BEIJING, July 8, 2024 /PRNewswire/ — With the aim of analyzing the evolution of digital finance, interpreting its essential aspects, and exploring emerging trends, the Digital Finance Forum, a part of the Global Digital Economy Conference (GDEC), commenced on July 3, 2024, at the International Convention Center in Beijing Banking & Insurance Business Park, Shijingshan District, Beijing.
This forum, themed as “Joint Development by Integrating Digital Economy and Real Economy”, is hosted by the Organizing Committee of the GDEC, the Shijingshan District People’s Government of Beijing Municipality, and Asia Digital Group. As a vital part of this GDEC, the forum, attended and addressed by leaders from Beijing, brought together leaders from international financial organizations, senior experts, scholars, and business leaders from countries such as the United States, Germany, Denmark, Italy, and the United Arab Emirates to participate in extensive discussions on “Advancing Financial Intelligence and Digitalization”.
Mayor of Shijingshan District and Deputy Secretary of the CPC Shijingshan District Committee of Beijing Municipality Li Xin underscored the critical role of digital finance in fostering high-quality development within the financial industry. Shijingshan District is actively pursuing strategies for industrial transformation and development, with a focus on expediting the building of “New Growth Pole of Digital Finance in West Beijing“. Key initiatives include advancing the pilot program for e-CNY, establishing an innovation center for data asset circulation, launching an intelligent computing power center, and making substantial strides in financial digital transformation.
East-West Intelligence Boosting Development of Digital Finance
Technological innovation is propelling the financial industry into a new era of digitalization, marked by significant strides in digital transformation and deep integration of business and technology.
During the opening remarks, Chief Executive Ian Johnston of the Dubai Financial Services Authority emphasized opportunities for cooperation along the China-Middle East Corridor, outlining trends of fintech and strategies for global collaboration in digital finance. Fan Gang, vice chairman of the China Society of Economic Reform and director of the National Economic Research Institute, addressed the theme of “Digital Finance Facilitates Transition from Virtual to Real Economy”, providing a macro-level analysis of practical digital finance development. Vice President and Chief Analyst of IDC China Wu Lianfeng explored “Future Trends and Strategies in Digital Finance”, focusing on data to illuminate evolving digital finance trends and propose corresponding solutions.
Then came the session of keynote speeches. Wang Jinxia, member of the Party Working Committee of the Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone (Qianhai Cooperation Zone) and deputy director of the Qianhai Cooperation Zone Administration, discussed advancing fintech development through AI, emphasizing the importance of diversified collaborations for mutual benefit. Fan Bin, senior partner at IBM Consulting and senior advisor on digital finance in Shijingshan District, presented a speech titled “Reshaping Financial Industry with Data and AI: From Pilot Projects to Scalable Applications”, offering a concrete exploration of digital finance’s evolution across relevant sectors. In the speech of Song Xiaojun, deputy director of the China Construction Bank University, he focused on “Leveraging Data as a Key Factor of Production for Transforming Commercial Banks and Developing Digital Highland in Shijingshan”, showcasing practical applications of digital finance through an analysis of Shijingshan’s unique development experience.
Vice President of Digital China Information Service Group Co., Ltd. (DCITS) and Director of DCITS’s Xindongli Digital Finance Research Institute, Xu Qichang, delivered a keynote speech titled “Observations, Reflections, and Practices in Financial Intelligence on a Global Scale”. His speech provided a thorough analysis and interpretation of how intelligent technology impacts the financial sector and its future development trends. Senior Vice President of GienTech and Deputy Director of GienTech Research Institute, Du Xiaozheng, presented a variety of perspectives on leveraging data as a key factor of production to boost the development of digital finance, centering on the theme of “Activating Data as New Drivers of Growth, Unearthing Digital Finance”. Founding Partner of Plum Ventures Wu Shichun circled on “Steadfast Progress is the Answer”, analyzing trends in digital finance from the perspective of capital investment risks. Chief Technology Expert of Alibaba Cloud in Financial Large Models Chen Feng, detailed the transformative role of large models in advancing the financial sector in his keynote speech “Rooting Downwards, Growing Upwards: Strengthening Large Models in Finance — Practical Applications of Large Models in Financial Industry”.
Co-President of Asia Digital Group Zhang Li acted as the moderator in the summit dialogue, themed as “Building a New Paradigm for Science and Innovation Finance”. The dialogue involved such participants as Delegate of Deutsche Börse Group, Beijing Office Duan Yulin, Chief Representative for North China and Northeast China of the Hong Kong Trade Development Council Kevin Chan, Representative of Italy-China Association of Business Isabella Zhou, and Delegate of Copenhagen Capacity Yang Yan. Together, they conducted a thorough discussion and analysis of the status quo and future trends of digital finance.
High-Quality Project Outcomes Pioneering a New Paradigm in S&T Innovation-Based Finance
The signing ceremony for key projects in Shijingshan District was held at the Digital Finance Forum, where Vice Mayor of Shijingshan District Li Wenhua, on behalf of Shijingshan District, signed agreements with ten key institutions and projects including InnoVen Capital. A new batch of high-quality digital finance projects will settle in Shijingshan, promising to enhance digital finance development in both the district and Beijing at large. The event also marked the launch of cutting-edge technology for e-CNY. Executive Director and General Manager of PICC Pay Wu Wei unveiled the application of PICC Pay’s e-CNY Zouwu in insurance industry. Shijingshan’s digital finance sector is well-positioned for superior growth in the future with achieved milestones, strategic partnerships, and clear development strategies in place.
In addition, Liu Dongmin, associate research fellow at the Institute of World Economics and Politics, Chinese Academy of Social Sciences, and senior advisor on digital finance in Shijingshan District, released the interpreted the “Global Financial Competitiveness Report”. The report evaluates a country’s global financial competitiveness across five indicators: financial industry, currency, financial infrastructure, fintech, and international financial governance. China secured the fifth position overall in this year’s rankings, and ranked third in the specific area of fintech competitiveness.
Meanwhile, a diverse array of activities will be organized, including the “A Day in Shijingshan” business tour, targeting modern finance and culture and tourism industry, and the Fintech Closed-Door Seminar themed as “Finance Fueled by S&T Innovation Can Make Miracles”. These initiatives are designed to deepen global partners’ understanding and appreciation of Shijingshan, fostering greater cooperation opportunities.
The Digital Finance Forum of the Global Digital Economy Conference 2024 reveals current trends and forecast future directions in digital finance. This outstanding platform is positioned to propel digital finance towards higher quality growth.
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