(Originally published on 09/11/2015)

An international forum was held today in Beijing to discuss internet finance regulatory policies and share innovative practices, in China and around the world. The event was jointly hosted by the United Nations Development Programme (UNDP), the China International Center for Economic and Technical Exchange (CICETE) and the China Association of Microfinance and Huizhong Wealth Management.

“Accelerating financial inclusion is a priority for poverty alleviation globally. Internet finance is a useful tool that can make a huge difference,” said Mr. Patrick Haverman, UNDP Deputy Country Director. “Today, the nternet has made it possible to enlarge scale and reduce costs for financial inclusion, through platforms such as P2P lending and mobile banking,” he added. 

The Internet Finance (P2P Lending) Innovation Forum was attended by representatives from the People's Bank of China (PBOC), the China Banking Regulatory Commission (CBRC), the State Council Development Research Center, regional financial offices, international organizations, and internet finance companies.

This event was part of UNDP and CICETE’s Building Inclusive Financial System in China programme. In addition to organizing platforms for knowledge exchange among internet finance stakeholders such as the Forum, the programme also plans to establish an inclusive finance research center and cooperate with the Research Department of PBOC to promote internet finance policies and practices.

During the Forum, participants discussed the newly released regulatory guidelines called Guiding Opinions on Promoting the Sustainable Development of Internet Finance, and shared different perspectives on risk management in inclusive finance and international practices. Participants also engaged in a panel discussion around challenges and new opportunities facing China’s Internet finance sector.

Funded by the Huizhong Group, the Forum provided a unique opportunity for regulatory authorities, research institutions and private sector companies to work together to achieve inclusive finance for poverty reduction.

As the first organization to introduce microfinance in China, UNDP has been working since 1994 with the Chinese government to push for inclusive finance for poverty alleviation. With 48 microfinance pilot projects in 17 provinces, the partnership has greatly contributed to the development of microfinance in China.

(Originally published on 10/16/2015)

In light of China’s announcement of the Center for International Knowledge on Development, made in September 2015 at the UN General Assembly in New York, UNDP and the Development Research Centre of the State Council (DRC) jointly signed a Memorandum of Understanding (MOU) today to begin a new strategic partnership. This partnership aims to support China in promoting its human development to achieve the Post-2015 development Agenda, Sustainable Development Goals (SDGs) and green growth, as well as enhancing China’s south-south and global cooperation. 

The signing ceremony for the MOU was held at DRC’s headquarters in Beijing, and was witnessed by Ms. Helen Clark, UNDP Administrator and Mr. Li Wei, President of the DRC. The two parties subsequently exchanged views on cooperation. Ms. Helen Clark acknowledged the partnership DRC and UNDP have maintained over the last 15 years, and DRC’s impact on China’s domestic policy. She looked forward to the outputs of the cooperation between UNDP and DRC on the 2015 China National Human Development Report, and noted her high appreciation for DRC’s vision to expand its work to international development. She expressed her view that the Silk Road Think Tank Network initiated by DRC, as well as the establishment of the Centre for International Knowledge on Development, represent excellent demonstrations of China’s new aspirations to increase and diversify the delivery of south-south and global cooperation by non-governmental stakeholders. Helen Clark noted that UNDP looks forward to partnering with China to help other developing countries achieve the SDGs.

DRC is a comprehensive policy research and consulting institution directly reporting to China’s top leadership body, the State Council. DRC and UNDP are currently jointly working to produce the 2015 China National Human Development Report, entitled ‘Social Innovation for Inclusive Human Development’, which focuses on inequality and exclusion issues. This report will aim to contribute innovative policy recommendations that can be incorporated in China’s 13th Five Year Plan and beyond.

This MOU will be a platform for the two parties to work together and with others strategically on domestic policy work, and China’s south-south, global and regional cooperation. A number of important topics were specified in the agreement, such as publishing and following-up China’s 2015 National Human Development Report, research on domestic poverty reduction and green growth, and research to support the Belt and Road Initiative. Engagement in two new institutions – the Silk Road Think Tank Network and the Centre for International Knowledge on Development – was also included in the MOU.

As an initial activity under the MOU, the Silk Road Think Tank Network will be launched in Madrid on 28-29 October, at a Forum co-hosted by DRC and the Centre for International Relations and Sustainable Development (CIRSD). UNDP will become a founding partner of the network, and Helen Clark has been invited to deliver a speech at the forum.