People's Republic of China Financial Sector Assessment Program : Financial Inclusion
China has made significant progress in financial inclusion. High levels of account penetration, savings, and usage of payments services have been achieved, largely due to extensive branches and access points (particularly a vast network of rural ca...
| Main Authors: | , |
|---|---|
| Format: | Report |
| Language: | English |
| Published: |
World Bank, Washington, DC
2018
|
| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/380391529937893426/China-Financial-sector-assessment-program-financial-inclusion-technical-note http://hdl.handle.net/10986/30063 |
| Summary: | China has made significant progress in
financial inclusion. High levels of account penetration,
savings, and usage of payments services have been achieved,
largely due to extensive branches and access points
(particularly a vast network of rural cash withdrawal
points), innovations by non-bank payment providers, and
expansion of government-to-person transfers and bankcard
programs. Account penetration in China is quite high, with
estimates ranging from over 80 to 90 percent, which compares
well to the EAP regional average but is lower than the
high-income country average. The rapid growth in fintech has
led to millions of previously underserved mass retail
consumers accessing lower cost and better tailored financial
products and services. |
|---|