WEF – Global Financial Inclusion Practices: Case Studies from China, Oct 2024

The October 2024 WEF report presents case studies on financial inclusion practices, emphasizing China’s digital finance strategies, including the digital yuan. This report explores China’s approach to expanding financial services through innovations like the digital yuan, which improves transaction efficiency and promotes financial access. In cities like Suzhou, the digital yuan integrates seamlessly into local systems, allowing for practical applications such as public transport payments. By reducing dependency on cash and encouraging digital wallets, China is advancing financial inclusion among underserved populations. The report underscores the potential of Central Bank Digital Currencies (CBDCs) as a model for financial inclusion initiatives worldwide, while also highlighting regulatory frameworks and technological challenges associated with digital finance expansion.