Authors: Xu Duoqi, Cai Qihan
Abstract: China has made remarkable progress in the development of inclusive finance over the past decade. The government has further proposed the goal of building a “high-quality inclusive finance system.” At present, the development of inclusive finance in China remains primarily policy-driven and faces legal challenges, such as difficulties in achieving systemic empowerment of financial consumers and unclear delineation of responsibilities between the government and financial institutions.From the perspective of regulatory space, regulatory resources for inclusive finance are distributed among multiple actors, including the central government, local governments, various financial institutions, and communities. To advance inclusive finance, the government should adopt a collaborative governance approach.This involves integrating inclusive finance objectives into the organizational structures of financial institutions through meta-regulation and embedded institutional design, thereby empowering these institutions to expand the depth and reach of financial services through community-based and digital approaches. Meanwhile, financial regulation remains the structural cornerstone of collaborative governance in the field of inclusive finance. The concept of inclusive-prudential regulation should be integrated into micro-prudential, macro-prudential, and conduct regulation frameworks.
Keywords: financial inclusion; regulatory space; collaborative governance; inclusive-prudential regulation
Journal：Social Sciences International (CSSCI), (5).
Publish date：2025/9/15
