First explanation: Underlying macroeconomic factors A key macroeconomic factor behind the crisis was the current account imbalances, especially between the United States and China. The abundant supply of external capital pushed US longterm interest rates down. In the environment of falling yields, pressure was put on developing new high-yield investment instruments, including subprime loans, which also enjoyed political momentum in the United States.
With the NSFI, we focus on achieving financial inclusion that promotes inclusive growth, consolidate our efforts to avoid overlaps, and together set priorities to maximize use of our resources. The NSFI covers three fundamental points: (1) Why we are pursuing financial inclusion, (2) Who we are targeting to include, and (3) What we should do to translate the vision into reality.