China Fuels Global Advances in Financial Access

China Fuels Global Advances in Financial Access

By The Consultative Group to Assist the Poor (CGAP)
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China's improved standing in financial access @MetLife Foundation's Multipliers of Prosperity #FinancialInclusion

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Wednesday, December 23, 2015 - 1:25pm

CAMPAIGN: Financial Inclusion

CONTENT: Article

Presented by MetLife Foundation in collaboration with WSJ. Custom Studios, Multipliers of Prosperity takes a look globally at the challenges we face in confronting the issues of financial inclusion. The program dives deep into what’s working, questions what isn’t and finds the possible fixes. Most importantly, the program chronicles the triumphs of people who have taken the steps toward financial stability and the providers who have helped them reach those goals. We explore how financial stability is created, the kind of finance models that have succeeded, and innovative new channels and technology that make for smart solutions.

A new World Bank study underscores China’s role as a key driver for improved financial access worldwide, especially among low-income and rural populations.

The Bank’s latest Global Findex found that the number of unbanked adults worldwide dropped from 2.5 billion to 2 billion between 2011 and 2014—with China accounting for 180 million of these new account holders. Nearly eight in 10 adults (79 percent) in China now have a bank account, a 15 percent rise from the 2011 Findex. China is also quickly closing the gap with high-income countries—members of the Organisation for Economic Co-operation and Development (OECD), in particular—where 94 percent of adults have bank accounts compared with 53 percent in developing countries.

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