By Zhang Wei, Deputy Director of R&D Support Division II of Chengdu Branch of China Construction Bank Business Processing Center, Li Peizhao, Senior Economist and Head of Demand Team of R&D Support Division II of Chengdu Branch of China Construction Bank Business Processing Center, and Li Xuanxuan, Expert of Big Data Studio and Business Manager of R&D Support Division II of China Construction Bank Business Processing Center.
For the first time, the Central Financial Work Conference put forward the goal of building a "financial power". This paper points out that it is necessary to use data as an element to achieve the goals of supporting the real economy and effectively reducing the comprehensive financing cost of the society by doing a good job in the "five major articles". Improve the quality of financial services through digitalization, and realize a high-quality financial power with data as the element, digital intelligence as the feature, and people's nature as the concept.
For the first time, the Central Financial Work Conference put forward the goal of building a "financial power", and put forward five major articles of "doing a good job in science and technology finance, green finance, inclusive finance, pension finance, and digital finance", which pointed out the substantive direction for promoting the priority development strategy of the mainland economy with high quality and promoting the current key areas in the context of the digital economy.
Since the 18th National Congress of the Communist Party of China, the mainland has achieved positive results in the process of building a strong currency, a strong central bank, a strong financial institution, a strong international financial center, a strong financial supervision and control, and a strong contingent of financial talents, laying a solid foundation for building a financial power. With the announcement of the mainland's "data element ×" action plan, the extensive practice of data economic theory has officially risen to the national level, and after the data is endowed with the same theoretical support of the constituent elements of productivity as other factors such as labor and capital, data is not only applicable to the change of scale remuneration under the basic cost-income framework, but also follows the general law of resource allocation, that is, the data elements are also given by productivity factors and data resource agglomeration to do a good job in the "five major articles" and build a financial power. At present, the mainland is in the midst of the changing international situation, the optimization and adjustment of the domestic economic structure, and the multi-dimensional development pattern of the new economy represented by the digital economy, so it is necessary to adhere to the high-quality data capacity building to help realize the financial power, rely on the data elements to do a good job in the "five major articles" to continue to make the new financial water pour into the territory of high-quality development, lead more resource elements to the national key areas and weak links, achieve accelerated agglomeration, and promote the domestic social productive forces to enter a higher stage of high-quality development, so as to ensure the domestic economic and financial security and prosperityto provide capacity support for high-level opening-up characterized by data elements, and participate in the formulation of global financial regulatory rules by relying on data governance capabilities.
The construction of a financial power should do a good job in the "five major articles" through data elements, so as to meet the requirements of the "six major fields" of a financial power
Data elements help to do a good job in the "five big articles". Doing a good job in science and technology finance is an important embodiment of financial institutions to support the national science and technology innovation system in an all-round way. In the process of production and operation of science and technology enterprises, financial institutions can improve the information symmetry of science and technology enterprises through timely intervention of data, that is, they can send "timely rain" in the "dry season", and also help science and technology enterprises use financial data to improve the quality and efficiency of production and operation, and become bigger and stronger. In the process of promoting the sustainable development of the financial industry, green finance can use data application to guide more capital flow to resource conservation, technology development and ecological environmental protection industries. In addition, financial institutions can be guided to reduce the cost of enterprises with data capabilities through regulatory policies and monetary policies, provide more effective financial services for small and micro enterprises, farmers, urban low-income people, the elderly and other groups, and do a good job in inclusive finance, pension finance and other "big articles".
Based on macro-prudential regulation and control, combined with the effectiveness of monetary policy, and insisting on the prevention and resolution of financial risks, financial data elements should be taken as one of the foundations for the construction and development of a strong central bank. It is necessary to practice the concept of a digital central bank and promote the centralized management of financial data. It is necessary to seize the opportunity period of digital currency construction and promote the internationalization of the RMB through digital means to achieve the inherent requirements of a strong central bank. At the same time, with high-quality data capabilities as a means, we will continue to improve the central bank's digital and intelligent monetary regulation and governance capabilities.
A financial power must have a strong financial institution, and commercial banks should use data elements to make the "five major articles" better and stronger to temper the role of a strong institution in the financial power. According to the analysis report of the People's Bank of China's China Inclusive Finance Indicators, banking financial institutions will handle a total of 278.965 billion electronic payment transactions in 2022, with an amount of 3110.13 trillion yuan, and in 2022, banking financial institutions will handle 19.931 billion mobile banking services and 10.433 billion online banking services in rural areas. In the face of the continuous growth of the scale of electronic payment, the digital payment scenarios of the whole society promote the continuous expansion of data stock and growth, commercial banks can revitalize a variety of production resources of the whole society through data elements, stimulate the core data elements that affect the "five major articles", and solve the pain points of the current social data elements, straighten out the data governance and application relationship that affects the "five major articles", and create exemplary value creation in the field of doing a good job in the "five major articles" in batches and scenarios. And play a cluster effect in multiple scenarios to build a strong financial institution with obvious digital characteristics.
Give full play to the power of data to build a high-level global digital financial center and build an international financial center with the characteristics of the new era. Doing a good job in digital finance in the "five major articles" refers to a form of using digital technology such as Internet technology, artificial intelligence technology, and mobile communications to carry out financial services and transactions. Therefore, the construction of an international financial center in the new era characterized by intelligence and technology not only requires a strong capital transaction volume, but also a strong digital infrastructure, a strong digital business operation level, and a compound talent team characterized by data advantages, so as to meet the needs of global capital transactions with efficient data, computing power and algorithms, and contribute to the establishment of a more inclusive, confident, responsible and sustainable global digital financial center.
Through big data-based digital capacity building, we can help improve the resilience of financial regulation. Although digital capabilities will not lead to essential changes in financial transactions, because digital capabilities can change the operational characteristics and morphological structure of the existing financial system, it is necessary to help improve the adaptability of financial supervision through digital capacity building based on big data, explore new digital regulatory mechanisms, implement the goal of risk prevention, and achieve strong financial supervision in large countries.
Establish a data governance system that is conducive to the construction of a financial power
The Central Financial Work Conference proposed to do a good job in the "five major articles", which is to stand in the historical environment of the development of the digital economy in the mainland, take the high-quality development of science and technology finance, digital finance, inclusive finance, pension finance and green finance as the main line, continuously enhance the ability of financial services and risk prevention and control, and fully fulfill the responsibilities of new data production factors in realizing the mission of the times of national economic strength and financial power. The essence of the application of new factors of production in the economy and finance is the digital intelligence of traditional production organization methods and processes by digital application technology, and then the development of social productivity is promoted by digital characteristics. Therefore, financial institutions rely entirely on new digital technologies and rely on data elements to do a good job in the "five major articles" to lay a solid foundation for realizing a financial power. However, in the construction of the digital economy, although the economic sector presents an explosive amount of massive data, more data is stored in data stores characterized by the quality of data in their respective fields, and there is a lack of efficient, standardized and mineable data capabilities, so the construction of a financial power is also faced with the need for systematic and comprehensive data governance. It is necessary to establish a data governance system that is conducive to promoting the "five major articles" and realizing the construction of a financial power......
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Source丨Tsinghua Financial Review, Issue 126, May 2024
Editor丨Zhou Mingyi
Editor丨Lan Yinfan
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