To improve the public governance of #data in a digital society, China needs to intensify efforts in the following aspects:
1. Provide legislative support for the classified management of data, clarify data ownership and using rights, and stipulate legal responsibilities in the use and transaction of data, or even establish a special supervisory department or mechanism;
2. Step up regulation on various #AI applications. A set of regulatory mechanisms is needed to manage public-oriented AI applications;
3. Improve management of data collection and storage, and formulate concrete regulations on the collection and use of core personal information and data by various departments and agencies based on applicable laws;
4. Develop an objective understanding of the #monopoly issue of super digital platforms and establish a sound supervision and management system for such platforms.
See CF40 Policy Brief “Suggestions on Improving the Public Governance of Data in a Digital Society”:
Fang Xinghai, CSRC Vice Chairman, proposed 4 policy suggestions on promoting comprehensive institutional opening-up of China’s capital market at the 2nd Bund Summit: 1/6
1. Continue to open up the capital market and products. Introduce more channels and models for foreign investors to participate, address their concerns, increase the weight of A-shares in international indices,...2/6
...improve the Shanghai-London Stock Connect to cover more major capital markets in Europe, expand offering of futures products to meet the risk management needs of foreign businesses and investment institutions, and introduce more foreign institutional investors. 3/6
Financial development in China is ushering in a historical period of opportunities, said Fan Yifei, Deputy Governor of the PBOC, at the 2nd Bund Summit: 1/8
1. Dual circulation calls for high-quality financial development. The key to a smooth domestic economic cycle is a smooth supply-demand circulation and the release of internal forces. 2/8
The financial industry needs thorough digitization and independent innovation, with technologies driving qualitative growth, so as to help enterprises, particularly #SMEs, better connect to the domestic economic cycle. 3/8
China will adhere to the supply-side structural reform while paying attention to #demand management, addressing the obstacles to economic circulation and improving weak links.
What are and how to address the major obstacles to the management of domestic demand? How should China step up policy efforts to further boost #consumption?
According to CF40 Member Wu Ge, the proposal to expand domestic demand through demand management and stimulating domestic circulation came at the right time given the plunge in consumption due to the pandemic. The major obstacle to demand management lies in the consumer sector.
In 2020, China proposed the new development pattern based on “#dual_circulation” with domestic and international markets reinforcing each other. According to Zhao Changwen, such a pattern will need an innovation-friendly financial system: new.cf40.org.cn/uploads/202010… 1/6
First, an innovation-friendly financial system should be able to help the country seize the opportunities brought by the new round of technological revolution or industrial revolution. 2/6
Second, an innovation-friendly financial system under the “dual circulation” strategy should be able to help resolve three imbalances in economic structure, that is, imbalance between supply and demand in real economy, … 3/6
China is halting the rise in CO2 emissions before 2030 and going carbon neutral before 2060. It's not the only country to declare the target within the time frame, but it's the most important country to do so, said Jin Liqun, @AIIB_Official president, at the 2nd Bund Summit. 1/6
China's noble ambition is commendable, but the challenge is daunting. The government will have to work with the private sector to mobilize resources to finance renewable energy. 2/6
Monetary and fiscal policies should be designed and implemented in a way which should be amenable to R&D and the production of non-fossil energy. Financial institutions should be encouraged to provide financing for non-renewable energy projects. 3/6
The US economy is expected to recover from a low position but will hardly resume to the pre-pandemic level in 2019. The spread of the virus remains to be the biggest obstacle to the economic recovery in the US. 2/5
Chinese economy will continue to recover in 2021 and is expected to achieve a real growth rate of 7%. 3/5