690
Dec. 07, 2024
meeting site
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Organizer's Speech
At the forum, Gu Liangfei, Party Secretary of the School of Finance at Tsinghua University, delivered a speech on behalf of the organizers.
Gu Liangfei: Deep integration of technology and finance drives high-quality economic development through synergy
College, centered on the strategy of building a strong financial nation, is proactive and proactive, and is fully committed to promoting high-quality financial development. First, increase talent cultivation efforts to support the construction of a strong financial nation. College is actively building a talent training system for science and technology innovation finance, comprehensively cultivating a high-level, innovative, and international financial talent team. Second, fully leverage the function of think tanks to promote high-quality financial development. School focuses on the 'five major articles' of finance, leverages its research strengths, conducts interdisciplinary studies, deepens international cooperation, and offers advice for policy formulation. Third, build an integrated platform for industry, academia, and research, writing 'five major articles.' College focuses on financial services for the transformation of scientific and technological achievements, leveraging talent and academic advantages to support the strategic layout of technology finance, strongly supporting industrial innovation and upgrading.
Gu Liangfei
2
Leader's Speech
At the forum, Gu Binglin, academician of the Chinese Academy of Sciences, former president of Tsinghua University, and chairman of the Tengchong Scientist Forum, along with Li Malin, vice chairwoman of the Yunnan Provincial CPPCC, attended and delivered speeches.
Gu Binglin: The mutual pursuit of technology and finance will promote a virtuous cycle in technology industry finance
Gu Binglin pointed out that global technological innovation has entered a period of intense activity, with new disruptive technologies continuously emerging, profoundly impacting the financial industry. technological progress is conducive to innovation in financial products and services, thereby better improving the effectiveness of financial services for the real economy and promoting high-quality development of the real economy.
finance is the lifeblood of the national economy and an important part of the country's core competitiveness. financial support for technological innovation has led financial resources to flow more into new industries, new business formats, and new models, which is also an important manifestation of cultivating and developing new quality productive forces.
the two-way pursuit of technology and finance will promote a virtuous cycle in technology industry finance and stimulate economic growth vitality. technology finance ranks first among the "Five Major Articles." Developing technology finance will help enterprises innovate, promote industrial transformation and upgrading, and thereby achieve high-quality development goals in economic, social, and other areas.
Gu Binglin
3
Keynote Speech
Keynote speeches by Liang Tao, former Vice Chairman of the China Banking and Insurance Regulatory Commission; Myron S. Scholes, Frank E. Buck Professor Emeritus of Finance at Stanford Business School, member of the American Academy of Arts and Sciences, and Nobel laureate in economics; and Zou Zhigang, academician of the Chinese Academy of Sciences, member of the Academy of Sciences for Developing Countries, and professor at Nanjing University.
Liang Tao: Actively carry out alternative investments to support new quality productive forces
First, actively serve the construction of a new development pattern. insurance funds should focus on five major areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, selecting investment targets to achieve economic and social benefits and the long-term preservation and appreciation goals of insurance funds. second, enhance investment research capabilities. insurance companies should clarify optimization paths for situations where they are afraid or unwilling to invest, and enhance their investment research capabilities that align with new quality productivity. third, actively expand the insurance industry chain. By investing long-term in fields such as healthcare, healthcare, elderly care, automotive, and insurtech, we can form an 'Insurance+' approach and enhance our capabilities in market expansion, product innovation, customer service, and management on the liability side. Fourth, during the current stage of China's economic development, increase the development of equity-based alternative products. insurance companies can focus on developing equity-type products that are similar to fixed income.
Liang Tao
Myron Scholes said: Uncertainty in Artificial Intelligence and Finance
Myron Scholes stated that from the perspective of artificial intelligence, AI is the application of new technologies under existing theoretical frameworks, and currently, this trend is emerging and continuously evolving.
from the perspective of the financial system, its main functions include financing large projects, converting savings into future consumption, risk management and transfer, building trust, pricing evaluation, and more. It is important to realize that although the functions of the financial system are static, over time, the way these static functions are delivered will undergo profound changes depending on innovation, new technologies, and regulations.
from the perspective of mutual influences, AI will drive the financial system to move from its current vertical structure toward a structure closer to decentralization and flattery; advances in artificial intelligence and other automation will reduce the role of intermediaries in many financial functions; AI will facilitate the realization of financial functions by reducing market friction and inherent costs.
Zou Zhigang: Achieving dual carbon goals requires a combination of finance and technological innovation and policy
Academician of the Chinese Academy of Sciences, Professor at Nanjing University, Zou Zhigang, member of the Academic Committee of the Tengchong Scientists Forum, stated that innovations in emerging sciences and technologies have profoundly impacted human society and markets, and energy innovation has driven social transformation. Under the dual carbon goals, hydrogen energy, as a high-energy, environmentally friendly clean energy source, represents an innovative technological route for achieving these goals and is an important direction for promoting social progress and energy transition. Currently, hydrogen energy development in China is gradually deepening, with multiple urban hydrogen demonstration clusters established, and its applications are increasingly widespread in advantageous fields such as transportation, marine equipment, and renewable energy consumption. To promote China's green finance and achieve the dual carbon goals, the financial industry should combine technological innovation with policy support, deeply participate in the development and innovation of the hydrogen energy sector, jointly strengthen and supplement the industrial chain, and help the country achieve its dual carbon goals.
Zou Zhigang
< span style="letter-spacing: 0.034em; The > Forum was hosted by Yuan Yuan, Assistant Dean of the PBC School of Finance at Tsinghua University.
Yuan Yuan
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topic forum:
" Technology + Finance Empowers New Drivers in Industries
Zhang Wei, Assistant Dean of Tsinghua University PBC School of Finance and Executive Editor-in-Chief of Tsinghua Financial Review; Yuan Rui, General Manager of the Technology Finance Department at Shanghai Pudong Development Bank Co., Ltd.; Long Liang, President of CICC Capital Operation Co., Ltd.; Wang Zhulin, Chairman of Yinhua Fund Management Co., Ltd.; Vice Chairman of the All-China Federation of Industry and Commerce, Huang Daifang, Chairman of the Board of Taihao Group; Wu Rui, Chairman of Lianchuang Optoelectronics Co., Ltd.; and Ma Jia, Chief Financial Officer of Yunnan Baiyao Group Co., Ltd., each shared their views.
Thematic Forum Live
Zhang Wei: To develop new quality productive forces, technology and finance must be given equal importance
Zhang Wei pointed out that the Central Economic Work Conference in December 2023 proposed promoting industrial innovation through technological innovation, especially by using disruptive and frontier technologies to foster new industries, new models, and new momentum, and to develop new quality productive forces. Achieving technological innovation and breakthroughs requires long-term and stable financial support. Therefore, to develop new quality productive forces, technology and finance must be given equal importance, and a "combined punch" of financial empowerment must be launched. Currently, we are in an era of accelerated technological revolution and industrial transformation. This transformation requires the organic integration of technological innovation, industrial progress, and financial development, enhancing the contribution of scientific and technological progress to economic growth, leveraging finance's support for technological innovation and industrial progress, and developing and expanding new fields, new tracks, and new industries. This is the only path for China's high-quality economic development.
Zhang Wei
Yuan Rui: Reconstructing the Financial Service Model of Commercial Banks, Empowering Technological Innovation and Industrial Development
Yuan Rui put forward three key proposals from the strategic perspective of commercial banks: First, Commercial banks need to accurately position themselves, deeply understand the business logic of technology finance development and the enormous value and potential it holds; Second, actively reconstructing banking service models, striving to build a diversified ecosystem service system integrating commercial banking + investment banking + ecosystem to meet the diverse needs of different client groups and industries; Third, focus on building an independent and efficient business structure to ensure the professionalism and innovation of the technology finance business. SPD Bank's "5 + 7 + X" Pudong Science and Technology Product System focuses on accompanying enterprises throughout their entire lifecycle growth, aiming to become the "preferred partner bank" for technology-based enterprises, thereby achieving a comprehensive upgrade in the deep integration of technology and finance, leveraging multiplier effects, and helping enterprises bravely advance and innovate amid the wave of technology.
Yuan Rui
Long Liang: Technological innovation has become the core driving force for industrial development
Long Liang stated that technological innovation has driven the possibility of catching up with latecomers and has become the core driving force for industrial development. Sci-tech investment also features high returns and high risks. As investors, on one hand, we should enhance our risk tolerance and build fault-tolerant mechanisms; On the other hand, patience and long-term companionship are needed for enterprises in the field of technological innovation to achieve win-win outcomes and returns.
Longliang
Wang Zhulin: Leverage the role of capital market mergers and acquisitions to support technological innovation and industrial upgrading
Wang Zhulin stated that the capital market should fully leverage its role as the main channel serving the real economy, especially mergers and acquisitions as important means to support technological innovation and industrial upgrading. He pointed out that capital market platforms such as the STAR Market play an important role in driving technological innovation, successfully supporting enterprises in independent innovation and economic transformation and upgrading through the design of the capital market framework. Future financing will mainly focus on technological innovation, striving to strengthen patient capital and build boosters for new quality productive forces. He suggested reasonably optimizing the criteria for identifying innovation attributes and improving identification accuracy.
Wang Zhulin
Huang Daifang: Sci-tech innovation enterprises should leverage financial support to achieve rapid growth
Huang Daifang pointed out that as technology innovation enterprises, to achieve rapid growth with financial support, two issues need to be addressed:
First, technology innovation enterprise projects need to attract attention. under the current system, if companies do not receive attention, it is difficult to allocate resources, including investment, credit, and other related resources.
second, technology innovation enterprises should first connect with specialized platforms for financing, such as venture capital funds and industrial investment and financing funds. the financing of tech innovation enterprises does not match well with bank funds, because banks require enterprises to provide guarantees, and also require actual controllers to provide unlimited liability guarantees.
Therefore, tech innovation enterprises need to obtain financial support through reasonable channels to achieve rapid growth.
Huang Daifang
Wu Rui: Although innovation awareness is constantly emerging, actual implementation faces significant obstacles.
Wu Rui stated that fintech innovation has brought significant positive empowerment to enterprise development but also comes with some confusion and difficulties. The core current issue is that, despite the constant emergence of innovative awareness, there are still significant obstacles in actual implementation. On one hand, fundamental change is achieved through breakthroughs at the institutional level; On the other hand, enterprises at different life stages and with different characteristics need targeted policies and approaches to promote positive development.
Wu Rui
Majia: The key to empowering new industrial momentum with "Technology + Finance" is innovation Majia stated that the key word for empowering new industrial drivers with "Technology + Finance" is innovation. To solve the problem of innovative growth, including innovation at the application level and innovation at the tool level, for traditional industries, Relying on capital for external expansion and internal innovation for growth is the main logic for long-term development. By adopting advanced production technologies and equipment, introducing digital transformation systems, and applying innovative technologies such as new materials and processes, production efficiency, product quality, and added value can be improved.
Macca
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high-level dialogue:
The Future of Technology + Finance"
High-Level Dialogue Live
Tian Xuan, deputy to the 14th National People's Congress, director of the National Institute of Finance at Tsinghua University, associate dean of the PBC School of Finance, and chair professor of finance; Ma Weihua, member of the United Nations Sustainable Development Goals Steering Committee, chairman of the National Science and Technology Achievement Transformation Guidance Fund, and former president of China Merchants Bank; Wang Yu, professor and head of the Department of Electronic Engineering at Tsinghua University, IEEE fellow, and founder of Wuwen Xinqiong, each shared their views.
Tian Xuan: Government departments need to increase their tolerance for venture capital to truly encourage patient capital
Tian Xuan believes that government funds need to increase their tolerance for venture capital and enhance the attribute of patient capital. The specific reasons are: first, most venture capital projects are assessed annually, but innovative and high-tech enterprises often operate at a loss in the early stages of investment, making annual assessment unreasonable. Instead, assessment should be based on the company's lifecycle length (such as 10 or 15 years); Second, regarding the fault-tolerant mechanism for assessment of venture capital projects, relevant government departments need to improve the tolerance rate for venture capital projects and ensure that related policies are truly implemented, so that patient capital can be genuinely encouraged.
Tianxuan
Ma Weihua: Technology drives financial development, capital empowers achievement transformation
Ma Weihua stated that technology is the driving force behind financial development, and finance provides support for technology. On one hand, the technological revolution has driven banking transformation, and in the future, information and digital technologies will continue to reshape banking functions and models. On the other hand, funds provide support for technology companies throughout their entire lifecycle, but the fund of funds faces multiple mechanism issues and needs to optimize the investment environment through policies such as relaxed registration and assessment.
Ma Weihua
Wang Yu: Deep integration of technology and finance to achieve joint development of technology and industry
Wang Yu pointed out that the empowerment of technology by finance is crucial, especially in high-tech fields. He shared the challenges faced as an academic-entrepreneur, such as translating technology prototypes into products, and the large initial investments that require financial support. Wang Yu believes that the future development of "Technology + Finance" should focus on ecological integration, talent integration, and organizational integration to promote deep cooperation between technology and finance, cultivate versatile talents who understand both technology and finance, and explore new forms of organization to achieve joint development of technological progress and industrial innovation.
Wang Yu
this time Technology + Finance" Forum is hosted by the School of Finance at Tsinghua University, organized by the editorial department of Tsinghua Financial Review and Science Entrepreneurs ®, co-organized by Yunnan State-owned Financial Capital Holding Group Co., Ltd., and partnered by Shanghai Pudong Development Bank Co., Ltd.
