With the deepening of industrialization, urbanization, and agricultural modernization, the group of new citizens in China is growing stronger and has become an important force in the new economy and consumption of society. The Central Committee of the CPC and the State Council have issued the Outline of the Strategic Plan for Expanding Domestic Demand (2022-2035) and the Five Year Action Plan for Deepening the Implementation of the People-oriented New Urbanization Strategy. The documents propose to establish and improve the basic public service system in habitual residence, support the urbanization of agricultural migrant population, ensure equal access to basic public services such as education, medical care, as well as housing security, and promote the comprehensive integration of agricultural migrant population into cities. The Third Plenary Session of the 20th Central Committee of the CPC further clarified the need to improve and promote the new urbanization system and mechanism, implement the basic public service system provided by registered household registration in the permanent residence, and accelerate the urbanization of agricultural migrant population. China Banking and Insurance Regulatory Commission and People's Bank of China have also strengthened the financial services for new citizens to integrate into the city and issued the Notice on Strengthening the Financial Services for New Citizens. Governments at all levels and financial institutions have actively carried out organizational deployment, government-bank cooperation, product improvement, infrastructure construction, and other work, playing an important role in supporting the new urbanization construction, promoting common prosperity, facilitating the circulation of the national economy, and providing services for high-quality development. At the same time, it should also be noted that banks' financial services for new citizens still face deficiencies such as lack of policy support, innovation capabilities, service outreach, and risk control. It is urgent to optimize and improve the financial service environment and institutional construction for new citizens.
