The United Nations 2030 Agenda for Sustainable Development covers 17 goals, the tenth of which is "Reduced inequalities", namely: Reduce inequality within and among countries. 

Under this major goal, there are ten targets, the last of which is "By 2030, reduce to less than 3 per cent the transaction costs of migrant remittances and eliminate remittance corridors with costs higher than 5 per cent".

● Current Situation

About the World

Global Migrant Remittances Benefit 1 Billion People 

Most migrants work at difficult and often dangerous jobs at the low end of the international economy, in order to support those who remain at home. They have their own specific goals: reduced poverty, better health and nutrition, education, improved housing and sanitation, and greater resilience in the face of uncertainty with the help of savings. They are working towards a more stable and sustainable future – a goal that the international community shares.

The projected US$6.5 trillion in aggregate remittances to be received by families living in developing countries over the period of the 2030 Agenda represent a tremendous opportunity. Remittances count especially in the small rural towns and villages of developing countries. In 2018, almost one hundred low- and middle-income countries, the majority with large rural populations, each received at least US$100 million in remittances. It is here that remittances can help make migration more of a choice than a necessity for future generations. Estimates indicate remittances will decrease by USD$109 billion as a result of the COVID-19 pandemic.

Text and photo source: un.org

About China

Global Compact on Safe, Orderly and Normal Migration

Photo source: un.org

At the United Nations Intergovernmental Conference on Migration held in Morocco on 10 December 2018, more than 150 countries supported the adoption of the Global Compact on Safe, Orderly and Normal Migration (hereinafter referred to as the compact), which is the first comprehensive intergovernmental agreement of the international community to comprehensively coordinate and solve the migration problem, and provides a global cooperation framework for strengthening global migration governance. The Chinese government has taken an in-depth part in the negotiation of the agreement, making remittances faster, safer and cheaper, and promoting the financial inclusion of immigrants.

Text source: Annual Report on China International Labour Corporation2018-2019

●  Cases

About the World

Improving Financial Services in West Africa

Photo source: sohu.com

The three-year progamme jointly launched by Universal Postal Union and the non-profit organization PlaNet Finance Group improved the postal financial capacity of Burkina Faso, Cameroon, Cote d'Ivoire and Mali. Most of the funds required for the project were provided by the European Union. The project installed electronic terminal remittance facilities in more than 200 post offices in rural and remote areas in these four countries, so that local postal staff no longer need to pass through remittance centers in cities when processing remittances, so as to reduce the cost and improve the efficiency of financial transfers.

An official of Universal Postal Union in charge of supervising the project in Africa and the least developed countries, said that the project aims to improve postal financial services in some countries in West Africa to better meet the needs of local people, especially to facilitate migrant workers and their families to receive remittances through the post office.

Text source: un.org

About China 

Local Bank Serving for People

Photo source: sohu.com

As a local bank in Shenzhen, Shenzhen Rural Commercial Bank has always adhered to serving builders, communities and small, medium and micro enterprises, and actively fulfilled the responsibility to serve the local real economy. henzhen Rural Commercial Bank was awarded the excellent case of "typical cases of China's inclusive finance" in 2020, which is an affirmation of the bank's practice of inclusive finance, actively helping the real economy and fulfilling social responsibilities.

Text source: 4001961200.com

●  Background

Sustainable Development Goals (SDGs) Initiated by the United Nations

On 1 January, 2016, the 17 Sustainable Development Goals (SDGs), including 169 targets, of the 2030 Agenda for Sustainable Development — adopted by world leaders in September 2015 at an historic UN Summit — officially came into force. Countries will mobilize efforts to end all forms of poverty, fight inequalities and tackle climate change, while ensuring that no one is left behind.