G20 Hangzhou summit to discuss documents on inclusive finance

The upcoming G20 Summit will discuss three important documents on inclusive finance to guide the sector's development globally, a Chinese central bank official said on Friday.

The documents, which are about high-level principles, a new indicator system and funding services for small and medium-sized enterprises (SMEs), will be submitted to the summit for deliberation, Yi Gang, vice governor of the People's Bank of China, said during a financial forum.

Inclusive finance is one of the major topics of the G20 summit scheduled from Sept. 4 to 5 in China's eastern city of Hangzhou with a theme of "Toward an Innovative, Invigorated, Interconnected and Inclusive World Economy."

Yi said the document promotes the use of digital technology, seeks a balance between innovation and risks and calls for establishing a proper regulatory framework.

An upgrade of the current indicator system is also a significant part as the inclusive finance sector is changing rapidly. New indices such as digital payment will be included.

The documents also give a priority to the improvement of SME credit and bankruptcy systems and encourage financial institutions to make loans backed by movable property.

Source : XINHUA