对话中国农业大学教授何广文：普惠金融迈入提档升级新阶段，重视有效供给与商业可持续是关键

Core Insights - The financial system plays a crucial role in stabilizing expectations, growth, and structure amid economic transformation and cyclical fluctuations. The focus is on how to navigate complex environments effectively [1][22]. Group 1: Development of Inclusive Finance - Inclusive finance has made significant progress in recent years, characterized by a multi-layered and widely covered supply system involving national and regional banks, non-bank institutions, and technology companies [3][25]. - The balance of loans for inclusive small and micro enterprises has increased from approximately 10 trillion yuan in 2016 to 36.5 trillion yuan by the third quarter of 2025, reflecting a tripling in ten years with an average annual growth rate of around 25% [4][26]. - Digital inclusive finance has achieved breakthroughs, with digital technologies reshaping service models and improving credit evaluation through digital footprints, enhancing service efficiency [5][27]. Group 2: Policy and Regulatory Framework - The policy framework for inclusive finance is becoming increasingly refined, with strategic guidance from various government initiatives and local innovations in practice [7][28]. - The shift from a quantity-oriented regulatory approach to a quality-oriented one is necessary to optimize the regulatory system and incentive mechanisms [1][38]. Group 3: Market Dynamics and Competition - Large commercial banks are gaining market share in the inclusive finance sector, leading to a decline in the market share of small and local banks, resulting in a reshaping of the traditional supply structure [8][29]. - The competitive pressure from large banks is prompting local financial institutions to innovate and deepen their inclusive finance services [30]. Group 4: Challenges and Opportunities - Despite the achievements, credit suppression remains a common issue, with many enterprises relying on informal lending to meet unmet credit needs [1][38]. - The need for a clear legal framework to regulate informal finance is emphasized, recognizing its role in the financial ecosystem while ensuring compliance and sustainability [40][41].