Growing With Pain: Digital Financial Inclusion in China
Active users of digital financial inclusion (DFI) have reached almost 1 billion in China. Due to various socioeconomic factors or personal reasons such as lack of financial literacy, however, DFI has yet to achieve universal coverage. A significant portion of the low- and medium-income population has yet to benefit from digital finance but has to resort to a hybrid of traditional and digital means to access financial services and still some people have no access to any financial service at all.
This report introduces the current industry status, accomplishments and challenges, regulatory efforts and future outlook for each of the five elements of DFI, namely internet financing, digital credit service, digital payment, digital wealth management and digital insurance.
