instructed that we should review the housing reform and the real estate development experiences in full scale so as to identify the broad target and tasks in the future. i think we should focus on the following aspects in studying the housing financial system : first is the products system. a variety of financial products should be developed to serve different purposes and customers. currently, we don ’ t have such housing financial products that are targeted at special groups of people in the society, such as low - income families and entry - level staffs. even in commercial housing financial field, bank loans are the major products, so risks are excessively concentrated in the banking sector. we should promote housing financial products innovation to ward off risks. second is the market system. housing financial market should consist of different layers, including not only the indirect credit market, but also direct financing market which provides both direct financial instruments and marketplace to defuse relevant risks, such as credit maturity mismatch and liquidity problems. development of the housing financing should also rely on the development of the capital market and money market. third is the organization system. housing financial market should comprise not only financial institutions providing direct financing to the customers, but also institutions that involve in housing construction, trading and consumption such as the property appraisal agencies, loan insurance ( guarantee ) institutions, accounting offices, law offices and rating institutions etc. iii. research should be conducted down to the earth to formulate a proper development blueprint. both academics and governments have made great efforts to improve china ’ s housing financial system by studying international experiences, with some policies achieving good results while others entailing further studies. starting in 2003, the pbc has focused on resolving the strategic issues of housing financial development and communicated with the ministry of construction, the china banking regulatory commission and have reached important consensus. in 2005, the pbc began to cooperate with the world bank in relevant research and study program aimed to learn from the mature experiences of other countries. this seminar represents a further endeavor in this direction. i would like to give my personal views about the comprehensive research project : first, we must learn the essence of other countries ’ experiences, not only the surface. attention should be paid to successful experiences and failure lessons. the housing financial system of china and development strategy should be designed through summarizing experiences and exploring the embedded rules. second, chinese social, financial and economic situation should be fully considered and market development principles should be observed when mapping out our housing financial system and the development

meetings and perhaps even hold on - the - spot conciliation meetings for complaint redressal. ultimately, responsible borrowing facilitated by financial literacy and responsible lending by financial institutions are essential for consumer protection and financial stability. summing - up 30. financial inclusion primarily represents access to a bank account backed by deposit insurance, access to affordable credit and the payments system. the indian experience demonstrates that financial inclusion can work within the framework of mainstream banking within a sound regulatory framework. regulations have been used to facilitate financial inclusion without subventions or compromising on prudential and financial integrity norms. regulations have been proportional to the risks. innovative solutions like shg bank linkage, branchless banking have been adopted after careful assessment of risks to the banks as also to customers. the preference has been to restrict deposit taking to banks and non - bank financial companies are encouraged to focus on innovative approaches to lending under a lighter regulatory framework, with additional regulations for systemically important nbfcs entities. non - banking non - financial players are encouraged to be partners and agents of banks rather than principal providers of financial services. fair and transparent code of conduct enforced through an effective grievance redressal system and facilitated by financial literacy and education are the cornerstones for ensuring consumer protection which is an overarching objective of financial regulation in the context of financial inclusion thank you.