The Research On Contemporary Inclusive Finance Theory And Related Countermeasures In China

In recent years, with the gap between the rich and the poor becoming bigger and the social contradiction becoming more acute, the international society is more and more emphasized to realize the inclusive growth. Inclusive growth is based on the fair availability of resources. From the general attribute of finance, finance itself is a kind of resource, a kind of strategic scarce resource. In order to achieve social fairness, financial resources should be allocated fairly. On the other hand, from the special attribute of finance, finance is not only a kind of strategic scarce resource, but also a allocation method. Finance can allocate all other resources by deploying their own resources. The allocation of financial resources is fair or not, directly related to the fair allocation of the other economic and social resources. Especially in modern society, finance is the core of the economy, the acquisition of financial resources can build the foundation for each person or every enterprise to achieve its vigorous development and true potential. Therefore, no matter from the general attribute or from the special attribute, financial originally should be inclusive; each individual should enjoy equal access to financial resources, so as to realize fair distribution of the resources, to effectively realize the social fairness.At present, given the definition and comprehension of inclusive finance at home and abroad is in utter disorder, this paper clearly points out that the finance has always been or should be inclusive, from the origin of financial history or the nature of finance. In the development of modern market economy, subject to the influence of various factors, finance gradually alienated as a financial technology, purely for the sake of profit. As a result, the inequality in the allocation of financial resources is more and more serious, and social wealth gap is widening, then, inclusive finance is proposed as the return of financial alienation. On this basis, the definition of inclusive finance is redefined, so as to reach a consensus on inclusive finance. Based on the unified definition of inclusive finance, this paper attempts to build a theoretical framework of inclusive finance, from the definition of inclusive finance, basic characteristics, supply and demand analysis, to system framework. Then, according to international general rules and the economic and financial development status in China, the paper establishes a reasonable and effective inclusive finance index system, and uses the index system on different regions, to analysis and measure inclusive finance development level, points out the advantages and disadvantages. In this analysis framework, the paper focuses on the status, problems and constraints of inclusive finance development in China, and put forward the policy recommendations on inclusive finance development.The innovation of this paper lies in:(1)This paper reviews the current definitions of financial inclusion and several wrong understandings. From the historical and cultural perspective, this paper redefines the concept of financial inclusion, puts forward and answer what inclusive finance is, what the first name (the values) is, why finance generates (the highest purpose), whom financial should serve for (the final goal) and other essential core problems, so as to guide, lead, practice and realize the development of inclusive finance. (2)In order to offer a solid theoretical basis for the development of inclusive finance, this paper points out that finance has always been or should be inclusive, from the origin and the nature of the finance, but the capitalization of capital leads to the alienation of finance, inclusive finance is the return of alienation.(3) Considering the territory of China is vast, the gap of economic development in different regions is huge, and the financial development is not balanced. The paper measures the inclusive finance development level on China’s 32 provinces (autonomous regions and municipalities directly under the central government),through building Chinese inclusive finance evaluation index system, aiming to find out the region gap and reasons, providing the reference for the next execution of differentiated supervision policy.At present, the theoretical research and practice of inclusive finance has just started. This is only a preliminary discussion on the basic connotation, theoretical basis, theoretical framework and practical development. There is not in-depth analysis on a certain topic. In quantitative analysis, because of the data of inclusive finance in our country is very few, inclusive finance evaluation index has the space for further improvement; the evaluation of the provinces (autonomous regions and municipalities directly under the central government) may be biased, hoping to be improved in future studies.