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Empowering Rural Revitalization through Fintech Development



The year 2022 is key for China to fully implement the rural revitalization strategy. China’s Central Rural Work Conference called for strengthened focus on promoting rural industrial development and advanced integration of rural industries. In September 2020, Visa and the Development Research Center (DRC) of the State Council launched joint research on “Empowering rural revitalization in China through fintech development”. The purpose of this paper is to explain key research findings and provide policy recommendations by DRC, with case studies from Visa as supplemental materials. The research shows that finance is an important force to promote the development of rural industries. Meaningful exploration has been carried out in many aspects and a lot of progress has been made. However, there are also areas for improvements, such as financial resources, targeted support and risk prevention capabilities. The advantages of fintech should be further leveraged to enhance accuracy in targeting financial support for rural revitalization and effectiveness of rural financial risk management. 

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