历经十年发展，普惠金融的浪潮已经席卷中国金融业的每一寸土地，正从"规模扩张"向"质量提升"转变。 然而，现阶段普惠金融发展面临的种种挑战也不容忽视。中低收入群体的信用修复周期长、预期不稳，影响了其再融资与消费扩张能力；小微企业、农户等 群体信用风险较高，传统抵押模式难以覆盖，信贷可持续性受阻，而保险覆盖不足，证券业发展相对滞后。 在这一过程中，如何激发耐心资本的活力？政策面如何实现有效协同？围绕上述问题，北京商报记者近日对话清华大学国家金融研究院院长、清华大学五道 口金融学院副院长田轩。 "耐心资本与普惠金融领域小微企业、个体工商户及中低收入群体的融资需求存在天然契合性。"田轩指出，应引导耐心资本参与普惠金融生态建设，通过风 险共担、收益适配与生态协同三大机制，结合财政、货币与监管政策协同，形成"政策—资本—实体"的良性循环。他还建议，中小银行借助ABS、小微金融 债等工具拓宽资金来源，优化资产负债结构，应对县域市场竞争压力。 田轩表示，我国普惠金融政策体系已构建起"顶层设计+专项施策+配套支持"的立体架构，监管框架也日趋完善。为进一步推动服务下沉与风险覆盖的平 衡，建议构建中央与地方、监管与市场、资本与实体 ...

Core Insights - The wave of inclusive finance in China has transitioned from "scale expansion" to "quality improvement" over the past decade [1] - Current challenges include long credit repair cycles for low- and middle-income groups, high credit risks for small and micro enterprises, and insufficient insurance coverage [1][2] - The need for a multi-level collaborative mechanism among central and local governments, regulators, and markets is emphasized to achieve a deeper transformation from "blood transfusion" to "blood production" in inclusive finance [2][4] Group 1: Characteristics of Inclusive Finance - The inclusive finance system is evolving with diversified service entities, technology-driven operations, and systematic ecological collaboration [5] - Services are expanding from single credit support to comprehensive financial services, enhancing precision and sustainability [5] - The application of big data and artificial intelligence is improving service efficiency and reducing costs [5] Group 2: Policy Recommendations - Establish a risk compensation fund shared by central and local governments to balance service delivery and risk coverage [2][14] - Propose a "government guidance, market operation" model for inclusive finance development funds [2][14] - Suggest the creation of a multi-layered collaborative mechanism among various stakeholders to enhance the effectiveness of inclusive finance policies [14][15] Group 3: Credit Repair and Consumer Confidence - 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 those facing genuine difficulties, enhancing their future expectations and consumption potential [6][7] Group 4: Role of Small and Medium Banks - Small and medium banks are encouraged to deepen the application of asset securitization (ABS) to optimize their funding sources and asset-liability structures [11] - The focus should be on selecting stable cash flow loans from small and micro enterprises and individual businesses as underlying assets for securitization [11] Group 5: Engaging Patient Capital - "Patient capital" is identified as a natural fit for financing needs in the inclusive finance sector, particularly for small and micro enterprises [12] - Mechanisms for risk sharing, yield matching, and ecological collaboration are recommended to attract long-term capital into inclusive finance [12][13] Group 6: Regulatory and Market Mechanisms - The current policy and regulatory framework for inclusive finance is multi-layered and dynamic, but there is room for further optimization [14] - Recommendations include enhancing the precision of policy tools and improving the coordination of regulatory responsibilities [14][15] - A balance between regulatory oversight and market-driven initiatives is essential for fostering innovation while managing risks [15][16]