Xinhua News Agency published an article on its website on June 30th which was titled as “A Promising Future for Inclusive Finance in Rural China”. As was reported, Chen Jianxiong, Vice President of COAMC, attended the forum themed “The Dream of Inclusiveness for Internet Finance 2015”organized by the Xinhua News Agency and its website. He made a keynote speech titled “The Approach for State-owned Financial Institutions to Practice Inclusive Finance in the Age of ‘Internet +’”. Yao Yudong, the director of Financial Studies Institute of PBoC, and Wen Haixing, the deputy director of the Department of Inclusive Finance of CBRC also attended the forum and gave speeches.

The main content of President Chen’s speech was as follows:

Banxin Micro-Credit has been practicing inclusive finance since its inception in 2012. It serves the demand of micro businesses, the development of agriculture and rural areas, as well as the improvement of the livelihood of Chinese farmers. It strives to find a sustainable business model which brings profit while in the meantime bringing equal opportunities for micro-businesses and medium or low-income groups to have access to financial services. Thus it can play its due role and shoulder its social responsibility as a state-owned micro-credit company.

Following the opening of its first outlet in Kunming in 2012, Orient Bangxin now has 24 micro-loan companies in 20 provinces and municipalities across China, covering large areas in China’s east, south, north, northwest, southwest, northeast and its central part. Their total registered capital reached RMB 4.47 billion. Its 64 outlets nationwide have served 29346 clients, issued loans totaling RMB 33.1 billion, 11.45% of which went to the agricultural sector.

Building an inclusive financial system with no one left out is a highly complicated systemic project. It requires coordinated effort from all sectors of the society. Micro-loan companies all play important and necessary roles in practicing inclusive finance. They cover the clients who cannot get support from traditional banks. So micro-loan companies must find their competitive position in the market and develop strategies which must be quite different from banks. Our opportunities lie in where the banks cannot reach.