2025普惠金融报告｜专访贝多广：避免普惠金融演变为不良风险累积通道

Core Viewpoint - The development of inclusive finance in China has transitioned from merely providing access to focusing on quality and effectiveness, with a significant shift towards digital infrastructure and ecosystem building to serve diverse groups such as small and micro enterprises, farmers, and low-income urban residents [1][4]. Group 1: Market Characteristics - The inclusive finance market has evolved into a diversified, multi-layered, and moderately competitive financial supply structure, with digital inclusive finance emerging as a key driver for high-quality development [2][4]. - The industry recognizes the importance of providing appropriate financial services to groups previously excluded from the financial system, with an increasing focus on consumer protection and financial health [4][5]. Group 2: Consumer Capacity Building - There is a critical need for collective attention on consumer capacity building, which includes financial education and knowledge dissemination for both demand-side and supply-side participants [5]. - Government actions, such as improving financial infrastructure and customer protection laws, are essential to promote consumer capacity building [5]. Group 3: Government and Market Boundaries - Clarifying the boundaries between government and market roles is crucial to address the "triangle dilemma" in inclusive finance, where excessive emphasis on lowering interest rates may lead to mismatched pricing and risks [6][7]. - The government should play a leading role in creating a conducive environment for inclusive finance through legal frameworks and credit information platforms, while financial institutions can leverage digital transformation to enhance service accessibility and risk management [7]. Group 4: Credit System Transformation - The People's Bank of China's initiative to implement a one-time personal credit relief policy aims to balance strict credit system constraints with social welfare, addressing the needs of passive defaulters and facilitating credit market expansion [8][9]. - This policy is expected to improve asset quality for banks by encouraging overdue borrowers to settle debts, while also raising the technical requirements for financial institutions to identify potential risk clients [9]. Group 5: Digital Inclusion Challenges - The expansion of digital inclusive finance has highlighted the existence of groups that are either unable or unwilling to utilize digital services, including the elderly and low-income individuals [10][11]. - Balancing efficiency improvements with inclusivity is essential, requiring ongoing monitoring of service coverage and client experiences to prevent structural exclusion [11]. Group 6: Insurance Ecosystem Development - The key to building a county-level inclusive insurance ecosystem lies in clearly defining the responsibilities of government, insurance companies, and consumers in risk identification, premium subsidies, and loss sharing [12][13][14]. - A collaborative model is proposed where the government facilitates data integration and risk information sharing, insurance companies focus on product innovation and risk control, and consumers actively participate in expressing their needs [12][13]. Group 7: Future Opportunities in Inclusive Finance - Future opportunities in inclusive finance can be explored across three main areas: credit, insurance, and capital markets, with a focus on new demographics such as new urban residents and flexible workers [15][16]. - In the credit sector, new urban residents represent a significant potential customer base, while in insurance, innovative products tailored to the needs of diverse groups can mitigate risks [15][16].