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Financial literacy

financing guaranty Industry Association of China, Vice President, China Association of microfinance companies, Vice President of China Securities daily Zhang Guoxiang said in an exclusive interview with Xinhua, solid financial service system is conducive to the transformation and upgrading of China's economic structure.

a long period of time, credit demand continued to be China's largest financial market, inclusive financial, China is the world's largest market, this means that golden age inclusive financial development.  Zhang Guoxiang proposed, should follow the "central guidance, local-led" ideas, speed up the development and implementation of relevant policies, firmly grasp this rare development opportunities.  

the China Securities journal: how to look at the current point introduced the promoting the development of inclusive financial planning (2016-2020)?

Zhang Guoxiang: economy "new normal", continue to face greater challenges of stable growth, and according to the planning objectives, the "Thirteen-Five" period, China will eradicate poverty and build a well-off society, the Chinese Government put forward "public undertaking, the much anticipated innovation" strategy. In this context, China's financial system needs further improvement in order to adapt to the real economy, that we need to establish a solid financial services system, you need to make more inclusive financial services to vulnerable groups such as small and micro.  In simple terms, require inclusive financial highlights "long tail" zoom in "catfish effect", weakening the "Matthew effect".  

the China Securities journal: as the industry is concerned, what features are inclusive financial?

Zhang Guoxiang: inclusive financial, there are three points I think is more important. First is service object of inclusive sex, this is General Hui financial of core strategy positioning, if this is do not to, that on not General Hui financial; second is mutual sex, General Hui financial not offers financial, but mutual financial, because it of risk high sex, impossible while maintained low interest rates development, so general Hui financial more applies in the interest rate, is mainstream financial 3-4 times of interest rate, must solution General Hui financial of lever and sources problem, formed a can continued of commercial mode; third is integrated,  Which extends as far as possible business models provide a wide range of services, so as to improve efficiency and reduce costs.  

the China Securities journal: what mainly in the development of inclusive financial problems?

Zhang Guoxiang: "the new normal", the small loan industry faces greater survival and development bottlenecks and downward economic growth put pressure on the financial sector, and inclusive financial development entered a period of adjustment.  At present, the problems include institutions of inclusive financial sectors, less number of customers; single lines, small businesses; leverage low, narrow financing channels; upgrade policy lags behind the industry's development.

inclusive financial is a new thing in China, working state, supervision and other aspects are facing some problems. A case study of micro-credit industry, since the 2008 open after 8 years, now to a "painful restructuring, integration, upgrade" stage and the "start" checkpoint, need new ideas, new models, new standards, new policies work together to build a new eco-sustainable development industry.  From a global perspective, China is the largest market for inclusive financial, the market is just starting, inclusive financial development in a few years.  

the China Securities journal: How can inclusive financial development?

Zhang Guoxiang: China to develop inclusive economy, be sure to bring international experience and China's realities.  China's vast regional differences, the original not the same financial industry and foreign, so we can not blindly, but should combine their actual developed "ground" policy, exploration of inclusive financial path with Chinese characteristics.

inclusive financial, should stick to "one central task and two basic points". "Core" means credit, performing of heart and performing is credit, both; "two basic points" refers to logic and the logic of the market. National logic is inclusive, safe, transparent on three important content. In simple terms, is to ensure the availability of financing; security is to control risk business development should uphold transparency norms. Market logic's mission is service to reflect core elements such as efficiency, pricing, mechanism, to return to simple.  Lever adjustable-rate price and structure to make it flexible.

in addition, the development of inclusive financial and balance four factors – the leveraged, risk, scale, brand. Leverage should be appropriate, need to seek balance between return and risk in size under the condition of lean management, while building brand formed reputation.  In this process, particular attention is needed, development finance is not ten years of work it is difficult to make, you need to stop and long-term investment.  

the China Securities journal: current and inclusive financial regulatory measures have not yet been announced, have any suggestions for this?

Zhang Guoxiang: throughout the entire financial regulatory system, inclusive financial-related content had been missing. We should not neglect the market's role in the development of inclusive financial process, should be country-led and market-led integration, I suggest the inclusive financial moderate "high threshold" on the basis of open policy on the financial sector "Pratt". Inclusive financial barriers to entry can be moderately higher, reducing risk, but standards must be harmonized.  As long as the compliance law, whether State-owned, would be treated equally, harmonization of standards and regulatory barriers to entry, so as to attract more social capital and foreign investment in this field.

now policy development process is relatively slow, if there is no policy, no systematic approach, rules, and regulations, then capital is difficult to access, it will be difficult to develop.  Policy development is the key to clear conditions of access, nature of business, scope of business and core regulatory indicators.

I think inclusive financial policy development can try national policy lead at the same time, inclusive financial supervision to local, policies, approaches, the enactment of the Bill can also make conditional places to try first; there are policies that can even try "central guidance, local leadership", relatively slow changes to the present policy. Within a certain scope for innovation, empowering local powers, introduced good policies speed up, more conducive to the development of inclusive financial health.

conditions all over the country's vast, on the premise of central standards, should allow local innovations, allowed local autonomy in formulating approaches to achieve faster and updates.  Under the regulatory system to make central monitoring combined with local regulatory, to avoid "a place to die, a collection of" one size fits all models.

at present, China is still significant capital idle problem, I think, according to the "central guidance, local-led", China is expected to grasp the golden era of inclusive financial development.