China Intelligent Finance Development Report 2019, lately released by CF40 Research Group, makes an attempt to track the history and discuss the future development of AI in finance.
Technological advances always go side by side with financial development. They historically led the changes in finance, such as the ATM in the 60s, electronic payment in the 80s, online payment and mobile banking in the 90s, Internet finance since 2000, and #fintech since 2008.
The development of fintech has roughly gone through three stages: electronic, digital and intelligent.
#THREAD: As 2019 is coming to an end, how do we evaluate China's economic transformation in the past ten years? And how to view the prospects for China's economic growth in the next ten years? #economics
In a recent article, economist Gao Shanwen made a detailed comparison and analysis of China’s economic transformation in the context of the transformation of East Asian economies: cf40.org.cn/uploads/201912…
In the past eight years, China's overall performance was close to Japan, South Korea and Taiwan within similar period in terms of economic growth rate, urbanization, exports and manufacturing competitiveness.
1/6 As Powell puts in his recent speech, we are “in a world of slow global growth, low inflation, and low interest rates…" and "fac[ing] heightened risks of lengthy, difficult-to-escape periods in which our policy interest rate is pinned near zero.”
Chen Yuan, chairman of CF40 Executive Council: China should reconsider the strategic significance of its foreign reserves, turning it into the focus of financial
battlefield in the future from its past role as a highly reliable core fortune. 2/7
Zhou Xiaochuan, former #PBoC governor: Only when #RMB is truly internationalized, can China effectively deal with the side effects of various distortions at the global monetary market which is now dominated by US dollar. 3/7
(1/7) What roadmap should #fintech take in the future? Huang Qifan, academic advisor of CF40 and Vice-Chairman of CCIEE shared his insights on P2P and Internet finance on CF40 Yichun Forum. mp.weixin.qq.com/s/WZ2YQxwUoQEG…
(2/7) Huang said “In recent years, under the cover of internet finance, #P2P has successfully attracted savings from netizens with de facto high-interest loans. Repay the debt with new lending through cash pooling has resulted in a host of Ponzi schemes under the internet system.
(3/7) Either #TechFin or #FinTech doesn't and won’t overthrow fundamental principles of traditional finance and financial security. In this regard, we should not only exert the #digital platform to the utmost, but also stick to principles and ideology of modern finance.