Inclusive Finance

The Bank proactively implements the decisions and deployments made by the Party and the government, conscientiously carries out regulatory policy requirements, regards the development of inclusive finance as a strategic priority across the Bank, establishes an inclusive finance management structure under which the Board of Directors is responsible for strategic planning, and the executive management for implementation. As of the end of 2023, the balance of inclusive loans to micro and small businesses was 545.076 billion yuan, an increase of 99.084 billion yuan from the end of the previous year, 14.22 percentage points higher than the growth of all other loans. The number of customers with loan balances was 283,600, an increase of 53,600 from the end of the previous year.

The top-level planning has been strengthened. The Board of Directors specifies that the Strategic Development Committee is responsible for reviewing development and operating plans of inclusive finance regularly or irregularly, listening to special reports on the development and work plans of inclusive finance, guiding the development of inclusive finance. An Inclusive Finance and Rural Revitalization Leading Group is established with the Party Secretary as the group leader, tasked with coordinating the overall planning and leading the business development. An Inclusive Finance Task Force consisting of members from multiple departments is set up under the Leading Group, responsible for coordinating and accelerating policy implementation and business development.

We have improved organizational structure. The Bank continues to improve the specialized institutional mechanisms with a core emphasis on the "six unifications at head office and four centralizations at branches". These efforts speed up the building of professional teams, and enhance the level of professional services.

We have strengthened assessment and incentives. The Bank develops separate inclusive credit plans for micro and small enterprises and breaks them down to its first-tier branches. It maintains a weight of 10% or more for inclusive finance indicators in the comprehensive performance assessment at branches, fully mobilizing the enthusiasm of branches by allocating special rewards, expenses, and subsidies.

We have improved fee reductions and concessions. The Bank strengthens the public disclosure of service items and prices, strictly implements regulatory requirements such as the "Seven Prohibitions" for loans, the "Four Disclosures" for service charges, and the "Two Prohibitions and Two Restrictions" for charges, proactively carries out the "Four Prohibitions" instead of the "Two Prohibitions and Two Restrictions", proactively reduces service fees for micro and small businesses and individually-owned businesses, lowers refinancing costs, and alleviates the financial burden on micro and small businesses.

We have implemented the principle of liability exemption with due diligence. The Bank continues to improve the management system of due diligence and liability exemption, specifies the requirements for tolerance of non-performing loans, and diligently implements the due diligence and liability exemption rules in accordance with the principle of "exemption wherever due" and the negative list.

We have improved online services. The Bank continuously improves online channels such as mobile banking, online banking, and WeChat banking. It enriches its product offerings on the corporate online banking platform, and effectively enhances user experience and service efficiency with its "CITIC Intelligence" mini-program.

We have enriched specialty products. The Bank continuously improves the innovative pilot field mechanism for inclusive finance, upgrades its intelligent credit factory for product research and development, enhances the efficiency of product and service innovation, and diversifies and improves the standardized product system of "CITIC e-Loan," which comprises more than 20 products such as "Sci-tech Innovation e-Loan, Order e-Loan, Distribution e-Loan, Commercial Bill e-Loan, Mortgage e-Loan", and etc.