On May 27, the Beijing Normal University Scientific Research Discussion and the Third High-level Forum on Financial Technology and Digital Economy Development, sponsored by BNUBS, were successfully held in the Jing Hall. The theme of the forum is "Financial Technology Enables High-quality Economic Development". Wang Shoujun, Vice President of Beijing Normal University; Zhao Weijiu, Associate Director of Beijing Local Financial Supervision Administration; Zhang Xiaoyan, Associate Deab of Tsinghua University's Pudaokou School of Finance; Xu Xianchun, Special Researcher of Peking University's National School of Development; Chen Daofu, Associate Director of Financial Research Institute of Development Research Center of The State Council; Xu Hongcai, Director of Economic Research Center of Western Returned Scholars Association of China; Song Xiaojun, Associate Dean of Research Institute of China Construction Bank; Ding Zhiyong, General Manager of Research and Development Department of Bank of Beijing; Chen Hongwei, Senior Expert of Cloud Payment Technology Co., LTD., and Zhang Xueyong, Dean of School of Finance, Central University of Finance and Economics, attended the forum. Nearly 200 representatives of society and enterprises, teachers and students from schools attended the offline forum, and more than 10,000 people watched the live broadcast online. Qi Yudong, Dean of BNUBS, presided over the opening ceremony.

Wang Shoujun, Vice President of Beijing Normal University, delivered a speech

Wang Shoujun pointed out in his speech that the Party Central Committee has elevated the development of the digital economy as a national strategy, and the innovation of financial technology has been included as an important part of innovation-driven development. University is the intersection of "education, science and technology, talent", is an important part of the "science and technology - industry - finance" virtuous cycle system, and assumes greater mission and responsibility. In recent years, relying on the integrated development pattern of Beijing campus and Zhuhai campus, Beijing Normal University has accelerated the layout of data science, artificial intelligence, financial technology, digital economy and other disciplines, and constantly deepened the innovation and exploration of talent training mode. It has conducted in-depth and pragmatic cooperation with Beijing Local Financial Supervision Administration, Tsinghua University Wudaokou School of Finance, Bank of China, China Construction Bank and other units in personnel training, scientific research and teaching staff construction. In the future, we welcome the further participation of all sectors of society to form a joint force for talent training, multi-party gathering and multi-pronged efforts to build a deep cooperation platform for government, industry, university and research.

Mr. Zhao Weijiu, Associate Director of Beijing Local Financial Supervision Administration, delivered a speech

Zhao Weijiu elaborated on the development practice of financial technology in Beijing in the face of the new trends and new characteristics of the current development of digital economy and financial technology: The first was to implement the fintech development plan, adhere to financial services to the real economy, strengthen the research and development of general technologies underlying digital technology and data technology and the construction of new infrastructure such as related computing power and algorithms, and promote the expansion of the application of financial digital transformation in key areas of high-quality service development. The second was to actively apply regulatory technology and financial technology innovation regulatory tools, take the lead in carrying out pilot financial technology innovation regulation, implement penetrative regulation, develop regulatory technology, improve the ability of financial risk early warning, and attach importance to the role of third-party organizations. The third was to continue to optimize the business environment, adhere to technology-led, talent-driven principles, further enhance the construction of industrial service platforms, support equal and orderly competition among market players, create an open, transparent, fair, consistent, stable and predictable business environment, and actively support the exchange activities in the fintech industry.

Zhang Xiaoyan, Associate Dean of Wudaokou School of Finance, Tsinghua University, delivered a speech

Zhang pointed out that the booming development of the digital economy has provided a strong core driving force for China in the face of complex external factors and unstable environment. Since the digital economy officially rose to the national strategy in 2021, the digital economy has advanced a lot, and financial technology has also made continuous progress. The Fintech Development Plan 2022-2025 promulgated by the People's Bank of China defined the overall thinking, development goals, key tasks and implementation guarantees for digital transformation in the financial sector. Universities were the base for talent training. Tsinghua University's Wudaokou School of Finance was willing to work with other colleges and universities to develop financial technology theories, truly study the problems, challenges and opportunities encountered in the development of financial technology, solve the pain points and difficulties in multiple ways, and improve the quality of financial technology talent training.

Qi Yudong, Dean of BNUBS, presided over the conference

Hu Haifeng, Director of the Finance Department of BNUBS, presided over the keynote speech of the first half.

The topic of Xu Xianchun's speech was the challenge posed by the development of digital economy to government statistics. Statistics was the basic work for reflecting the development of the digital economy, formulating the development strategy and policy of the digital economy, and promoting the high-quality development of the digital economy. The development of digital economy brought two challenges to government statistics: First, the explosive growth of data and the important role of data in economic and social development brought challenges to government statistics, including data as a new product, new assets and new production factors bring a series of challenges to government statistics. Second, the measurement of digital economy brought a series of challenges to government statistics, including the accounting of digital economy added value, the construction of digital economy index system, the compilation of digital economy index and the compilation of digital economy satellite accounts. These questions needed to be further studied by scholars, government statisticians and students, and will produce a series of innovative and international research results.

Chen Daofu spoke on the topic of driving financial Evolution in the digital age. Fintech was accelerating the blurring of boundaries between financial institutions and businesses. Through structured products, trusts and contracts, finance was reorganized from the original institutions and models. The opening of financial institutions and the outsourcing of business linked further blur the boundary between financial institutions and business. After the two-way opening and integration of financial institutions and customers, financial institutions entered the nodal financial period. The essence of finance was to create and use the universal trust of human beings, and realize the redistribution of economic resources and social governance across time, space and people. The external form and carrier of finance were unstable, but the function was relatively stable. Behind financial behavior are analytical skills and trust, and core competencies are reflected in the judgment of data and the use of models. The supervision of financial technology can be considered from two perspectives: mapping perspective, deconstruction perspective and reconstruction perspective.

The topic of Ding Zhiyong's speech was accelerating the digital transformation of banks and serving the high-quality development of the economy. Commercial banks were at the forefront of digital transformation in the financial sector. Taking Bank of Beijing as an example, there were two prominent points in the digital transformation: The first is to strengthen the top-level design, firmly grasp the core key of digital transformation, and find a bank, one data, one platform as the target. The second is to firmly transform and develop, to lead the five major transformations of development model, business structure, customer structure, operation capability and management mode with digital transformation, and to build five major systems of full ecological services, new retail strategy, wealth management and asset management, intelligent risk management and data governance.

Chen Hongwei introduced the exploration and practice of Cloud Fee Payment in digital convenience services to help build a digital China. She pointed out that the payment market demand is large, the payment has disadvantages, and the people have needs. Based on the business philosophy of open cooperation and win-win, Cloud Fee Payment has established a two-way and open service platform, connecting with payment services at one end and wechat, Alipay and banks and other output channels at the other end. At present, Cloud Fee payment has become the largest payment platform in the country, with more than 15,000 payment projects, involving many fields such as basic payment of hydropower and fuel, government payment and enterprise payment. Based on the big data analysis and other related research, it provided an important reference basis for the development of industry standards, development strategy research and system improvement of the convenience payment industry.

The second half of the keynote speech was hosted by Jiang Jie, Associate Secretary of BNUBS

Xu Hongcai's speech topic was developing financial technology to serve the real economy. He first introduced the current situation of financial innovation promoted by financial technology from four aspects: improving the availability of financial services, enhancing the internal risk control ability of banks, improving the efficiency of financial services, and innovating digital financial service scenarios. Then, he analyzed some problems and challenges existing in fintech services to the real economy, including the intensifying competition among banks, the lack of strength of small and medium-sized banks in digital investment, the difficulty of improving self-management ability, and the difficulty of risk management. Finally, suggestions are put forward from four aspects: improving the risk control ability of banks, guiding the dislocation competition of small and medium-sized banks, promoting the digital transformation of small and medium-sized banks, and improving the efficiency of financial digital supervision.

Song Xiaojun shared with us the evaluation research of CCB Research Institute on the Global Top 100 banks and Global Systemically Important Banks Fintech Index. Based on the latest available data from the world's top 100 banks, estimates found that China's banking sector has improved in terms of overall fintech investment, with five banks entering the top 30. In terms of research and development, the proportion of fintech investment in China's banking industry was much lower than that of the United States, and the research and development investment is also very different from that of the United States. In terms of service, China has the largest number of mobile banking users in the world, but the product homogenization was more serious, and more digital transformation was carried out from the perspective of management. In terms of influence, North American banks were still in the first square. But from a historical perspective, dynamic capabilities such as investment in technology were more important than the current specific ranking, and he encouraged students to study across disciplines to jointly promote the development of fintech.

The topic of Zhang Xueyong's speech was the impact of geopolitical risk on stock price risk in the capital market. At present, geopolitical risk and political uncertainty and economic uncertainty were classified as three types of uncertainty affecting social and economic activities. By analyzing the frequency of keywords related to geopolitical risk appearing in news reports, this study constructed the geopolitical risk index of 42 countries in the world, and used the geopolitical risk index to depict the geopolitical risk situation of these countries, and analyzed the relationship between geopolitical risk and the cross-sectional return rate of stocks. It is found that geopolitical risk will prompt investors to switch from risky assets to safer or more liquid assets, which will lead to the decline of stock prices and sharp fluctuations in the stock market.

Sun Yunchuan, a professor at BNUBS, gave a speech on the construction of China's individual investor sentiment index. The number of individual investors in China exceeded 200 million, which was an important source of market vitality and an important support for the normal functioning of the market. Compared with the traditional sentiment measurement methods based on market indicators and for the whole market, this study constructed sentiment index GubaSenti based on stock market post text data and for individual investors, which was targeted, systematic, high-frequency and real-time, and can timely and accurately reflect the sentiment of individual investors in China's securities market. It provided data basis for academic research on investor sentiment and investor behavior, as well as reference for investment practice and government regulation.

Finally, Jiang Jie summarized the speeches of the forum guests. She thanked the distinguished guests for their wonderful speeches, which opened the door to a new world for the students of Beijing Normal University and the many listeners who watched the forum online, and students can learn and develop in the future. Beijing Normal University will meet the national strategic needs and work hard in the financial technology and digital economy discipline professional construction, personnel training and scientific research, and hope to cooperate with all sectors of government, industry, university and research to further improve the quality and ability of independent talent training.

A group photo

Provided by Chen Su

Edited by Jiang Jie

Reviewed by Cai Hongbo