People's Bank of China: Analysis Report on China's Inclusive Finance Indicators

In 2024, China's inclusive finance, on the basis of continuing good development momentum, has shown some new characteristics. First, financial support for rural revitalization has become stronger, with financial resources in the agricultural sector tilting faster, and the balance of loans for farmers' operations and consumption continuing to grow, while the coverage of loans for poverty alleviation is steadily expanding. Second, support for credit to private and small and micro-enterprises continues to increase, with the scale of loans to the private sector continuously growing and inclusive small and micro-loans increasing in quantity, decreasing in price, and improving in quality. The balance of loans to technology-based small and medium-sized enterprises is growing rapidly, with a continuous increase in loan approval rates. Third, policies for entrepreneurship and student loans for key groups continue to be optimized, and the aging of bank branches and the establishment of barrier-free financial service facilities are further improved, with an increasingly rich product system to meet the financial service needs of the people's livelihood sector. Fourth, the number of bank settlement accounts continues to increase, with a continuous improvement in account service efficiency. The pilot application of the digital renminbi has expanded to cover 26 regions in 17 provinces, with a rich variety of application scenarios and a steady increase in the scale of digital payments. Fifth, the financing support system is continuously improving, with the launch of a national small and micro-enterprise credit information sharing platform, the coverage of financial credit information databases for enterprises and other organizations continuously increasing, local credit platforms maintaining high-speed growth in service volume, and the unified registration and public announcement system for movable property financing effectively promoting the growth and expansion of movable property financing business. The scale of government financing guarantee business continues to expand. Sixth, the inclusiveness and accessibility of the multi-level capital market continue to increase. The pilot of inclusive finance on the Beijing Stock Exchange and the New Third Board is advancing, agricultural futures and options are becoming increasingly diverse, the "insurance + futures" projects serving agricultural risk management needs are steadily increasing, and the issuance scale of rural revitalization bonds and rural revitalization asset-backed securities remains stable. Seventh, the supply system of inclusive insurance products is further improved, with continued optimization of key crop insurance policies, an increase in insurance density and depth, and an increase in the amount of agricultural insurance risk protection and payment of claims.