Roundtable on Money and Finance 2019 and 4th Anniversary Forum of Suning Institute of Finance
2019-12-18 IMI
Zhao Xijun, Associate Dean of the School of Finance of RUC served as the chair of the first conference session. Zhuang Yumin, Dean of School of Finance of RUC, and Huang Jinlao, Dean of Suning Institute of Finance gave opening speeches. On behalf of the School of Finance and IMI, Zhuang Yumin extended a warm welcome to the guests present, and then elaborated on the history and significance of Roundtable on Money and Finance. She said that the financial industry must adhere to the basic principles of “integrity, innovation, security, inclusiveness, openness and mutual benefit”. We should give full play to financial technology to promote the high-quality development of China's financial industry. She also announced that the "China Financial Consumption Upgrading Index Report" would be jointly released by IMI and Suning Institute of Finance at this forum, and wished this conference a complete success.
Huang Jinlao said that without financial technology, it is impossible to develop inclusive finance. Inclusiveness refers to mass customers. We must find methods to serve m
assive users at low cost. Benefit means that finance must benefit users so we need to reduce prices and expenses, which is closely related to the advancement of financial technologies such as artificial intelligence and cloud services. He then elaborated on the development philosophy of Suning Finance and its efforts and achievements in technological innovation as well as research and development. He wished that the cooperation between Suning Institute of Finance and the School of Finance will boost financial technology and inclusive finance.
Wang Zhongmin, Former Deputy Chairman of National Council for Social Security Fund, Wu Xiaoqiu, Vice President of Renmin University, Wang Yi, Director-General of the Financial Department of the Ministry of Finance, and Dong Junfeng, President of NetsUnion Clearing Corporation attended the conference and delivered keynote speeches. Wang Zhongmin analyzed three stages of inclusive finance from fintech perspective. The first stage is aimed at developing new technologies to boost inclusive finance. Technologies such as mobile payment, data interactive verification and 5G will cut the cost of financial services and improve efficiency. In this context, inclusive finance will boost at 2C end, especially in e-commerce, social network and search engine. The second stage is aimed at exploring new insti
tutions, new rules and new systems to promote inclusive finance. After making all the 2C-end scenarios a reality, we must enable the growth, development and application of data migration and data App at financial ports in order to expand, extend and broaden inclusive finance. We will first migrate data under 2C-end scenarios to financial companies and its valuation will grow rapidly, because the inclusive logic derived from financial digitization is the most effective business logic to occupy market and maximize returns. The third stage is aimed at figuring out how to make fintech universally applicable when inclusive finance has become an ultimate goal. Open source code enables unlimited and free access to source code. Cloud computing creates an infrastructure with marginal costs approaching zero. The Internet of Things makes individual behavior become an unimpeded credit asset, thereby enabling finance to realize its value. Wang Zhongmin believes that inclusive finance has become an ultimate vision. Breakthroughs in technology, social system and rules, combined with the longstanding ultimate vision can maximize financial returns for everyone. He calls on everyone to embrace this era.
In Wu Xiaoqiu’s speech, he has proposed the criteria for evaluating China’s financial progress. The first criterion is about the evolution and improvement of financ
e. To evaluate whether a policy, a technology, an institutional arrangement is right or wrong, it is crucial to see whether it promotes the upgrading and optimization of financial functions in China. Currently, we are moving from financing-oriented financial system and functions to an era where both financing and wealth management are equally important. The second criterion relates to financial efficiency and security. Investors are wise enough to weigh risks against returns when purchasing stocks. However, the prerequisite lies in that all the information disclosed must be true. It is prohibited to falsify accounting statements, tell lies or conduct any illegal acts. On the premise of ensuring the transparency of the market, investors will absolutely make market judgments based on the disclosed information. Only a handful of investors are irrational that makes the market livelier. Therefore, for the first, it is important to make it mandatory to disclose true information. For the second, it is significant to grant returns to investors. China wants to open its financial market while the overall infrastructure is relatively poor. And the financial efficiency and security can be regarded as prominent criteria. The third criterion is inclusive finance which embodies the principle of fairness. Compared with green finance and bitcoin, inclusive finance boasts strong vitality in logic. With the emergence of technology, the platform of finance has been expanded infinitely, and its service chain has been scaled up to constitute a platform without boundary. Inclusive finance emphasizes on granting general access to people with aim to delivering benefits. General access represents that every person is equal to enjoy the rights while delivering benefits means to tap potential. And general access is our top priority. It is required to actively propel the whole process and facilitate innovation for inclusive finance to meet these three criteria.
Song Ke, Deputy Director of IMI and Deputy Secretary of the Party Committee of the School of Finance of RUC, moderated the second session. Xu Hongyan, assistant to the President of Suning Institute of Finance, Dou Renzheng, CEO of Chongqing Trust, Wang Wei, Founder of Legain Group, Wang Weidong, Deputy General Manager of the Department of Inclusive Finance of China Construction Bank, Wu Zhifeng, Director of the International Strategy Department of China Development Bank Research Institute and Lu Zheng, Director of the Legal Compliance Department of China Internet Finance Association, participated in the seminar themed as “merits and demerits of inclusive finance” and conducted discussions about the boundaries and priorities of inclusive finance.
Luo Yu, Associate Professor of the School of Finance, Xia Le, Chief Asian Economist of the Research Department of BBVA, Xu Hejun, General Manager of the Department of Strategic Innovation of Beijing Financial Holdings Group, Xue Zhenghua, Vice-President of the Institute of Science of Technology of Tsinghua PBCSF, Yan Wentao, Honorary Research Fellow and CEO of CCX Credit Technology, Fu Yifu, Assistant to the Director of the Research Center of Consumer Finance of Suning Institute of Finance, participated in the seminar themed as “Fintech facilitates inclusive finance to make breakthroughs” and conducted discussions about how Fintech promotes inclusive finance and small and micro enterprises.
In the end, IMI and Suning Institute of Finance jointly released the Report on China’s Financial Consumption Upgrading Index. With the help of big data platform sponsored by Suning Group and based on the macro and industrial statistics released by the government, the report boasts a solid foundation of a set of scientific and precise system for measurement. This paper has carried out quantitative evaluation on the development trend of the consumption structure and consumption quality of Chinese residents from macro, medium and micro perspectives. In order to accurately outline the market prospects and provide reference for the government, enterprises and investors, this report strives to present the development trend of consumption upgrading of the whole country and 31 provinces, cities and autonomous regions in a comprehensive and authentic way. On the day of the conference, the School of Finance of RUC and the Suning Institute of Finance held the signing ceremony of strategic cooperation and the unveiling ceremony of the practice base for internship.
