With the development and application of a new generation of information technology, the financial industry is striding into the era of financial technology, and financial innovation is having in a fresh start. At the same time, the report of the Nineteenth Congress proposed that a sound financial supervision system should be established to protect the bottom line of systemic financial risks. How to better play the positive energy of financial technology and to create a new era of innovation and supervision, and new relationship between technological advancement and risk prevention has become a topic of great concern to the entire society.

In order to better adapt to the regulatory environment, to clarify the development trend of financial technology, and to promote the positive effects of financial innovation, on December 9th, Annual Report on China’s Fintech Development (2017)and Annual Report on China’s Asset Securitization Development (2017)were published. The new book launching conference was held successfully in Beijing with the Financial Technology Development Summit Forum. The forum was sponsored by the National Institute of Finance and Development, hosted by the Social Science Academy Press, and co-organized by the Beijing Blockchain Application Association. The Internet Finance Lab of the Tsinghua PBCSFparticipated in the conference as an academic support unit.

The new book launch conference and the Financial Technology Development Summit Forum focused on the theme of “Strengthening financial supervision and reshaping financial technology”, centered on such core contents as “interpreting the new policy of financial supervision and the new meaning of financial technology, and summing up new trends in the development of financial technology”. More than 400 leaders and industry experts and scholars from the regulatory agencies, banks, financial technology companies, consumer finance, internet finance, payment platforms, securities, insurance, investment and financing institutions and etc., attended the meeting.

With the leadership and support of relevant leaders and experts of the People’s Bank of China, the Annual Report on China’s Fintech Development (2017) came out on schedule. This was the sixth year in a row for the annual financial technology blue book publication. 

Li Yang, member of Academic Committee of the Chinese Academy of Social Sciences and Director of the National Institute of Finance and Development, and Sun Guofeng, director of the Institute of Finance of People’s Bank of China, served as chief editors. Experts in theoretical and practical fields, from the Institute of Finance of the People’s Bank of China, Payment and Clearing Division of the People’s Bank of China, Tsinghua PBCSF, College of Finance of Nankai University, CEC Data, China Chengxin Credit, Haier Financial Technology, and Huifu Tianxia and etc., provided substantial professional, cutting-edge and in-depth manuscripts which effectively guaranteed the professionalism and authority of the annual financial technology blue book. The report pointed out that the supervision of Internet finance had been continuously strengthened. With the joint promotion of supervision, cost and technology, the development of Internet finance has entered the era of financial technology and opened a new chapter in the development of China’s financial industry.

Annual Report on China’s Asset Securitization Development (2017) is the first annual blue book on asset securitization. Ji Zhihong, Director of the Financial Market Department of the People’s Bank of China, served as the chief editor. Experts in theoretical and financial field, from Institute of Finance of People’s Bank of China,

Tsinghua PBCSF, Chinese Academy of Social Sciences, College of Finance of Nankai University, the National Accounting Institute, China Chengxin Credit Co., Ltd, Guotai Junan and etc., were all actively involved in the preparation of the book, and dedicated to professional discussions, gathering authoritative voices. The report pointed out that from the development experience of major global financial markets, asset securitization was important part of promoting the in-depth development of financial markets. After more than 10 years of development, the issuance of the asset securitization market in China has become increasingly normalized, the types of basic assets continue to be rich, the participants are more diverse, the liquidity has improved significantly, and the ability to serve the real economy has increased, which has become important part of the bond market in China.

New Book Launch Ceremony

At the Financial Technology Development Summit Forum after the launch of the new books, Zhu Yedong, Executive Editor of Annual Report on China’s Fintech Development(2017) and Annual Report on China’s Asset Securitization Development(2017), Chairman of Sinodata Co.,Ltd., and President of the Beijing Blockchain Application Association, Zeng Hui, Director of the Credit Department of Financial Markets Division of People’s Bank of China, Shen Hao, President of  Sinodata (Shanghai) Internet Financial Information Service Co., Ltd., Xie Wenjie, a technical expert in the financial industry from International Business Machines Corporation (IBM), Xie Jun, the CTO of the BG Market and Solutions Division of Huawei Technologies Co., Ltd. And chief inspector of office solutions and other experts addressed on “the development trend of China’s financial technology”, “the development and practice of China’s asset securitization market”, “the sharing of direct-sale banks to facilitate the transformation of small and medium-sized banks”, and “enterprise-level financial cloud platform to achieve out-of-the-box for financial technology”, and “Leading Digitization, Building Open Finance Together”, and other themes to make wonderful sharing.

Zhu Yedong, Chairman of Sinodata Co., Ltd. & President of Beijing Blockchain Application Association, gave a speech

Dr. Zhu Yedong, president of the Beijing Blockchain Application Association, said that China’s financial technology industry presents ten major development trends, emphasizing that financial technology should return to the nature of science and technology, empower financial institutions and serve finance, and believed that China would become the world’s largest financial technology application market.

Zeng Hui, Director of Credit Department of the People’s Bank of China’s Financial Markets Department, gave a speech

The director of the Credit Department of the People’s Bank of China’s Financial Markets Division, Zeng Hui, pointed out that the overall development trend of China’s asset securitization market was good, the market demand was relatively strong, and the regulatory system and supporting system tended to be perfect, with improved standardization and transparency. In order to further promote the sustained and sound development of the asset securitization market, we must focus on the supply-side structural reform main line, adhere to the direction of marketization, standardization, and transparency, “open the right path, block the evil path”, promote standard unification, and strengthen risk prevention in order to play correctly and effectively the role of asset securitization.

Li Yang, member of the Chinese Academy of Social Sciences and director of the National Institute of Finance and Development, delivered a closing speech

At the end of the conference, Li Yang, editor-in-chief of the Annual Report on China’s Fintech Development (2017), member of the Chinese Academy of Social Sciences, and chairman of the National Institute of Finance and Development, was invited to deliver a closing speech and highly praised the theme orientation of this new book launch conference and financial technology development summit forum, emphasized the importance of “reshaping financial technology” and pointed out that science and technology must enter into finance and should not compete with traditional finances, not to use the latest technology to do the oldest thing, but to create new methods and ways to increase financial services to the non-financial sectors and the general population.

（Editor：Beijing Blockchain Application Association）     

Beijing Blockchain Application Association

December 9th, 2017