普惠金融发展的演进历程、理论逻辑与中国实践

The Evolution,Theoretical Logic,and Chinese Practice of Inclusive Finance Development

“普惠金融”是促进供给侧结构性改革的金融手段和“全面推进乡村振兴战略”的总抓手。基于制度变迁理论,普惠金融的发展可以分为探索发展阶段、快速发展阶段和创新性发展三个阶段。可以从生成逻辑、运行机制、驱动因素和创新发展四个维度构建普惠金融理论框架。目前,我国普惠金融政策持续发力,普惠金融发展质量不断提升,供给规模不断增长,供给结构不断优化,普惠金融重点在农村和小微企业。但也面临着普惠金融概念“混沌”导致实践偏误、城乡“三大鸿沟”导致发展不均衡、金融机构“成本—风险”约束导致供给不足、数字化潜在风险导致监管风险升级等挑战。为此,要做好普惠金融概念界定,优化农村科技、金融与教育资源配置,提升金融机构普惠金融供给意愿,完善普惠金融监管体系。

“Inclusive finance”is a financial means to promote supply-side structural reform and the overall lever for“comprehen⁃sively promoting rural revitalization strategy”.Based on the theory of institutional change,the development of inclusive finance can be divided into three stages:exploratory development stage,rapid development stage,and innovative development stage.A theoretical framework for inclusive finance can be constructed from four dimensions:generative logic,operational mechanisms,driving factors,and innovative development.At present,China’s inclusive finance policy continues to exert efforts;the quality of inclusive finance de⁃velopment continues to improve;the supply scale continues to grow;the supply structure continues to optimize;and the focus of inclu⁃sive finance is on rural areas and small and micro enterprises.However,it also faces the following challenges:the concept of inclusive finance“chaos”leads to practical errors;the“three major gaps”between urban and rural areas lead to uneven development;the“cost-risk”constraints of financial institutions lead to insufficient supply,and potential risks of digitalization lead to regulatory challenges.Therefore,we should clearly define the concept of inclusive finance,optimize the allocation of rural technology,finance and education resources,enhance the willingness of financial institutions to provide inclusive finance,and improve the supervising system of inclusive finance.