urban and rural areas. the key to implementing the rural revitalization strategy lies in securing “ thriving businesses, pleasant living environments, social etiquette and civility, effective governance and prosperity, ” which puts forward higher requirements for the depth and breadth of financial services. third, how can inclusive finance help more people from low - income groups join the middle - income groups? according to the national bureau of statistics, in 2019, the low - and lower - middle income groups in china, of which the households accounted for 40 percent of the total and amounted to a population of 610 million people, earned a monthly per capita income of nearly rmb1, 000. how to help low - income groups ( including those in both urban and rural areas ) step into middle - income groups is the key to achieving common prosperity and forming an olive - shaped social structure. the financial sector should focus on better consolidating the achievements of mass entrepreneurship and innovation, continuously supporting micro and small businesses ( msbs ), and implementing employment - oriented policies in achieving high - quality development, so as to promote the steady increase of people ’ s income. fourth, how to ensure that the general public can more effectively benefit from the value and convenience of financial services? at present, although basic financial services are available in urban and rural areas across the country, the role of the financial sector needs to be more integrated into people ’ s life. for example, some elderly people are still facing a “ digital divide ”, finding it difficult to enjoy the convenience of digital finance ; some people still lack the awareness of investment and wealth management, and the role of finance in empowering the general public to preserve and increase wealth needs to be enhanced ; people ’ s resilience to shocks of serious diseases and other risks is not strong enough, and insurance has not built a strong safety net for the people yet. the fifth point is how to make inclusive finance - related policies work more closely with fiscal, industrial, and employment policies so as to effectively form a basic system for the coordination of primary distribution, redistribution, and tertiary distribution. 3. facilitating common prosperity with high - quality development of inclusive finance as china embarks on a new journey to build a great modern socialist country in all respects, common prosperity has been given new meanings. it is the requirement of the times for the financial system to facilitate common prosperity with high - quality development of inclusive finance. here are some key points to consider : ( 1 ) narrowing the income gap

liu guiping : high - quality development of inclusive finance for common prosperity speech by mr liu guiping, deputy governor of the people's bank of china, at the international forum for china financial inclusion ( ifcfi ) 2021, taizhou, 16 december 2021. * * * dear guests, colleagues, and friends, it gives me great pleasure to attend this forum. common prosperity is the essential requirement of socialism, an important feature of chinese - style modernization, and the common aspiration of the people. finance is at the core of modern economy and plays an important role in economic and social development. common prosperity must be taken as an important focus of our financial work ahead. today, i would like to share with you some of my views on the theme of this forum. 1. the basic conceptions and essential characteristics of common prosperity adhering to the people - centered philosophy of development, general secretary xi jinping has made a series of important instructions on realizing common prosperity for all the people, and elaborated on the issue of common prosperity at the tenth meeting of the central committee for financial and economic affairs. at the recent central economic work conference, he also stressed that we should correctly understand the strategic goals of and the practical approaches to common prosperity. these important statements are insightful and far - reaching. in my understanding, the key to common prosperity is high - quality development. the two reinforce each other. therefore, in pursuit of common prosperity, we need to advance high - quality development. the primary task in achieving common prosperity is to constantly unleash and develop productive forces, create and accumulate social wealth, so as to make the “ cake ” bigger and better through high - quality development. given its “ common ” nature, common prosperity is the prosperity for all the people, not just for a small population. egalitarianism and synchronization are not our goals. we are aimed at rendering distribution more equitable based on high efficiency, at optimizing the mechanism for primary distribution and redistribution, and at establishing a reasonable tertiary distribution system appropriate for social governance. it is expected that the “ cake ” will be distributed properly under proper institutional arrangements. in terms of its content, common prosperity refers to richness in an all - round way. it is the richness not only materially, but also spiritually and culturally. it is the all - round development of the people. it should be achieved through the coordinated development of economy, politics, culture, society, and ecology