of the implementation of the targeted cuts to required reserve ratios policy for loans in inclusive finance. At the same time, in order to enjoy the targeted cuts to required reserve ratios, banks must meet the macro-prudential management standards: the macro-prudential assessment (MPA) rating for the last three quarters (inclusive) was above Grade B (inclusive).

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