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Ten Years Efforts Lead to Achievement

2015-11-09 17:00:00CAM

Ten Years Efforts Lead to Achievement

China approved the Development Plan to Promote Financial Inclusion (2016-2020)


November 9 is the tenth anniversaryday of the China Association of Microfinance (CAM).


On the same day, the 18th meeting of State Reform Group approved the Development Plan to Promote Financial Inclusion (2016-2020). Mr. Xi Jinping, the President of China, presided over the meeting.


The meeting emphasized that thedevelopment of financial inclusion is to improve the outreach, accessibility and satisfaction in order to meet the ever-increasing financial demand of the mass people, especially to let the farmers, small and micro enterprises, urbanlow-income people, poor population, disabled and senior citizens enjoy fast, convenientand safe financial services with a reasonable price. It should adhere to the combination of international experience and Chinese characteristics, governmental guidanceand market orientation, improvement of basic financial services and enhancement of key-area financial services so as to build diversified institutional system with wider cover age, innovate financial products and means of services,accelerate the construction of financial infrastructure, perfect relevant legal regulations and rules, exert the function of policies to guide and motivate,and strengthen inclusive financial education and financial customer protection.Besides, it should push forward both the supervision and innovation at the sametime, and speed up the establishment of the legal regulation and supervisory system suitable for the development of inclusive finance system, and improvethe effectiveness of financial regulation and supervision.


Back in ten years ago, when the CAM was established, the United Nations announced the Year of Microcredit, and the CAM introduced UN’s concept of building inclusive financial sectors into China in time, and also set its mission as To develop inclusive financial sectors for building harmonious and prosperous society. Here after, the CAM together with all kinds of stakeholders have tried the best to promote the awareness and practices of financial inclusion in China, and finally made to develop financial inclusionbe written in the resolution of The third plenary session of the 18th meeting of the Communist Party of China in 2013. Later, the CAM was also invited to participate in the drafting work of the Development Plan to Promote Financial Inclusion.


During the past decade, the CAM has extended its focus at the very beginning from the microcredit targeting the poorest of poor to microfinance beyond microcredit, and then to the inclusivefinancial system aiming at providing sustainable financial services for all the small and micro-entrepreneurs and households excluded from the mainstream financial sectors. In addition, the CAM pushes forward the reform andinnovation of financial sectors from micro, meso and macro levels, and strivesto fight against the financial exclusion and to allow everyone to enjoy convenient, fast, and attentive financial services with a reasonable price.

Today, on the occasion of its tenth anniversary, the concept of financial inclusion introduced and promoted by the CAM was finally materialized as the state’s Development Plan to Promote Financial Inclusion.


             The CAM will support its members to continue innovation and facilitate the building up of the inclusive financial sectors, and make contribution to realize the China Dream of constructing aninclusive well-off society.