A senior official from the People’s Bank of China (PBOC) has called for greater development of digital financial infrastructure to better service the country’s rural villages.
In an article written for Financial News, Fan Yifei (范一飞), PBOC deputy-governor, said that the authority would “continue to firmly target the goals of the rural village revitalisation strategy…pragmatically employ the innovative rejuvenation role of fintech, and strive to establish a more complete, more effective and more inclusive rural village digital financial system.”
“By employing the role of digital technology drivers, we are strengthening the inclusiveness and accessibility of rural village financial services,” Fan wrote.
“Since last year, the financial sector has fully applied fintech methodologies to create a multi-tier, high-efficiency and sustainable rural village digital financial inclusion services system, in order to seek innovation and increase vitality for rural village finance, and provide a firm guarantee to the implementation of the rural village revitalisation strategy.
“As of the end of the second quarter of 2022, the domestic and foreign currency rural-related loan balance reached 47.1 trillion yuan, for a year-on-year (YoY) increase of 13.1%.
“This effectively guarantees food supplies for the masses, as well as strengthens a range of unique agricultural industries, markedly increasing the innovation, competitiveness and productivity of agriculture.”