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
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He explained in the following 4 perspectives:
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He explained in the following 4 perspectives:
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
2. New economy has induced digital financing models. The Chinese economy now features total-factor digitization,and the new economy esp #digitaleconomy shows strong resilience and vitality.The financial industry needs to digitize assets and relax control of financing for SMEs.4/8
3. New demands drive financial service diversification. #COVID19 has pushed up demand for contactless financial services. Global economic and trade cooperation urgently requires integrated cross-border financial services that are user friendly and highly efficient. 5/8
#Digitalfinance will make financial services more diverse and user friendly, expediting economic structural adjustments, higher consumption quality, and boosting the competitiveness of the financial market. 6/8
4. New technology propels smart financial innovation. Emerging technologies have provided foundational support to smart financial innovation in computing power, algorithm, storage and networks, etc,...7/8
...boosting rapid advancement towards a smart financial industry and innovative applications. Smart finance could become a new growth pole for financial innovation. 8/8
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