【Summary】By introducing reciprocal borrowers and lenders, positive social capital formed by reciprocal expectations can ease financing constraints. Infor- mation asymmetry has a significant impact on the relationship between reciprocal expectations and financing constraints. Lack of reciprocal ex- pectation is a necessary condition for government intervention. The role of government is to promote the formation and growth of positive social capital, reduce negative social capital, activate favorable reference depen- dence and avoid adverse reference dependence. Specific measures are: direct investment, subsidy/ taxation, administrative orders, alleviation of information asymmetry in financial markets and moral education. Policy Suggestions: the government should pay attention to fostering reciprocal expectations. The development of Inclusive Finance mainly depends on market forces. An important part of it is the government lender who plays an active role in activating the favorable reference dependence. The gov- ernment should alleviate the information asymmetry in financial markets, reduces the formation of negative social capital, and pays attention to the two sides and limitation of moral education.