Research On The Legal Issues Of Financial Inclusion

Inclusive development has gradually become one of economic development pattern which many countries raised. In the field of international finance, the concept of financial inclusion gets more attention from countries, international organizations, scholars and researchers. The international cooperation of financial inclusion has obtained certain achievement and promotes financial reform of relevant countries. In view of this, this dissertation attempts to explore the legal theoretical issues on financial inclusion.This dissertation consists of five chapters except the introduction and the epilogue, and the dissertation is organized as follows:Chapter I makes a systematical analyze of the origin and development of financial inclusion to give the notion from three key dimensions which are access to financial services, usage of services and quality of products and delivery. The extensional definition of financial inclusion concludes two levels which are demand-supply relationship and the relationship of supervision and management. According the intension and extension of financial inclusion, it is not only different from the early notions such as microcredit and microfinance but also a developing concept with its connotation increasingly enriched. The concept of financial inclusion with the international trend of inclusive development has practical significance.Chapter ? discusses legal problems of financial inclusion deeply. First, fairness and justice is the core value of financial inclusion. The goal of financial inclusion works with a high degree of consistency of economic and social sustainable development. Secondly, the rights of financial inclusion legal system always coincide with the Right to Survival and Development. The foundation of rights consequently makes the concept of financial inclusion widely recognized in the international community practice. Thirdly, when the financial consumer or the financial service providers make any illegal act, they should take responsibility. The financial service providers should demonstrate social responsibility and social purpose due to the vulnerable financial consumers. In order to ensure the good order and the freedom of financial market, the principle of statutory responsibility is the primary principle among the regulation relationship.Chapter ? investigates the subject of financial inclusion comprehensively. The subject could be divided into three categories, namely financial consumer, financial service providers and regulators. Firstly, the scope of financial consumer reflects the inclusiveness. The extension of financial consumers should be extended in addition of legal person and other organization. Secondly, the scope of financial service providers reflects the inclusiveness. According to the reality of financial market, the financial service providers should be divided into formal financial service providers and the informal ones. At present, how to regulate and define its legal status of the informal financial services providers is a common problem in most developing countries. Thirdly, the diversification of regulators reflects the inclusiveness. The government regulators and the non-government supervision organizations should be well coordinated together to achieve inclusive and transparency. It reflects inclusiveness, openness and transparency.Chapter ? mainly describes the principles and the legal measures of financial inclusion. As results of the analysis the five basic principles could be refined as the principle of market diversity under the guidance of the state, the applicable principle on sale of financial product, the special protection of financial consumers, the principle of risk control under supervision and the principle of international cooperation and communication. In recent years the national legislative practice mainly to promote legal reform in financial services for small and medium enterprises and financial consumer protection. There are three main content of the legal system of financial inclusion. Firstly, measures to promote the allocation of financial resources fairly. Secondly, measures to improve the access of financial services. Thirdly, measures to improve financial capability and protection of financial consumer.Chapter V explicitly explores some suggestions which are necessary for China to participate in the reform of the legal system of financial inclusion. At the beginning, the research studies the practical problems restricting financial inclusion in our country, including financial services in rural areas, small-micro businesses financing and financial consumer protection. In recent years, to be sure, China's legislation reform has made certain achievements. At the same time, the legal system of financial inclusion in China is still need to improve. This paper suggests to improving the framework of the financial inclusion legal system and national policy guidance, and innovation and diversity of financial services should be adapted to country contexts. Then we also should paid more attention on the protection of financial consumer.