易纲强调，"普惠金融具有较强的社会效益，政府部门往往会提供一定的政策和财务支持，这是普惠金 融发展的重要助力，要把支持性的资金配置向最需要支持的普惠方向。例如，财政政策通过财政贴息、 贷款损失分摊机制、政策性融资担保公司等，激励金融机构扩大弱势群体金融服务。结构性货币政策是 中央银行通过建立激励相容机制，运用优惠利率再贷款或激励资金，激励和引导金融机构将金融资源配 置到特定领域。在政策支持方面，最核心的问题是如何把握好政策支持的力度，有效防范道德风险，确 保市场仍然发挥资源配置的基础性作用。" 经济观察网9月25日，中国金融学会理事会会长、中国人民银行原行长易纲在"2025中国普惠金融国际论 坛"上表示，普惠金融在中国有着悠久的历史与实践，从20世纪30年代的信贷合作社到现代的金融体系 改革，普惠金融一直是国家战略的重要组成部分，旨在为各社会阶层提供可负担的金融服务，特别是对 普通老百姓日常生活的(如存、贷、汇、移动支付等)金融服务，以及支持"三农"、小微企业和个体工商 户。商业可持续性是动员金融机构和社会资本服务普惠金融的关键，也是金融机构创新的前提。 ...

Core Viewpoint - The Financial Regulatory Bureau issued a notice to promote the high-quality development of urban commercial health insurance, emphasizing its inclusive nature and commercial attributes to ensure sustainable growth [1][4]. Group 1: Development and Challenges - Urban commercial health insurance, known as "Hui Min Bao," has rapidly developed in recent years, with 168 million participants, effectively meeting public healthcare needs [2]. - Despite its growth, the commercial sustainability of Hui Min Bao faces challenges, including a low overall participation rate of about 5%, which may lead to adverse selection and financial instability [3]. Group 2: Regulatory Guidelines - The notice outlines several guidelines to enhance the sustainable development of Hui Min Bao, including optimizing product supply, expanding coverage, and ensuring fair pricing [4][5]. - Insurance companies are required to adopt risk-based pricing, considering factors such as age, gender, and health status to improve product fairness and adaptability [5][6]. Group 3: Market Dynamics - The notice reiterates the commercial nature of Hui Min Bao, mandating that insurance companies operate independently while ensuring consumer protection and satisfaction [6]. - It also prohibits low-price, chaotic competition among insurers to promote high-quality development in urban commercial health insurance [6].

Core Viewpoint - The implementation plan for the high-quality development of inclusive finance aims to establish a comprehensive inclusive financial system over the next five years, promoting common prosperity and addressing development gaps in areas like inclusive insurance [1][2]. Group 1: Implementation Plan Overview - The plan outlines six major areas with 16 measures to optimize the inclusive financial service system, enhance the inclusive credit system, and strengthen the inclusive insurance system [1]. - The plan reflects the financial regulatory authorities' response to central government strategies, ensuring policy coherence and execution [1][2]. Group 2: Inclusive Financial System Structure - The inclusive financial system is divided into three components: inclusive financial service system, inclusive credit system, and inclusive insurance system, marking a comprehensive approach by regulatory authorities [2]. - The plan emphasizes the need for a multi-tiered, widely covered, differentiated, and sustainable inclusive financial institution system [2]. Group 3: Impact and Significance - The construction of a high-quality inclusive financial system is expected to optimize the supply system, enhance credit supply capabilities, and significantly strengthen the inclusive insurance system [3]. - The plan aims to improve the quality and efficiency of credit services for small and micro enterprises, enhance credit support for agriculture, and increase assistance for impoverished regions and specific groups [4]. Group 4: Focus on Sustainability - The term "sustainable" is emphasized throughout the plan, highlighting the need for a balance between social benefits and commercial sustainability [6]. - The plan includes goals for establishing a long-term mechanism that is cost-effective and commercially sustainable, particularly in the context of inclusive credit and insurance [6][7]. Group 5: Addressing Challenges - The plan acknowledges the challenges in achieving commercial sustainability in inclusive finance, particularly in the context of high operational costs and risk management for small and micro enterprises [9]. - It suggests leveraging data-driven risk control models and automated approval systems to reduce operational costs and improve access to financing for underserved groups [9].