Govt's role in financial inclusion seen as key

Experts call for 'down-to-earth' efforts to improve domestic system

China should support all market players striving to improve financial inclusion to explore more cooperation models, which follow laws and regulatory compliance, put risks under control and promote commercial sustainability, in the fields of business, technology, data and infrastructure through methods like regulatory sandboxes and the implementation of pilot programs in local areas, experts said.

Financial inclusion means that individuals and businesses have access to useful and affordable financial products and services that meet their needs and are delivered responsibly and sustainably, according to the World Bank.

After years of development, China's financial inclusion system has shown features like diversified market entities, high correlation and deep integration. Market participants have expanded from small loan companies to a diversified organizational system in which traditional financial institutions and emerging market entities engage in healthy competition and cooperation, said Shan Qiang, Party secretary of the National Internet Finance Association of China.