Why is it particularly important to pay attention to this group?, Developing inclusive finance, from "existence" to "good or bad" inclusive | finance | group

"The essence of common prosperity lies in the word 'common', and development is shared by all people." On June 8th, the Lujiazui Forum's Pujiang Night Talk focused on common prosperity and inclusive financial development. Shanghai Bank Chairman Jin Yu used "taxi" as an example to directly point to the "accessibility" in finance - "For example, the taxi software that everyone is very familiar with may feel very convenient, but it will have a 'crowding out effect' on some groups who do not use or are not proficient in using smartphones. From the perspective of inclusive concept, we need to study how to adjust the service methods of this group."

To develop inclusive finance, it is necessary to improve the means and methods of financial services based on the real needs of the service recipients, and avoid the "wealth gap" in service quality caused by technological models. The key to common prosperity lies in solving the problem of "imbalanced and insufficient development". "This requires financial work to focus on weak links, such as poverty-stricken areas, small and micro enterprises, and the elderly population, and strive to improve the accessibility of financial services, enhance the sense of gain and satisfaction of the entire social group." Jin Yu said.

Jin Yu's viewpoint has gained consensus among the attendees. Ant Group Chairman Jing Xiandong stated that financial credit services are entering a new stage of higher quality development. "My viewpoint is very similar to Chairman Jin's, who used to mainly address the issue of 'existence'. Now, we are pursuing both quality and coverage, while also addressing the demands of 'existence' and 'good or bad'."

Taking small and micro credit as an example, Jing Xiandong's question of whether there is a solution is the structural imbalance problem that still exists in small and micro credit. Compared to the small and medium-sized enterprises encouraged by policies such as "specialization, refinement, uniqueness, and innovation", as well as the traditional industries and service industries that are undergoing digital upgrading, as well as small and micro operators in more remote and sinking rural areas, the supply of inclusive finance is still insufficient; Whether it is good or not depends on how to use technological innovation to achieve insights into various industries, so as to accurately and intelligently match the personalized and customized needs of small and micro operators in different industries and development stages.

"Common prosperity has entered a new stage of comprehensive implementation and action. Poverty alleviation remains an important means in common prosperity, but expanding the middle-income group is particularly important," said Liu Yuanchun, President of Shanghai University of Finance and Economics.

So, who exactly are the middle-income group? Where exactly is its distribution located? At present, the general standard for middle-income groups is the group with an annual income of 100000 to 500000 yuan, with a scale of 140 million households and a total population of 400 million people. Among them, the largest group is individual businesses and private enterprises, accounting for 61.1%.

Liu Yuanchun believes that the middle-income group, which is carried by private economy such as small and micro enterprises and individual businesses, has strong vulnerability and variability characteristics. As long as there are economic fluctuations and a series of changes in the capital market, the impact on the middle class is the most intense. Therefore, to stabilize the middle-income group and prevent them from experiencing a downward trend under the impact of the epidemic and the threat of a soft landing or hard landing globally, finance becomes very important.

"Modern economy is a financial economy, and finance will have a significant impact on the realization of common prosperity." Liu Shengjun, the chief expert of the National Financial Reform Think Tank, believes that the financial sector needs to solve a series of problems to better promote common prosperity. "For example, it is necessary to further optimize the allocation of financial resources, especially between state-owned and non-state-owned sectors. Secondly, the proportion of capital market financing needs to be further increased, and the capital market is more conducive to innovative enterprise financing. Thirdly, the investment channels for residents are not sufficient. Currently, residents' wealth is too concentrated in real estate, and in the future, we need to open up more channels for preservation and appreciation."

Beiduoguang, Co Chairman and Dean of the Council of the China Institute of Inclusive Finance at Renmin University of China, believes that inclusive finance has entered a stage of high-quality development, and world experience has proven that the greatest hope for inclusive finance is digital inclusive finance. The reason why China has achieved great success in the extensive development of inclusive finance in recent years is mainly due to digital inclusive finance. The online financial technology business of numerous institutions is the hope for further high-quality development of inclusive finance in the future.