China vows more inclusive financial services

BEIJING - The State Council, China's cabinet, has promised to make banking and lending services more accessible to ordinary people, especially in remote areas.

It has tasked the People's Bank of China and the China Banking Regulatory Commission with organizing affordable, convenient and safe financial services for farmers, small business owners, urbanites with low incomes, the disabled and old people.

China will build more banks in the countryside, reduce the cost of banking and encourage innovation in financial products, according to the 2016-2020 Plan on the Development of Inclusive Finance released by the State Council on Friday.

The plan stresses the importance of risk control and says supervision of banks should be a top priority.