中央金融工作会议明确要做好包括普惠金融在内的“五篇大文章”。随着经济社会的发展，单一的存贷款服务已无法满足居民多元化财富管理需求，通过健全普惠性现代金融体系，解决我国经济社会发展中的短板弱项，是实现共同富裕的必然要求。
党的十八大以来，我国普惠金融取得积极成效。我国已基本建成综合性普惠金融体系，金融服务覆盖面逐步扩大。一是基础金融服务在县域和农村地区发展迅速。全国已基本实现乡乡有机构、村村有服务、家家有账户，涉农贷款、小微企业贷款余额保持高增速。二是多层次普惠保险体系进一步完善。在承保端，保险公司不断推出惠民保、普惠型家财险等创新产品，完善社会保障体系；在投资端，保险资管推出纾困产品等，为小微企业提供资金支持。三是普惠理财产品服务体系探索构建。截至2023年末，银行理财产品的投资者达1.14亿人，全年累计为投资者创造收益6981亿元。四是多层次债券市场功能不断发挥。支持银行发行小微、“三农”等专项金融债，拓宽普惠信贷资金来源；柜台债券市场满足居民多样化投资需求，截至2023年末已服务超3178万投资者，托管债券规模达7838亿元。
新形势下，普惠金融发展面临新要求。中央金融工作会议明确要做好普惠金融大文章。国务院《关于推进普惠金融高质量发展的实施意见》对健全普惠组织体系、提升普惠金融效能给出实施路径。目前，我国普惠金融体系建设仍存在较大提升空间。普惠属性决定了相关服务具有客户数量庞大、单笔业务规模小、获客成本高的特点，如何平衡普惠金融产品准公益性和盈利性，如何有效保护金融消费者权益，成为发展中的难点和痛点。同时，还存在中小金融机构内控机制薄弱、普惠金融产品可持续发展动能不足、部分资管产品信息披露不充分、市场波动时期易发生“赎回潮”等问题。这些都说明普惠金融既大有可为，也需尽力而为。
要充分发挥金融基础设施的作用，促进普惠金融服务效能提升。金融基础设施作为金融市场的管道和枢纽，天生为市场的安全、效率保驾护航。中央结算公司为柜台债券投资者提供账务复核查询服务，提供第三方透明性监督。理财中心建设中央数据交换平台，支持理财业态高效、低成本的信息交互，持续建设完善行业统一信息披露渠道。中国银保信面向保险投资者提供保单一站式查询。
要加快数字化转型，推动普惠金融与金融科技深度融合。新兴科技的发展为健全普惠金融体系带来前所未有的机遇。利用大数据、人工智能等技术，可实现金融服务智能化、自动化和个性化，有效降低因普惠金融业务分散、小额、多样而带来的运营成本，提高服务效率。推动金融数字化转型有利于普惠金融整合行业数据、加强数据治理，便利普惠服务联动合作，也可为建立风险监测、防范和处置机制及健全数字普惠金融监管体系提供坚实保障。
展望未来，在加强政策引导和治理协同的前提下，拥抱金融科技，健壮金融基础设施，着力建设成本可负担、商业可持续的多层次普惠金融体系，使普惠金融在服务中小微企业、提升居民收入水平、助力乡村振兴等国家战略实施中发挥更大作用。
◇ 本文原载《债券》2024年3月刊
◇ 作者：钟言
◇ 编辑：刘思敏 刘颖
A Promising Future for Improving the Inclusive Financial System
Zhong Yan
The Central Financial Work Conference has clearly stated the need to do well in five major sectors， including inclusive finance． With the development of the economy and society， the simple deposit and loan service can no longer meet the diversified wealth management needs of residents． To achieve common prosperity， it is necessary to improve the inclusive modern financial system and address the shortcomings and weaknesses in China’s economic and social development．
Since the 18th CPC National Congress， inclusive finance has achieved positive results． China has basically established a comprehensive inclusive financial system， and the coverage of financial services has gradually expanded． First， basic financial services have developed rapidly in counties and rural areas． China has basically achieved the goal of having institutions in every township， services in every village， and accounts in every household． The amount of agricultural loans and loans for small and micro enterprises has maintained a high growth rate． Second， the multi-level inclusive insurance system has been improved． On the underwriting side， insurance companies have launched innovative products such as welfare insurance and inclusive family property insurance to improve the social security system． On the investment side， insurance asset managers launched bail-out products to provide financial support for small and micro enterprises． The third is to explore and construct the service system of inclusive wealth management products． By the end of 2023， the number of investors in bank wealth management products reached 114 million， and the accumulated income for investors in the whole year was RMB698.1 billion． Fourth， the functions of the multi-level bond market continue to play their due roles． Banks have been supported special financial bonds for small and micro businesses and “sannong” （agriculture， rural areas and farmers）， so as to expand sources of inclusive credit funding． The commercial bank counter bond market meets the diversified investment needs of residents． By the end of 2023， it had served over 31.78 million investors， and the outstanding bonds under depository had reached RMB783.8 billion．
Under the new situation， the development of inclusive finance faces new requirements． The Central Financial Work Conference has clearly stated the need to focus on promoting inclusive finance． The Implementation Opinions of the State Council on Promoting the High-Quality Development of Inclusive Finance provides an implementation path for improving the inclusive organizational system and enhancing the efficiency of inclusive finance． At present， there is still significant room for improvement in the construction of China’s inclusive financial system． To be inclusive， the financial service has to serve a large number of customers with a small scale of a single business coupled with high costs to get new customers． Therefore， the balance between the quasi public welfare and profitability， and the protection of financial consumer rights have become challenges in the development of inclusive financial products and services． At the same time， difficulties may also be caused by weak internal control mechanisms of small and medium-sized financial institutions， insufficient sustainable development momentum of inclusive financial products， insufficient information disclosure of some asset management products， and the risk of concentrated redemption during market fluctuations． All of these implies the significant room， as well as the urgent need of efforts， for the development of inclusive finance．
It is necessary to leverage the role of financial infrastructure and raise the efficiency of inclusive financial services． Financial infrastructure， as the pipeline and hub of the financial market， is inherently a safeguard for market security and efficiency． CCDC provides accounting review and inquiry services for bank counter bond investors， and provides third-party transparency supervision． China Wealth Management Registry & Custody Co．， Ltd． has developed a central data exchange platform to support efficient and low-cost information exchange in the wealth management industry， and kept improving the unified information disclosure channel for the industry． China Banking and Insurance Information Technology Management Co．， Ltd． provides one-stop policy inquiry for insurance investors．
It is recommended to accelerate digital transformation and promote the deep integration of inclusive finance and fintech． The development of emerging technologies has brought unprecedented opportunities for a sound inclusive financial system． By utilizing technologies such as big data and artificial intelligence， financial services can be intelligent， automated， and personalized， effectively reducing operational costs caused by dispersed， small-scale， and diverse inclusive financial services， and improving service efficiency． Promoting the digital transformation of finance is conducive to the integration of industry data， data governance， and cooperation of inclusive services． Also， it can provide solid support for establishing risk monitoring， prevention and disposal mechanisms and improving the regulatory system of digital inclusive finance．
Looking ahead to the future， while enhancing policy guidance and governance coordination， efforts can be made to embrace fintech， strengthen financial infrastructure， and focus on building a multi-level inclusive financial system that is affordable and commercially sustainable． This will enable inclusive finance to play a greater role in serving small and medium-sized enterprises， improving household income levels， and supporting national strategies such as rural revitalization．
This article was first published on Bond Monthly （Mar.2024）． Please indicate the source clearly when citing this article． The English version is for reference only， and the original Chinese version shall prevail in case of any inconsistency．
◇ Editors： Liu Simin， Liu Ying
