How to solve the dilemma of financial technology to empower the real economy? Du Xiaoyu pointed out these two tricks

Dahe Bao, Dahe Caifang reporter Liu Yun, Jia Yongbiao, Zhang Liyao

In the tide of digital economy and the transformation of commercial banks, the digital economy, as the most rapidly developing, innovative and widely radiated economic activity, is becoming a new force in global economic growth. What kind of financial ecology will be built by the deep integration of technology and finance? And how will we solve the dilemma of fintech empowering the real economy?

This doubt may be solved at the Summit Forum on Digital Economy and Commercial Bank Transformation hosted by Zhongyuan Bank and Caijing Magazine on December 26.

<b>| Digital culture indicators rank third in the country! The digital economy has become a new driving force for Henan's economic growth</b>

At the forum site, Du Xiaoyu, Vice President and Secretary General of Tencent Financial Research Institute, delivered a keynote speech on "The Integration and Development of Finance and Technology in the Context of Digital Economy".

At the forum site, he took Henan's new achievements in the field of digital economy as an example and showed the guests the influence of digital economy on the provincial economy. He said that Henan as a large population province, economic province, emerging industry province and influential cultural province, the information consumption market continues to expand, with the "13th Five-Year Plan" "implementation of the national big data strategy" put forward, Henan's population advantage is transformed into a rapid development opportunity, and ushered in the development of the digital economy fast lane. At present, Henan's digital economy achievements have been quite eye-catching. According to the statistics of Tencent Financial Research Institute, in 2018, the scale of Henan Province's digital economy reached 1.25 trillion yuan, which has become an important driving force for promoting high-quality economic development.

In terms of digital culture, Henan Province ranked third in the country in 2019 in terms of data indicators, of which the video index ranked second in the country. The three sub-indexes of literature, animation and short video ranked third in the country, and the music index ranked fourth in the country. However, Du Xiaoyu also said that compared with the first place Guangdong Province, Henan still has a certain gap in the video, game, movie, and news sub-index, and the gap between individual indexes is even more than 110%.

In terms of digital industry sector, Henan Ranks Seventh in the Country, with an increase of more than 220%. Specific to the subdivided digital industry, Henan Province is in the top ten levels in the country in terms of catering and accommodation, transportation and logistics, retail, tourism, commercial services, culture and entertainment, etc., of which the education index ranks fourth in the country, and retail and commercial services rank seventh in the country, which has great advantages in the digital industry.

At the same time, in terms of digital government, Henan Province ranked tenth in the country in the 2019 digital government affairs index. Henan Province's government affairs public account index ranks tenth in the country, and the WeChat city service index ranks twelfth. There is still a lot of room for growth in the future.

Du Xiaoyu believes that talent is crucial to the development of the digital economy. This theory has been implemented in the field of digital development in Henan. In November this year, the 6th Henan Provincial Internet Conference was held in Zhengzhou. At the meeting, the relevant departments issued a series of policies to throw an olive branch to the "high-precision and cutting-edge" talents in the fields of big data, cloud computing, artificial intelligence, intelligent manufacturing, etc., combining talent introduction and talent cultivation, and attracting the digital economy to "make the tide" to ride the waves.

<b>| How to break the dilemma of fintech empowering the real economy? Technology and market to solve</b>

In the future, the virtual world and the real world in the era of digital economy will be redefined, and the financial industry will not be an exception.

The rapid development of financial technology has provided strong support for the banking industry to serve the real economy and develop inclusive finance. Du Xiaoyu said that the integration of finance and technology has gradually exerted efforts to improve the efficiency of capital allocation and improve the financial service experience and promote industrial transformation and upgrading, which includes increasing the penetration rate of e-commerce in retail, spawning new economic forms and promoting the digitalization of offline life.

Through the use of the Internet, artificial intelligence, big data, cloud computing and other technical means, it can extend the radius of financial services, reduce the threshold of financial services and service costs, improve the quality and efficiency of financial services, and promote the sustainable development of inclusive finance.

In terms of financial technology to help the real economy, Du Xiaoyu believes that in addition to really helping real economy enterprises, financial technology can also serve financial enterprises, serve regulators to reduce risks, improve efficiency, improve the efficiency of supervision, and discover risk activities of illegal finance. He believes that from the perspective of an Internet company or a technology industry, in the financial technology to help the real economy, a more noteworthy point is how to use technology to help financial institutions to serve the real economy.

Where are the difficulties for fintech to better serve the real economy? How to solve it? Du Xiaoyu shared at the forum.

Boosted by the wave of digital economy, a new model of financial technology services has been bred, which has intensified the financial technology reform characterized by digitalization, networking and intelligence, and has entered a new stage of comprehensive penetration, cross-border integration and leading development. Du Xiaoyu said, then, the deep integration of science and technology and finance, what kind of financial ecology will be built?

Du Xiaoyu proposed that inclusive finance can be divided into three words: "universal", "beneficial" and "insurance" to explain. He believes that from the perspective of these three, inclusive finance should solve the three problems of universality, preference and risk, but there is a ternary paradox in these three, and generally only two can be taken. If you do "universal" and "beneficial", there will be risks; However, if you want to be both "universal" and risk-proof, you can only cover it with high returns, so that you can't solve the "benefit"; If you solve the "benefit" and solve the "risk", but this can only be for a specific group of people, it can not solve the "universal".

Du Xiaoyu pointed out that in order to break this paradox, it needs to be solved through technology and market. At present, many small and micro enterprises have no market in addition to the problem of difficult and expensive financing, which requires more empowerment and digital means to help them solve market problems, so as to obtain better benefits.