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New Hainan Client, Nanhai Net, Nanguo Metropolis Daily News on November 29 (reporter Wang Hui) November 29, the Free Trade Ports Finance and Technology Summit co-sponsored by Hainan University, Hunan University and the Institute Reform and Development Board of China (Hainan) The forum was held in Haikou. The forum invited renowned experts and academics in the field of free trade and finance to discuss how financial technology can empower the entire financial industry and the development of the real economy, focusing on the development of offshore finance of the Port of Free Hainan trade and the dynamics of financial technology.
The Free Trade Ports Finance and Technology Summit Forum was held in Haikou Photo by Wang Hui
Lin Jijun, inspector of the Hainan Province Office of Local Financial Administration and Supervision, said that the way of financing to support the construction of a modern industrial system is to promote the combination of financial innovation and technological innovation. The construction of the free trade port industry system requires an efficient market that is favorable to technological innovation.
“Technology financing empowers the banking industry and boosts the development of the real economy. It has broad prospects and reflects certain unavoidable trends,” said Hong Wu, director of the Department of Science and Technology of the Haikou Central Branch of the People’s Bank of China. The construction of the Hainan Free Trade Port will bring industrial projects to a meeting place for funds, A strong flow of capital will help the Hainan financial industry improve its financial strength and provide unprecedented development opportunities for the development of the Hainan financial industry.
This forum brought together the deans of the Faculty of Economics from many well-known national universities, including Hunan University and Fudan University, and 7 Changjiang academics in the financial field. In the eyes of the participating experts, 2020 is a special year. Affected by the epidemic, the world economic development order and the financial system are facing severe tests. At the same time, the epidemic has also brought new opportunities for the digital economy. The development of new financial formats represented by financial technology is accelerating and financial openness is the general trend.
At the keynote session, Ma Chaoqun, Dean of the Blockchain Research Institute of Hunan University, Wang Changyun, Dean of the Hanqing Institute of Finance of Renmin University of China, Li Zhongfei, Director of the Financial Engineering Research Center and Risk Management from Sun Yat-sen University, and Executive School of Fanhai International School of Finance, Fudan University Senior industry experts such as Chang Qianjun discussed in-depth topics on multiple levels of technology research and development, application commercial and innovation supervision in the development of the financial industry.
“Fintech helps solve core financial problems like information asymmetry, investment efficiency, and transaction costs.” Qian Jun believes that the application of financial technology is reflected in the two main aspects of big data that open up new credit markets and digital currencies. He said that good technological innovation helps solve the core problems of finance on the premise of conforming to financial principles and the laws of the market.
Li Zhongfei believes that financial technology is driven by cutting-edge emerging technologies such as big data, blockchain, cloud computing and artificial intelligence, which will have a significant impact on the financial market and the supply of financial services, including emerging, new business models. technological applications and new product services. Especially since 2011, financial technology has grown rapidly and emerging technologies have vastly improved the efficiency of traditional finance.
Fintech is on the rise, but experts at the conference also pointed out that in the process of developing technology finance, it also faces the accumulation of financial risks and must conduct specific analysis, draw lessons and learn from experience.
Kuang Xianming, assistant dean and researcher at the China Development and Reform Research Institute (Hainan), combined with the financial openness policies and financial regulation systems of Singapore and Hong Kong, as well as the relevant policies of the Port of Hainan Free Trade. The construction of a free trade port must also guarantee the free flow of funds. Financial risk prevention requires not only institutional arrangements, but also strong support from technology funding.
Li Zhongfei suggested that a new inclusive and proactive ecology of fintech oversight should be established. On the basis of the status quo and the development of financial technology, static “command-control” supervision should gradually be transformed into dynamic and adaptive supervision.
The Free Trade Ports Finance and Technology Summit Forum also held roundtables on fintech. The dialogue was presented by Li Shijie, Professor at Hainan University Faculty of Economics and Dean of the Hainan Open Institute of Economic Research, Yang Zhiyong, Vice Dean of the Institute of Economics and Economics, Chinese Academy of Social Sciences, Zhang Jianhua, Dean of the Faculty of Economics, Huazhong University of Science and Technology, and dean of the Faculty of Economics and Management of Beihang Fan Ying University, Chairman Wu Min of the Haikou Rural Commercial Bank and other experts participated in the discussion.
Everyone agrees that fintech will effectively promote the development of the regional digital economy and accelerate the transformation and improvement of the regional economy. However, in the process of financial openness, financial institutions must attach great importance to the development of risk control capabilities. Wu Min suggested that financial institutions should continually optimize their risk control models, use mining and data analysis tools to quickly and accurately extract fraud characteristics from massive amounts of information, and strengthen iterative optimization of control models. risk.
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