China’s fintech innovation boosts real economy

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China's fintech innovation boosts real economy

The 2021 Annual Conference of Financial Street Forum, which concluded in Beijing on Friday, highlighted the importance of fintech innovation to serving the high-quality development of the real economy through more convenient and inclusive financing.

“Now, thanks to tailor-made applications developed by banks, small and micro enterprises are able to obtain financing more easily, unlike in the past when it took up to a month for banks to conduct credit reviews. This is a typical practice of inclusive financing that could better serve the real economy,” said Ji Zhihong, vice-president of China Construction Bank, at the forum.

Participants of the three-day event have reached a consensus that the financial sector should meet the more diversified financial demands of the people and the real economy through technological innovation and digital transformation.

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