The Second Chengfang Fintech Forum was held in Beijing on Wednesday as a major event of the 2020 Annual Conference of Financial Street Forum.
Yi Gang, governor of the People's Bank of China, said that the central bank has promoted the application of technologies such as artificial intelligence, big data and others in the financial sector. Fintech has greatly improved efficiency for financial services, but it has also brought concerns in the digital transformation of the financial sector, the protection of trade secrets and data privacy, and the divide between the technology "haves" and "have-nots."
He called for establishing a clear set of laws and regulations to protect personal information and trade secrets, improving financial regulation, and promoting international cooperation in the financial field to ensure the healthy development of financial technologies.
Chen Jining, deputy secretary of the Communist Party of China (CPC) Beijing Municipal Committee and mayor of Beijing, said at the forum that the financial industry is a pillar for Beijing's economy. As a national finance management center, Beijing will further advance the supply-side structural reform in the financial sector, promote the development and application of new technologies, expand high-level opening-up, and provide higher quality and more efficient financial services to the real economy, Chen said.
Wednesday's event also drew policymakers, representatives from think tanks, and heavyweights in the academic circle as they discussed major topics including further empowerment of fintech, development of the global digital economy, global coordinated development of financial technologies, as well as innovation capacity building in the financial field.
