Core Viewpoint - The essence of inclusive finance is to adhere to commercial sustainability, which is crucial for mobilizing financial institutions and social capital to serve inclusive finance, particularly in supporting agriculture and small enterprises [2][6]. Group 1: Definition and Importance of Inclusive Finance - Inclusive finance refers to providing appropriate and effective financial services at affordable costs to all social strata and groups, focusing on daily financial services for the general public and supporting agriculture, small enterprises, and individual businesses in China [4]. - The practice of inclusive finance in China dates back to the 1930s, with significant developments in rural credit cooperatives and small loan experiments in the 1990s, culminating in the establishment of inclusive finance as a national strategy in 2013 [5]. Group 2: Commercial Sustainability - Commercial sustainability is essential for the continuous provision of quality financial services to inclusive clients, enabling financial institutions to innovate and develop better financial products [6]. - Financial institutions must adopt a "cost-covering, low-margin, high-volume" model to serve clients with limited financial capacity, ensuring that the business remains commercially sustainable [6]. Group 3: Government Support and Policy Mechanisms - Government support is vital for the development of inclusive finance, with policies such as fiscal subsidies and structural monetary policies designed to incentivize financial institutions to expand services to vulnerable groups [8]. - The People's Bank of China introduced tools during the COVID-19 pandemic to support small enterprises, providing incentives for banks to extend loan repayment periods and offering preferential interest rates for new loans [9]. Group 4: Market Mechanisms and Risk Management - The structural monetary policy aims to create effective incentive mechanisms that guide financial institutions to allocate resources to specific areas while maintaining market mechanisms to prevent moral hazards [10].

Core Viewpoint - The development of inclusive finance should adhere to the principle of commercial sustainability, providing affordable financial services to various social groups in China [1][2]. Group 1: Definition and Importance of Inclusive Finance - Inclusive finance aims to provide appropriate and effective financial services to all social strata based on equal opportunity and commercial sustainability [1]. - Key areas of focus include daily financial services for the general public, support for agriculture, small and micro enterprises, and individual businesses [1]. Group 2: Role of Financial Institutions - Financial institutions must play a fundamental role in resource allocation, emphasizing the importance of commercial sustainability to mobilize social capital for inclusive finance [2]. - A "cost-covering, low-profit, high-volume" model is necessary for financial institutions to serve clients with limited financial capacity [2]. Group 3: Government Support and Policy Mechanisms - Government policies should create incentive-compatible mechanisms to encourage market participation and support inclusive finance [3]. - Fiscal policies, such as interest subsidies and loan loss sharing mechanisms, are crucial for expanding financial services to vulnerable groups [3]. Group 4: Case Study of Policy Implementation - During the pandemic, the People's Bank of China introduced tools to support small and micro enterprises, providing incentives to local banks for extending loan repayments [4]. - From June 2020 to the end of 2021, these tools mobilized significant financial resources, with 217 billion yuan in incentives leading to 2.2 trillion yuan in extended loans [4]. Group 5: Overall Impact of Structural Monetary Policy - Structural monetary policy effectively guides financial institutions to allocate resources to specific areas while maintaining market mechanisms and preventing moral hazards [5].

Core Viewpoint - The development of inclusive finance should adhere to the principle of commercial sustainability, as emphasized by Yi Gang, the former governor of the People's Bank of China [1] Group 1: Definition and Importance of Inclusive Finance - Inclusive finance refers to providing appropriate and effective financial services to all social strata and groups at an affordable cost, based on the principles of equal opportunity and commercial sustainability [3] - Key areas of focus for inclusive finance in China include daily financial services for the general public, support for agriculture, rural areas, and small and micro enterprises [3] Group 2: Commercial Sustainability in Inclusive Finance - Financial institutions must adopt a "cost-covering, low-profit, high-volume" model to effectively manage credit distribution while ensuring commercial sustainability [4] - Government support policies should establish incentive-compatible mechanisms to encourage market participation and effectively allocate resources to the most needy areas [4] Group 3: Policy Support and Implementation - During the COVID-19 pandemic, the People's Bank of China introduced tools to support small and micro enterprises, providing incentives for local banks to extend loan repayments and offering preferential interest rates for credit loans [5][6] - From June 2020 to the end of 2021, the inclusive small and micro enterprise loan support tools provided 21.7 billion yuan in incentives, leading to a total of 22 trillion yuan in extended loans and over 10 trillion yuan in new credit loans [6]

农信社发展至今已70多年，是新中国历史上唯一从未间断的金融机构。农信社既为我国"三农"事业作出 了重大贡献，又在其发展过程中经历过多种风险和困难。一路走来，农信社的定位问题伴随着经济社会 的发展总会不断地被提出来探讨，而核心问题聚焦于，农信社的发展目标是否清晰？定位是否明确？是 做以服务"三农"和小微为宗旨的金融机构，还是一般意义的股份制商业银行？是"以服务为先"还是 要"追求利益最大化"？上述一系列问题有待清晰。 2023年10月召开的中央金融工作会议强调要"深刻把握金融工作的政治性、人民性"，基于这一要求，结 合农信社改革二十多年的历史经验，需要对农信社定位进行更深入地剖析，让农信社的DNA更加明确 地展示出来。 既然要"深刻把握金融工作的政治性、人民性"，那么，源于农信社的先天基因与角色，就决定了其具有 独特定位和特殊使命，农信社并不是一般意义的"商业银行"，与国有大行、股份制银行、城商行有着本 质上的区别。其特征表现为，根植县域，存有合作制属性，服务本地社会经济为先，做小做散，不以追 求利益最大化为目的，具备风险可控及商业可持续发展能力，积极融入社会治理，服务社区，做真正意 义的支农支小主力军。 从体 ...