Since 2008, the People’s Bank of China (PBC), in collaboration with relevant authorities and organizations, has been writing the China Rural Finance Service Reports (published biennially). The reports cover the most updated progress, policies and practices in such aspects as the reform of rural financial institutions, the development of rural financial market, and the construction for rural financial infrastructure. Recently, the China Rural Finance Service Report 2020 (hereinafter referred to as Report 2020) was officially released. The Report 2020 highlights key reforms in rural finance, rural financial innovations for rural revitalization, and financial support for targeted poverty alleviation in winning the tough battle against poverty, among others.
The Report 2020 notes that under the leadership of the Central Committee of the Communist Party of China (CPC) and the State Council, the PBC and relevant departments have comprehensively implemented the strategic arrangements on rural revitalization and continuously deepened reform and innovation. Owing to the joint efforts of all parties involved, China’s rural finance has witnessed continuous improvements in financial service system, accompanied by elevated financial infrastructure and financial ecosystem. The accessibility, convenience and effectiveness of financial services were remarkably strengthened. Going forward, the PBC will adhere to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, act up to the historic shift of priorities in the work on agriculture, rural areas and rural people, and follow closely the overall arrangements on consolidating the achievements in the tough battle against poverty and stepping up the rural revitalization and the supply-side structural reform of the financial sector. By focusing on key areas such as the integration of green finance and inclusive finance and the development of digital financial inclusion in rural areas, the PBC will enhance innovation in rural financial products and services so as to vigorously promote rural revitalization as well as agricultural and rural modernization.
