2025普惠金融报告｜专访田轩：耐心资本成普惠金融关键

Core Viewpoint - The development of inclusive finance in China is transitioning from "scale expansion" to "quality improvement," while facing challenges such as long credit repair cycles for low-income groups and high credit risks for small and micro enterprises [1][2]. Group 1: Challenges in Inclusive Finance - Low-income groups experience long credit repair cycles and unstable expectations, affecting their refinancing and consumption expansion capabilities [1]. - Small and micro enterprises and farmers face high credit risks, with traditional collateral models being insufficient, hindering sustainable credit [1]. - Insufficient insurance coverage and relatively stagnant development in the securities industry further complicate the situation [1]. Group 2: Role of Patient Capital - Patient capital aligns well with the financing needs of small and micro enterprises, individual businesses, and low-income groups in the inclusive finance sector [1]. - It is suggested to guide patient capital into the inclusive finance ecosystem through mechanisms of risk sharing, revenue matching, and ecological collaboration [1][9]. - The establishment of a risk compensation fund and the promotion of credit information sharing platforms are recommended to enhance the participation of patient capital [2][9]. Group 3: Transformation of Inclusive Finance - The inclusive finance system is evolving towards diversified service providers, technology-driven operations, and systematic ecological collaboration [4]. - The focus is shifting from single credit support to comprehensive financial services, including payment, insurance, and wealth management, enhancing precision and sustainability [4]. - The application of big data and artificial intelligence in risk control and customer engagement is improving service efficiency and reducing costs [4]. Group 4: Policy Recommendations - A multi-level collaborative mechanism is suggested to balance service delivery and risk coverage, involving central and local governments, regulatory bodies, and market participants [2][11]. - Establishing a risk compensation fund shared by central and local finances is proposed to support inclusive loans in rural areas [12]. - The creation of a development fund for inclusive finance, guided by government initiatives and supported by social capital, is recommended to enhance investment in key areas [9][13]. Group 5: Credit Relief Policies - The People's Bank of China's one-time personal credit relief policy is seen as a significant step towards optimizing the credit ecosystem and boosting consumer confidence [6][7]. - This policy aims to provide a clear path for credit repair for residents facing genuine difficulties, enhancing their future expectations and consumption potential [6][7]. - It is essential to establish clear boundaries and mechanisms to prevent moral hazards and ensure fairness in the implementation of this policy [7]. Group 6: Role of Small and Medium Banks - Small and medium banks are encouraged to deepen the application of asset securitization (ABS) to broaden funding sources and optimize their asset-liability structures [8]. - They should focus on stable cash flow loans from small and micro enterprises and explore combination ABS products to enhance their competitive edge in county markets [8]. - The issuance of small micro-financial bonds and the exploration of diverse capital market tools are recommended to support inclusive finance initiatives [8].