Financial services grow more inclusive

China has made notable progress in expanding inclusive financial services through technological integration, the nation's top banking and insurance regulatory body said on Tuesday.

Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission, said at a news conference that according to reports by international organizations, China's level of inclusive financial services has met advanced global standards, while the country's capacity in electronic payments, digital credit and online insurance services is taking a leading role worldwide.

He said in 2020, the investment made by banks and insurance companies into information technology has totaled 207.8 billion yuan and 35.1 billion yuan respectively, growing 20 percent and 27 percent year-on-year. All five major banks have established their own fintech companies, and financial services have been made all the more accessible to clients.