BUSINESS China allocates more funds to boost inclusive finance in 2021

BUSINESS

China allocates more funds to boost inclusive finance in 2021

Xinhua

08:32, June 20, 2021

File Photo: CGTN

BEIJING -- China has allocated a special fund of 9.22 billion yuan ($1.43 billion) to develop inclusive finance for 2021, up 31.2 percent from the level in 2020, the Ministry of Finance (MOF) announced in a statement.

The move aims to support entrepreneurship and innovation and encourage local governments to promote small and micro financing, the statement added.

Inclusive finance includes affordable, convenient and safe financial services for farmers, small businesses, those on low incomes, the disabled and the elderly.

So far, more than 36 million micro and small businesses and self-employed individuals have got access to inclusive loans, said Yi Gang, governor of the People's Bank of China, the country's central bank.

The central bank will continue to help foster inclusive finance after it has increased financial support for micro and small businesses and self-employed individuals in recent years, Yi said at the 13th Lujiazui Forum in Shanghai last Thursday.

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