CBIRC Urges Banking and Insurance Sectors to Effectively Serve Rural Revitalization and Help Fight the Tough Battle of Poverty Alleviation

The General Office of the China Banking and Insurance Regulatory Commission ("CBIRC") has recently issued the Circular on Ensuring Effective Work in the Banking and Insurance Sectors in 2019 on Serving the Rural Revitalization and Giving Aid to the Tough Battle of Poverty Alleviation (the "Circular").

The Circular calls for efforts to: 1. clarify the assessment requirements for the growth rate of and the increase in inclusive agriculture-related loans and loans for the targeted poverty alleviation; 2. optimize the financial supply mechanism for serving the rural revitalization and winning the tough battle of poverty alleviation; 3. strengthen the integration of measures taken by the banking and insurance sectors and delivering basic financial services on a wider scale and of better quality; 4. give full play to the role of insurance in covering risks; and 5. work effectively on providing financial services for special groups and stepping up innovations in products and services. In particular, the Circular expressly states that, rural services offered by banking and insurance institutions will be better integrated through making joint efforts in service channels and other aspects and offering basic financial services more conveniently and effectively; additionally, the examination procedures for the establishment of simplified banking and insurance outlets in villages and towns without access to banking and insurance services will be streamlined to boost the efficiency of the examination process; and moreover, the coverage of basic financial services will be expanded in a scientific and reasonable manner.



(Source: http://www.cbrc.gov.cn/govView_51E59978689040638B2C5E70FC9AE440.html)

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