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Saturday, June 19, 2021, 17:32
Chinese funds to boost inclusive finance up 31% in 2021
By Xinhua
Saturday, June 19, 2021, 17:32 By Xinhua

A staff member (right) hands over a stack of renminbi banknotes to a customer at an Industial and Commercial Bank of China (ICBC) branch in Beijing, Aug 30, 2019. (CHEN YEHUA/XINHUA)

BEIJING - China has allocated a special fund of 9.22 billion yuan (US$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.

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

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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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