| The breakout of the international financial crisis makes peoplemore aware of the imbalances and unsustainability of the internationalfinancial system. Linked to the domestic situation, the banks mainlyprovide services for the large-scale enterprises, and it has become along-term problem that the SMEs(small and medium enterprise) aredifficult to attain loans, and the cities and the economically developedeastern areas have become the center of the financial resources，and thefinancial institutions and funds are outflowing from the rural areas andthe western region to the cities and the eastern regions. The rural areaand the western area have become a desert on financial services,and thepoor and other vulnerable groups are excluded out from the financialsystem. Just as the international case, the domestic financial system isalso seriously imbalanceable. The traditional financial system shows thefinancial dual structure, with hiatus in provising financial services toSMEs, the rural areas, the western underdeveloped areas, and the poorpeople, because of its inherent defects. Dual structures widely exist inthe existing financial system. The more financial supports are needed,the more difficult financial services can be obtained.Several phenomena coexist: the liquidity of the banks is abundant,trying to find a way out; there are too concentrated, even super-saturated,with financial resources in the developed countries, the developed areas,the cities, the large enterprises, and the rich, that hot money floods;while the developing countries, the economically backward areas, therural areas, the SMEs, and the poor are discriminated by the financialsystem, with their financial demand vigorous and their financial supplyinsufficient. Banks and other financial institutions are unsustainable,with the narrow market space and the weak growth, due to inadequateattention to these markets. Through the reflections of the traditionalfinance and its development difficulties, this dissertation argues that,the financial development should benefit all populations universally, letall financial needs have equal accesses to financial services, change the financial dual structure, and develop the inclusive finance.Inclusive finance is a new concept，whichis officially presentedfor the first time in the "Microcredit" campaign in2005by the UnitedNations. It is a concept extending out from the concept of microfinance.As we know in the relationship of the finance and the economics, theeconomic backwardness leads to the lag-behind development of the finance,and the lack of funds is usually the most important factor constraintingthe economic development of the backward regions, and the lag-behinddevelopment of the finance in turn worse the poor economic situation inthe backward areas, of the poor. The two reinforce each other, forminga vicious cycle.To solve this dilemma, it is needed to develop the loans and otherfinancial services in these places first. So，the microfinance results.Inclusive finance is the development and evolvement of the microfinance.It concerns the way to provide the financial services from the view ofthe whole financial system. It diversified financial supply to make allthe financial needs have equal accesses to financial services, embodyingthe thinking that financial rights are human rights.Since inclusive finance is a new proposed concept, there is not awidely accepted and authoritative definition. Based on the aboveunderstanding, combined with the financial discrimination of thefinancial dual structure, in the first part of this dissertation, theconcept of inclusive finance is put forward, its characters are analyzed,five pairs of relations (between the finance in the developing countriesand the finance in the developed countries, between the finance in theunderdeveloped areas and the finance in the developed areas, between ruralfinance and urban finance, between the financial services for SMEs andfor the large-scale enterprises, and between the financial services forthe poor and for the rich) are taken as the analysis dimensions of theinclusive finance, and the relevant theories and research results aresummarized from the perspective of the literature.In the second part, many practice cases of the inclusive financeaboard and at home are teased,such as Grameen Bank in Bangladesh, Bank Rakyat Indonesia, Bancosol in Bolivia, ACLEDA Bank in Cambodia, pro-pooreconomic cooperatives in Yixian, rural commercial banks in Shouguang, themicrofinance projects in Dingxi. Then the development histories of thesebanks are briefly reviewed, the operational mode and characteristics aresummed up,and ways to develop the inclusive finance in China are exploredfrom both positive and negative experiences.In the third part, the hiatus of traditional finance and its impactare analyzed from the five dimensions. Then the financial dual structureis related with the inclusive finance, and the necessity to develop theinclusive finance is conclused from the unsustainability of thetraditional finance.In fourth part, the formation path of the inclusive finance isdivided into two: the transformation of the traditional finance and theinnovation of the rising finance. The transformation of the commercialbanks, policy banks, cooperative financial institutions, and thedevelopment of small loan companies, rural banks, community banks andother rising financial institutions are analyzed one by one.In the fifth part, the inclusive finance is analyzed from theaspects of both financial demand and the financial supply. The subjectsand the characters of the inclusive finance supply and demand areinvestigated, thereby mathematical models are builded, and thus the curveindifference curves of the expectation and of the expected revenue of theinclusive finance are raised, and the equilibrium model of the inclusivefinance with credit rationing is obtained.According to the above analysis, in the last part of thedissertation, the policy recommendations are presented to develop theinclusive finance in China, from four dimensions: system, market,subjects, and instruments. System construction mainly includes speedingup construction of the credit system, perfecting the inclusive financialregulatory system, and increasding efforts to support inclusive financelaw. Market construction mainly includes strengthening the inclusivefinancial infrastructure construction, promoting the marketization ofthe interest rate, and improving the credit guarantee mechanism. Subjects construction mainly includes accelerating transformation of thetraditional financial institutions, developing the rising inclusivefinancial institutions, and perfecting the inclusive financial system ofdirect financing. Instruments construction mainly includes innovatingcredit products, developing the inclusive financial insurance, andoffering a variety of integrated financial services.There are three main innovations in the dissertation. The first,the common problem is found from the difficulty in SME financing, thehiatus of rural financial services, the lag-behind financial developmentin underdeveloped areas, the unreasonable international financial system,and financial exclusion suffered by the poor. It is that the traditionalfinance is non-inclusive, and the financial dual structure widely existsin the financial system. The second, combined with the reflection on thehiatus of the traditional finance, the concept of inclusive finance isproposed, its five characteristics, five analysis dimensions, and twoformation paths are researched. The last, based on the summary of theresearches and practice achievements aboard and at home on inclusivefinance, the inclusive financial models are builded from the perspectiveof supply and demand analysis, and the policy recommendations to developthe inclusive finance in China are put forward. |
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