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G20 Hangzhou summit to discuss documents on inclusive finance: official

(Xinhua)    13:13, August 27, 2016

BEIJING, Aug. 26 -- 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.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor: Wu Chengliang,Bianji)

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