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China vows more inclusive financial services

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Core Tip:The State Council, China's cabinet, has promised to make banking and lendingservices more accessible to ordinary people, especially in remote areas.

The State CouncilChina's cabinethas promised to make banking and lendingservices more accessible to ordinary peopleespecially in remote areas.

It has tasked the People's Bank of China and the China Banking Regulatory Commission withorganizing affordableconvenient and safe financial services for farmerssmall business owners,urbanites with low incomesthe disabled and old people.

China will build more banks in the countrysidereduce the cost of banking and encourageinnovation in financial productsaccording to the 2016-2020 Plan on the Development ofInclusive Finance released by the State Council on Friday.

The plan stresses the importance of risk control and says supervision of banks should be a toppriority.

 

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