International Forum for China Financial Inclusion 2017

The purport of the term financial inclusion is more profound than that of finance as traditionally defined. The key to the sustainable development of financial inclusion is building capacities for all stakeholders, especially for the traditionally disenfranchised segments of the society, through financial education and other capacity building initiatives that are available, accessible and affordable for all. To teach people to fish, figuratively speaking, the efforts undertaken in capacity building is aspired to fulfill the dual mandates of financial inclusion of social good and economic sustainability.

To be specific, financial consumers shall improve their financial literacy and risk awareness, understand their rights and protection measures, and learn to leverage financial resources available to them; inclusive financial service providers shall improve their corporate governance, risk management capabilities, and business acumen to innovate their business models, products, and service offerings; and government authorities shall adapt themselves to the ever-changing market landscape and refine their policy-making and regulatory approaches accordingly.

In this digitalized brave new world capacity building necessitates the unleashing the power of FinTech, and only by so doing could the coverage, accessibility, and adequacy of financial services be elevated and the development imperative of uplifting China’s financial inclusion to upper-middle level in the world by 2020, as established in the country’s The Plan for the Development of Financial Inclusion (2016-2020), be achieved.


  • Gang YI, Deputy Secretary of the CPC Committee and Deputy Governor, the People’s Bank of China

  • Opening Ceremony

  • Dance between the Dragon and the Lion: African Opportunities and China Values



Agenda
  • 09.20
  • 09.21
  • 09.22
  • 09.23
14:00-16:00
Pre-Session for International Forum for China Financial Inclusion Symposium(By Invitation Only):
The Global Landscape of Financial Inclusion

Venue:
Renmin University of China

By:
Michael CHU, Senior Lecturer, Harvard Business School; Academic Advisor, Chinese Academy of Financial Inclusion
08:00-08:50
Registration
09:00-10:30
Opening Ceremony Chaired by:
Duoguang BEI, Co-Chair & President, CAFI

Keynote Speeches:
Zhong XU, Director-General, Research Bureau, The People’s Bank of China
Pierre GUISLAIN, Vice President, Private Sector, Infrastructure and Industrialization, The African Development Bank Group
Jiyang SHI, President and Chief Executive Officer, China-Africa Development Fund
Elisabeth RHYNE, Managing Director, Center for Financial Inclusion at ACCION; Academic Advisor, CAFI
Greta BULL, Chief Executive Officer, Consultative Group to Assist the Poor (CGAP); Director, the World Bank Group
Patrick HAVERMAN, Deputy Country Director in China, UNDP
Jane XING, Deputy Director, Program-Related Investments, China, Bill & Melinda Gates Foundation

10:30-10:50
Coffee Break
10:50-12:00
Dance between the Dragon and the Lion: African Opportunities and China Values China is now Africa’s largest outside investor as well as its largest trade partner. The past decade has witnessed a surge in bilateral cooperation between China and Africa, especially in infrastructure and energy and natural resources sectors. As the developed economies still struggles with the hangover of the global financial crisis, China’s financial support to Africa’s economic development is of particularly great significance. This session will explore viable models for financial cooperation between China and Africa, including investment, collaboration, and technical assistance in financial services and digital technologies sectors.

Moderator:
Wenlian CAO, Director General, International Cooperation Center, National Development and Reform Commission

Speakers:
Weiguo XIANG, President and Party Secretary, China Micro-Credit Companies Association; Council Member, CAFI
Zujun ZHANG, General Manager, China-Africa Fund for Industrial Cooperation
Zhong WU, Vice President & Director-General, Finance Center for South-South Cooperation
Amina TIRANA, Senior Director, Government & Partnership, Financial Inclusion, Visa Inc.
David PORTEOUS, Chairman, Digital Frontiers Institute
John QU, Senior Partner & Leader of Greater China Financial Institution Group Practice, McKinsey & Co.

12:00-13:30
Lunch
13:30-15:00
Panel I – Capacity Building for the “Last Mile” Capacity building holds the key to the sustainable development of inclusive finance. In this session, two NGOs will share their stories and insights in financial literacy education and capacity building targeted at the previously marginalized segments of the society, especially those in rural communities, in China and in Africa, respectively. From their insights, it is hoped, will emerge some universal principles and best practices that the attendants will find inspiration-provoking. Also featured in this session will be major findings of CAFI’s latest Report on Digital Financial Inclusion in Rural Areas.

Launch of Report on Digital Financial Inclusion in Rural Areas

Moderator:
Tim LIU, Executive Director & Senior Research Fellow, CAFI

Speakers:
Yan LI, Secretary-General of the Council & Director, CAFI; Professor of Finance, School of Business, Renmin University of China
Stephen RASMUSSEN, Head, Inclusive Markets Team, Consultative Group to Assist the Poor (CGAP)

Panelists:
Tongquan SUN, Associate Professor and Chief of Rural Finance Division, Rural Development Institute, Chinese Academy of Social Sciences (CASS)
Yue WU, Deputy Director, Financial Education Division, Financial Consumer Protection Bureau, The People’s Bank of China
Jiayi CHEN, Head of Rural Finance Business Unit, Ant Financial Services Group
Nan LIU, Chairman, Nongxin Internet Microfinance Loan Co., Ltd.
Joep ROEST, Senior Financial Sector Specialist, Inclusive Markets, Consultative Group to Assist the Poor (CGAP)
Princess Mazzi Shamirah Kimbugwe, Head, Agency Banking, MCash Uganda Limited

15:00-15:30
Coffee Break
15:30-17:00
Panel II – Impact of Digital Payment In emerging economies, digital payment technologies are bringing millions of traditionally unbanked and underbanked into the formal financial sector, propelling financial inclusion across the globe. Empirical evidence also shows that access to and regular use of digital payment services play an instrumental role in helping traditionally disenfranchised population nurture habits of saving and managing personal and family financial lives in prudent manner, improve their financial literacy, and accumulate verifiable transaction history that in turn improves their access to credit. Great advance notwithstanding, we still have a wide gap to bridge till the world achieves universal financial access. At the same time, the emergence of digital technologies and the entry of non-financial institutions into financial services sector also pose financial regulation and supervision. In this session, speakers and panelists will reflect the progress of digital payment innovations in China and Africa and discuss how public and private sectors can work together to create more affordable, accessible, secure and user-friendly payment and other financial services so as to boost financial inclusion.

Moderator:
Jiye MAO, Professor & Dean, School of Business, Renmin University of China; Member of Council, CAFI

Panelists:
Suzhen WANG, Deputy Secretary-General, Payment & Clearing Association of China
Shaoshao LI, Director, Huawei Mobile Money Product, Software Product Line, Huawei
Stephen RASMUSSEN, Head, Inclusive Markets Team, Consultative Group to Assist the Poor (CGAP)
George Ben SIJE, Assistant Manager (NPS Oversight & Policy), the Bank of Tanzania
Cong WU, Deputy Dean, National Academy of Development and Strategy, RUC

18:30-21:30
Welcome Dinner (by invitation only) Master of the Ceremonies:
Duoguang BEI, Co-Chair & President, CAFI

Welcome Remark:
Hon. Xiaoling WU, Member of the Standing Committee & Vice Chair of the Financial and Economic Affairs Committee, National People’s Congress of the People’s Republic of China
08:00-08:50
Registration
09:00-09:30
Opening Ceremony Chaired by:
Duoguang BEI, Co-Chair & President, CAFI

Opening Remark:
Guangwei PAN, Secretary of Party Committee, China Banking Association

09:30-10:00
Keynote Speech Gang YI, Deputy Secretary of the CPC Committee and Deputy Governor, the People’s Bank of China

10:00-12:00
Dongke ZHANG, Vice Chairman, The Shanghai Stock Exchange
Sir Sherard COWPER-COLES, KCMG LVO, Chairman, UK Financial Inclusion Commission; Group Head of Government Affairs, HSBC Holdings; Executive Director, Council, CAFI
Xiaoqiu WU, Vice President, Renmin University of China
Eric JING, CEO, Ant Financial Services Group; Executive Director, CAFI
Xiaolong WANG, Chairman, Zhejiang Rural Credit Cooperatives Union
Huan CHEN, Chief Strategy Officer, CreditEase
Robert LIVINGSTON, Senior Vice President, Visa Inc.

12:00-14:00
Lunch
14:00-15:30
Parallel session Option 1- Panel I: The “Visible Hand” in Financial Inclusion
Central and local governments are providing generous fiscal and monetary stimuli in order to boost financial inclusion in China. Against this backdrop, this session is intended to: clarify where to draw the dividing line between government and market so as to nurture the market forces in financial inclusion; and debate on how government could adopt a scientific and holistic approach in policy making and switch from selective to functional policy regime.

Moderator:
Jun WANG, Adjunct Professor of Finance & Director of CEIBS-World Bank China Center for Inclusive Finance, China Europe International Business School (CEIBS); Academic Advisor, CAFI

Speakers:
Xiaoxia SUN, former Director General, Finance Department, the Ministry of Finance of the People’s Republic of China
Wenjian YU, Director-General, Financial Consumer Protection Bureau, The People’s Bank of China
Xin FANG, Vice President, Chengdu Branch, The People’s Bank of China
Qiang QU, Professor, School of Finance, Renmin University of China

Option 2 – Panel II: The Challenges of Inclusive Finance to Conventional Finance
Financial inclusion is in full swing in China. Small and medium-sized banks continue to make their services more accessible at the grassroots level. While rural credit cooperatives and rural commercial banks are accelerating the introduction of technical means to improve their services, leveraging their comparative advantages, large banks and even mega banks are setting off a new boom of financial inclusion competition marked by the establishment of financial inclusion divisions. In the insurance sector, several insurers are ready to embrace the blue ocean that is financial inclusion. There is also encouraging news in the securities sector. More than a few securities companies have been involved in the issuance of bonds earmarked for poverty alleviation. Non-listed companies in poverty-stricken areas are eligible for IPO green channel. In the non-bank or even non-financial credit sector, micro-lending companies are gradually arising from the ashes, striving to rebrand and reposition themselves. Whether legacy financial institutions can provide inclusive services in a commercially viable and socially responsible manner, however, is not merely a technical or commercial issue but necessitates nothing short of a complete reconstruction of a bank’s governance, strategy, corporate culture, organizational behavior, incentive mechanism, and management system and process. How could banks successfully tackle such daunting challenges?

Moderator:
Yudong YAO, Secretary-General, China Forum on Development of Small and Medium-Sized Banks

Speaker:
Xiaochun LIU, Deputy Party Secretary, Vice Chairman & President, China Zheshang Bank Co., Ltd.

Panelists:
Gengqiang ZHOU, Deputy Secretary-General, China Banking Association
Qingfeng MENG, Co-Founder & Chief Strategy Officer, CreditEx Fintech
Michael CHU, Senior Lecturer of Business Administration, Harvard Business School; Academic Advisor, CAFI
David PORTEOUS, Chairman, Digital Frontiers Institute
Helmut GROSSMANN, Chief Advisor, International Advisory Service, Frankfurt School of Finance and Management (FS)

Option 3 – Case Discussion: The Local, Exotic, and Sophisticated: Three Cases on the Transformation of China MCCs
In the aftermath of a period of savage growth and its ensuing hangover, micro-credit companies, a force to be reckoned with in China’s inclusive finance arena, are outgrowing their turbulent adolescence and the successful ones are striving to drive growth through differentiation and adoption of state-of-the-art digital technologies. In this session, three micro-credit companies, Dongfang Huimin, which transformed itself from a not-for-profit women’s microfinance cooperative into a for-profit micro-lending company, Chutian, which is expecting IPO in US, and Haier Money, the micro-lending subsidiary of the global home appliances giant, which is honing its cutting-edge in supply chain finance through sophisticated digital technologies, are sharing stories of their exciting journeys.

Moderator:
Xuemei BAI, Vice President & Secretary-General, China Micro-Credit Companies Association

Speakers:
Zhipu LONG, Chairman, Ningxia Dongfang Huimin Microfinance Corporation (Corporate Member, China Microcredit Companies Association)
Chuanguo WANG, General Manager, Chongqing Haier Micro Finance Company (Vice-Presidency Corporate Member, China Microcredit Companies Association)
Qizhi WEI, Director & General Manager, Hubei Chutian Microfinance Co., Ltd. (Vice-Presidency Corporate Member, China Microcredit Companies Association)

Panelists:
Kun YAN, Secretary of the Party Committee and Deputy Director, Rural Development Institute, the Chinese Academy of Social Sciences
Fangfang JIANG, Senior Operations Officer, China Inclusive Finance Program, International Finance Corporation (IFC)
Xinmin TANG, President, Ideal International Holding Group; General Manager & Director, Zhejiang Ideal Small Loan Co., Ltd.
Steven YING, Managing Partner, High Impact Capital Advisors

15:30-16:00
Coffee Break
16:00-17:30
Parallel session Option 4 – Panel III: Responsible Finance: The Boundary of Financial Innovation
For the emerging digital financial services providers and legacy financial institutions alike, responsible finance defines the boundary of financial innovation. The Principle 5 of G20 High-Level Principles for Digital Financial Inclusion calls for the establishing of “responsible digital financial practices to protect the consumer” and this is particularly critical to those without adequate financial literacy or resources to absorb loss. In this context, how could legislation, supervision and self-regulation join force to promote responsible finance?

Moderator:
Min JI, Deputy Director General, Research Bureau, the People’s Bank of China

Speakers:
Jinpu JIAO, Chairman, Shanghai Gold Exchange
Lianghuai LI, Deputy Secretary-General, All China Youth League of the Financial Services Industry
Long CHEN, Chief Strategy Officer, Ant Financial Services Group
Elisabeth RHYNE, Managing Director, Center for Financial Inclusion at ACCION; Academic Advisor, CAFI
Greta BULL, CEO, Consultative Group to Assist the Poor (CGAP); Director, The World Bank Group

Option 5 – Panel IV:Innovative Regulatory Approach
Promoting financial inclusion also poses challenges to financial regulators, who need to design sensible prudential regulatory rules that will in effect incentivize financial institutions. Also, as Fintech firms and other non-traditional players are making inroads into financial services sector, regulators also need to consider whether and how to include those kids on the block into the prudential regulatory regime. They also need to learn new tricks such as RegTech or sandbox. Ideally, an effective regulatory regime should strike a delicate balance between safeguarding financial stability and encouraging innovations, leaving no space for regulatory competition, regulatory arbitrage, or regulatory capture. But is such a mandate a mission impossible in the digital era?

Moderator:
Dong YANG, Professor & Associate Dean, Renmin University Law School

Speakers:
Jun WANG, Adjunct Professor of Finance & Director of CEIBS-World Bank China Center for Inclusive Finance, China Europe International Business School (CEIBS); Academic Advisor, CAFI
Ping LUO, Senior Research Fellow, National Institution for Finance and Development
Peng LIU, Division Chief, Prudential Regulation Bureau, China Banking Regulatory Commission
Stephen RASMUSSEN, Head, Inclusive Markets Team, Consultative Group to Assist the Poor (CGAP)
Bin HU, Deputy Director, Institute of Finance and Banking, Chinese Academy of Social Science

Option 6 – Panel V: China’s Sandbox: Lankao National FI Experimental Zone
In Dec. 2016 the State Council approved the County of Lankao as the nation’s first financial inclusion pilot zone. The mission of this program, according to the official communique, is to build Lankao into “a reform pilot zone, innovation demonstration zone, and safe operation zone” so as to explore sustainable, reproducible and replicable ways for financial inclusion in poverty-stricken regions in China and beyond. What achievements has the experimental zone made in the past nine months and what are challenges ahead?

Moderator:
Tim LIU, Executive Director & Senior Research Fellow, CAFI

Guest Speakers:
Nuojin XU, President, Zhengzhou Central Sub-Branch, The People’s Bank of China
Yantao WANG, Deputy Chief Executive, County of Lankao
Peter WANG, Head of Financial Inclusion and Education, Visa China
Yan LI, Secretary-General of the Council & Director, CAFI; Professor of Finance, School of Business, Renmin University of China

08:00-08:50
Registration
09:00-10:10
Panel VI: Digital Divide to Digital Dividend This session focus on how effective capacity building initiatives will help improve public’s, especially traditionally disenfranchised population’s, financial literacy and digital literacy so that digital divide will be bridged and digital dividend materialized.

Chaired by:
Jinchang LAI, Principal Operations Officer and the Lead for Financial Infrastructure, Finance and Markets, East Asia and Pacific Region, World Bank Group

Speakers:
Zhen HUANG, Director, Finance Law Institute, Central University of Finance and Economics; Founder, Internet Finance Club 1000
Tao YANG, Assistant Director, Institute of Finance & Banking, Chinese Academy of Social Science
Xiaojing YANG, Director of Tencent Securities Product; Distinguished Expert of Beijing
David PORTEOUS, Chairman, Digital Frontiers Institute
Greta BULL, Chief Executive Officer, Consultative Group to Assist the Poor (CGAP); Director, The World Bank Group

10:10-10:30
Coffee Break
10:30-10:40
Launch of the Report: Development of Financial Inclusion in China 2017 (Green Paper) Moderator:
Yan LI, Secretary-General of the Council & Director, CAFI; Professor of Finance, School of Business, Renmin University of China

10:40-12:00
Plenary Session - Digitization: A New Era of Capacity Building Chaired by:
Duoguang BEI, Co-chair and President, CAFI at RUC

Keynote:
Shuchun LU, Secretary-General, National Internet Finance Association of China

Guest Speakers:
Jiangtao YAO, Chairman, Avic Trust Co., Ltd.
Ling XU, Vice President, JD Finance
Hans Dellien, Agrifinance Specialist, Asia Pacific, International Finance Corporation (IFC)
Michael CHU, Senior Lecturer of Business Administration, Harvard Business School; Academic Advisor, CAFI

14:00-16:00
The 2nd Council Meeting of CAFI(Closed Door) Featured Presentation:
Elisabeth RHYNE, Managing Director, Center for Financial Inclusion at ACCION; Academic Advisor, CAFI
Advocacy for Financial Inclusion by Think Tanks

Relevant Report

Digital Technology Boosts China’s Inclusive Finance Strategy

2017-09-21 Digital technology has given Chinese people previously shut out of the banking system access to financial services, and will improve the ability of farmers, small businesses and individuals to get loans and make investments online, Xu Zhong, head of the research bureau at the People’s Bank of China, said Thursday.

China’s Banks Cannot Achieve Financial Inclusion Alone, Think Tank Chief Says

2017-09-25 (Beijing) — To achieve financial inclusion in China, a competitive and sustainable microloan market is more important than simply offering loans at lower rates or to provide lending to borrowers shunned by banks, the head of a local think tank said.
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