The Central Financial Work Conference held at the end of October, 2023 emphasized that five major articles, namely, technology and finance, Green Finance, inclusive finance, Pension Finance and Digital Finance, should be done well.Vigorously developing digital finance is the implementation of financial servicesEffective technical means to improve the economy, serve the people and improve the quality of financial services are the starting point and the foothold of digital transformation of banks.In this issue of Theoretical Research, Professor Wang Yong from Zhengzhou Training College of People’s Bank of China and Director Yang Tao from Industrial Finance Research Base of China Academy of Social Sciences wrote articles, focusing on digital finance and planning how to focus on digital finance in the new year.
How to make a good article on digital finance?
People’s Bank of China Zhengzhou TrainingProfessor Wang Yong of the College:
First, focus on strengthening data security and privacy protection.protect. With the accelerated development of digital finance, data security and privacy protection have become key topics. For important data, use strong encryption algorithm to encrypt it, so as to ensure that only authorized personnel can read and process the data. At the same time, it is necessary to adopt anti-leakage technology and add multiple security layers in the process of data transmission and storage to avoid data loss.
Secondly, efforts should be made to strengthen the inclusiveness and inclusiveness of digital financial services.nature. Digital finance can create three application values: capillary, long tail and precision, and these three application values are fully reflected in the financial services of inclusive groups. To this end, the State Council’s Implementation Opinions on Promoting High-quality Development in inclusive finance (Guo Fa  No.15) requires strengthening science and technology to empower inclusive finance, supporting financial institutions to deepen the use of Internet, big data, artificial intelligence, blockchain and other scientific and technological means, optimizing inclusive finance’s service model, improving credit approval and risk management models, and improving the availability and quality of financial services such as small and micro enterprises, individual industrial and commercial households and agricultural subjects.
Thirdly, efforts should be made to strengthen multi-party cooperation in the application of financial big models.. The joint creation and ecological co-construction of financial institutions and technology companies is undoubtedly the most effective way to accelerate the application of big models in the financial industry. As the frontier field of digital and intelligent application, the financial industry is rich in data resources and has a wide range of practical scenarios, which has the prospect of deep integration with large models. Technology companies also need to improve their large-scale model capabilities and explore commercialization paths through the tempering of business scenarios. The cooperation between the two parties has great prospects.
Finally, efforts should be made to strengthen the ethical governance and construction of financial science and technology.. The so-called scientific and technological ethics refers to the values and codes of conduct that need to be followed in carrying out scientific research, technological development and other scientific and technological activities. To promote financial science and technology to be good, it is urgent to strengthen the ethical governance of financial science and technology, improve the regulatory rules of financial science and technology ethics, strengthen the role of ethical review of financial science and technology, effectively prevent and control the ethical risks of scientific and technological activities in the financial field, and realize the benign interaction between innovative high-quality development and high-level security of financial science and technology.
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Doing a good job in digital finance requires theoretical and practical innovation.
Director Yang Tao of Industrial Finance Research Base of China Academy of Social Sciences:
The Central Financial Work Conference held at the end of October, 2023 put forward the strategic goal of building a financial power and the need to do five major articles: technology and finance, green finance, inclusive finance, pension finance and digital finance. Among them, digital finance, as an important main line that directly affects the core competitiveness of the financial industry and helps the financial "big country" to turn into a "strong country", has attracted great attention from all parties. Under this background, China Digital Finance Innovation and Development Report (2023), edited by Professor Ouyang Rihui of Central University of Finance and Economics, was officially published, which just echoed the urgent demand of financial reform for think tank research under the new situation and has high theoretical, policy and practical significance.
In fact, under the influence of digitalization and new technology, financial theory has produced many changes in research assumptions, research methods and theoretical logic, which will have a far-reaching impact on financial practice. For example, in the field of macro-finance, the emergence and application of big data and artificial intelligence contribute to better financial statistical analysis. In recent years, central banks of various countries have made efforts to use new technologies to serve economic and financial operations, monetary policy operations, financial risk identification and other work. For another example, from the micro level, the research paradigm of behavioral finance often starts with financial anomalies and explores the laws behind the formation of financial anomalies. With the support of big data and cutting-edge technology, behavioral finance research has also obtained a broader experimental foundation guarantee. Many existing quantitative investment models are based on the thinking and paradigm support of behavioral finance. In view of this, based on the literature review of digital finance research, this book makes an in-depth analysis of the theoretical context and progress in key areas such as digital inclusive finance, industrial digital finance and consumer finance, which is helpful to better clarify the thinking and guide the innovative practice of digital finance. For example, this book analyzes and refines the framework of industrial digital finance research, which has outstanding reference value for promoting the virtuous circle of science and technology, industry and finance.
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Reporter: Xie Jingjing.
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