Core Viewpoint - The article emphasizes the transformative impact of digital economy and smart finance on global economic restructuring, highlighting the importance of "digitalization + intelligence" in promoting inclusive finance, enhancing capital flow efficiency, and fostering innovation in business models [2]. Group 1: Event Overview - The 14th China (Guangzhou) International Financial Trading Expo will host a keynote meeting on June 27, 2025, focusing on "New Industries, New Technologies, New Models, New Dynamics - Smart Finance Supporting High-Quality Development" [2][3]. - The event is organized by Tsinghua University Wudaokou School of Finance and co-hosted by Beijing Qingkong Jinmei Cultural Technology Co., Ltd. and Guangzhou Financial Exchange Investment Management Co., Ltd. [4]. Group 2: Meeting Agenda - The meeting will feature a series of speeches and discussions, including opening remarks by the host, a keynote address by prominent financial leaders, and thematic discussions on inclusive finance and smart arbitration [7][8]. - Notable speakers include Ouyang Weimin, former Vice Governor of Guangdong Province, and Wang Zhongmin, former Vice Chairman of the National Social Security Fund [8]. Group 3: Historical Context - The China (Guangzhou) International Financial Trading Expo has been held since 2012, aiming to enhance economic and financial exchanges in the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on high-quality development [10][17]. - Since its inception, the expo has invited over 200 speakers and attracted more than 7,000 participants, with significant online reach [10].

Core Viewpoint - The article emphasizes the critical role of stablecoins in the contemporary international monetary and financial landscape, highlighting the need to clarify their essence, impact, and relationship with sovereign currencies [1][2]. Summary by Sections Nature of Stablecoins - The core value of stablecoins lies in their efficient payment and settlement functions, which are based on blockchain technology, offering significant advantages in payment efficiency and cost [3]. - Unlike volatile cryptocurrencies like Bitcoin, stablecoins maintain value stability by anchoring to real assets, primarily US dollar assets, with leading stablecoins like USDT and USDC having over 90% of their assets in short-term US Treasury bonds and repurchase agreements [3]. - The push for stablecoin legislation in the US aims to modernize dollar payments, strengthen the dollar's international position, and create trillions in new demand for US Treasury bonds, effectively extending the influence of the dollar into the digital realm [3]. China's Dual Approach - In response to the stablecoin trend, China must advance on two fronts: promoting the internationalization of the Renminbi (RMB) as a core task while recognizing the irreversible trend of integration between stablecoins, cryptocurrencies, and traditional financial systems [4]. - Efforts to enhance the use of the RMB in international trade, expand currency swap agreements, and improve cross-border payment systems should continue steadfastly [4]. - The integration of stablecoins, cryptocurrencies, and central bank digital currencies (CBDCs) is expected to improve payment efficiency and lower costs, reshaping the global payment system and fostering decentralized finance (DeFi) [4]. Development Pathways - China should leverage Hong Kong's financial center status to develop offshore RMB stablecoins, creating controllable international payment channels, with Tether already issuing offshore RMB stablecoins with a circulation exceeding 20 million [5]. - The rise of stablecoins represents a technological upgrade and extension of the US dollar system in the digital age, highlighting the importance of payment and settlement functions [5]. - Strengthening the economic foundation, solidifying the sovereignty of the currency, and pragmatically advancing RMB internationalization are essential for maintaining monetary and financial security [5].

Focus - The Cross-Border Payment System officially launched on June 22, enabling real-time cross-border remittances between residents of mainland China and Hong Kong, with the first transaction occurring in Shenzhen [3]. Major Events - The Lujiazui Forum opened on June 18, focusing on "Financial Opening and Cooperation in the Global Economic Landscape," featuring key speeches from financial leaders including Pan Gongsheng and Li Yunzhe, who announced a series of important financial policies [4][5]. Major Policies - The Shanghai Stock Exchange implemented new regulations requiring brokers to process investor requests for revoking designated trading on the same day, aiming to enhance customer service and reduce barriers for investors switching brokers [6][7]. Economic Data - In the first five months of the year, China's general public budget expenditure reached 112,953 billion yuan, a year-on-year increase of 4.2%, while revenue slightly declined by 0.3% to 96,623 billion yuan [8][9].

建设数字中国是推进中国式现代化的重要引擎，数智金融作为数字经济的高级形态和关键组成 部分，正成为推动经济高质量发展的重要力量。 数智赋能产业新生态 当前，以人工智能为代表的新技术蓬勃发展，数字产业正迈向深化应用、规范发展的新阶段。 在此背景下，数智金融与产业生态的融合发展呈现出全新图景——通过"技术驱动+场景落地 +制度适配"的发展路径，金融与数字技术深度融合，不仅赋能科技创新、绿色金融等关键领 域，更推动着产业生态的数字化转型。当数字化制造进入全面扩展普及新阶段，探索数智金融 如何更好地服务产业生态，实现普惠共享，已成为数字经济发展的重要命题。 数智金融发展现状 清华大学五道口金融学院财富管理研究中心研究专员张艺伟等曾在《清华金融评论》撰文表 示，随着人工智能技术的飞速发展，我国金融行业正经历着深刻的智能化变革。银行、券商、 保险等各类金融机构纷纷积极引入和训练大模型，并探索其在金融领域的实际应用。大语言模 型凭借强大的自然语言理解能力、精准的数据分析功能和高效的自动化处理能力，为金融投 资、智能投研、风控管理等多个领域提供强力支持。 与此同时，大语言模型凭借其强大的自然语言处理能力，提升了金融服务的效率和 ...

文/ 《清华金融评论》 王茅 美 国 对 伊 朗 核 设 施 采 取 军事 行 动 后 ，伊 朗议 会 随后 提 议 关 闭 霍 尔 木 兹 海 峡，此言一出，油价、金价应声大涨。伊朗关闭霍尔木兹海峡的潜在行动 将通过能源价格、供应链和通胀传导至全球资本市场，短期内加剧市场波 动，中长期则可能推动美联储在货币政策上陷入"通胀与衰退"的两难。 美国对伊朗核设施采取军事行动，伊朗议会提议关闭霍尔木兹海峡 中东地缘冲突愈演愈烈。美国对伊朗核设施的军事行动代号为"午夜之锤"（Operation Midnight Hammer）。该行动于2025年6月21日夜间至22日凌晨实施，美军出动超过125架飞机，包括7架B-2隐形 战略轰炸机，投下75枚精确制导弹药（含14枚GBU-57巨型钻地炸弹），并发射24枚"战斧"导弹，对伊 朗的福尔多、纳坦兹和伊斯法罕三处核设施发动打击。 美国总统特朗普22日表示，伊朗三处核设施遭到美军"正中靶心"的打击，已被"毁灭"。伊朗国家电视台 一名负责人则在网络直播中表示，伊朗在一段时间之前已经转移了三个核设施中的材料，美方袭击应未 造成重大损失。伊朗官方通讯社援引伊朗国家电视台负责人的话报 ...

Core Viewpoint - The article emphasizes the necessity of fully implementing the new development concept as a key to achieving high-quality development and realizing Chinese-style modernization, amidst various new challenges and contradictions in the new journey ahead [2][3][20]. Group 1: New Development Concept - The new development concept is identified as the most important theoretical innovation in the political economy of socialism with Chinese characteristics, guiding the direction and focus of development in the new era [2][3]. - It is crucial for addressing external pressures and challenges, particularly in the context of rising unilateralism and protectionism from Western countries [4][5]. Group 2: High-Quality Development - High-quality development is deemed the primary task in building a modern socialist country, with the new development concept serving as the guiding principle [3][6]. - By 2035, it is projected that China's per capita GDP will reach the level of moderately developed countries, highlighting the need for significant advancements in economic strength and technological capabilities [3]. Group 3: Reform and Opening Up - The implementation of the new development concept is essential for deepening reforms and expanding high-level opening up, which involves adjusting various interest relationships and overcoming resistance [5][6]. - A comprehensive reform framework is necessary to support the new development concept, ensuring that it is integrated into the design of reform plans [5]. Group 4: Common Prosperity - The article stresses that shared development is a fundamental requirement of socialism, aiming to ensure that all people benefit from development and move towards common prosperity [6][14]. - The focus is on addressing disparities in wealth and ensuring that development outcomes are equitably distributed among the population [6]. Group 5: Risk Prevention - The need to prevent and mitigate major risks is highlighted, with the new development concept seen as a means to enhance economic stability and resilience against systemic risks [7][15]. - The article points out that risks often stem from low-quality development practices, underscoring the importance of high-quality development in risk management [7]. Group 6: Innovation and Coordination - Innovation is identified as the primary driving force for development, with a call for a modern industrial system supported by high-level technological independence [8][11]. - Coordinated development is emphasized as a strategy to address imbalances and promote sustainable growth across regions and sectors [11][12]. Group 7: Green Development - The article advocates for a comprehensive green transformation of economic and social development, aligning with ecological sustainability goals [12][13]. - It stresses the importance of integrating environmental considerations into economic planning and development strategies [12]. Group 8: Open Development - Open development is framed as a distinctive feature of Chinese-style modernization, with a focus on enhancing international cooperation and market access [13][14]. - The article calls for a balanced approach to utilizing both domestic and international resources to improve the quality of international circulation [13]. Group 9: Correct Performance View - The necessity of establishing a correct performance view is highlighted, advocating for a pragmatic approach to economic development that prioritizes stability and quality over speed [18][19]. - The article warns against superficial achievements and emphasizes the importance of addressing real economic conditions and needs [18][19].

Core Viewpoint - The rapid aging population and increasing healthcare expenditures have made commercial health insurance a key solution to alleviate the financial burden on both the government and individuals [1]. Industry Challenges - From 2021 to 2023, the average annual growth rate of health insurance in China was only 3.4%, significantly lower than the 6.03% growth rate of life insurance during the same period [2]. - There is a severe product homogeneity issue, creating a sharp contradiction with the layered demand for coverage, such as for pre-existing conditions and high-end medical services [2]. - The development of innovative drugs and medical devices highlights the urgent need for a diversified payment system [2]. - The new national policies emphasize the integration of "medicine + drugs + insurance" and the collaboration between health insurance and the health industry chain, shifting focus from mere claims to comprehensive health management [2]. Solutions for Health Insurance - At a recent seminar, experts discussed the future of commercial health insurance, emphasizing the need for product innovation focused on mid-tier medical services and the segmentation of critical illness insurance to meet diverse customer needs [3]. - There is a call to enhance health management concepts, promote disease prevention, and integrate products with services to improve customer understanding and acceptance [3]. - Underwriting processes should evolve alongside medical technology advancements to enhance risk identification and underwriting capabilities [3]. - The future of commercial health insurance relies on the tight integration of product innovation, service upgrades, and ecological collaboration to address industry challenges and optimize insurance protection [3][4]. Ecological Cooperation - Ecological cooperation is seen as vital for transforming health insurance through precise protection, service integration, and risk collaboration, playing a key role in innovative breakthroughs and collaborative development within the multi-tiered medical security system [5]. - The integration of medical resources and data interfaces is essential to create a "protection + service" solution, enhancing internal service capabilities [5]. Upcoming Events - The 14th China (Guangzhou) International Financial Trading Expo will focus on the deep integration of "medicine + drugs + insurance + data" to address structural supply-demand contradictions in the health insurance sector [6]. - The event will feature discussions on innovative models for collaboration between health insurance and the healthcare industry, exploring the role of data-driven approaches, service integration, and technological innovation in industry transformation [6].

Core Viewpoint - The article emphasizes the potential benefits and risks associated with the development of USD stablecoins, particularly their role in enhancing transaction efficiency and potentially promoting dollarization, which could have significant economic implications [1][2][3][4]. Group 1: USD Stablecoins - USD stablecoins are expected to improve transaction and remittance efficiency, as well as stimulate purchases of other assets, including digital and crypto assets [3][4]. - The emergence of USD stablecoins may further drive the phenomenon of dollarization, which is already observed in Central America and some transitioning economies [3][4]. - The article warns that dollarization can have various adverse effects on economies, and it is crucial to assess its implications for countries not currently facing high inflation or debt issues [4]. Group 2: Global Monetary Policy Coordination - The current global economic environment shows insufficient growth momentum, necessitating countries to consider global financial stability while pursuing their monetary policy goals [7]. - There is a need for enhanced communication and research among monetary authorities to achieve greater international consensus on monetary policy coordination [7][8]. - The article highlights the lack of established rules for global monetary policy coordination, with no dedicated institution, tools, or consensus currently in place [8].

Core Viewpoint - The article analyzes the internal logic of the integration of the securities industry under the strategy of a "unified capital market," drawing on international experiences and China's practices, and proposes suggestions for promoting high-quality integration from both regulatory and financial institution perspectives [1]. Group 1: Internal Logic of Securities Industry Integration - The "unified capital market" strategy aims to accelerate the development of a unified capital market in China, similar to the experiences of developed markets like the US and Europe, which have implemented measures such as nurturing leading institutions and integrating trading platforms [3]. - Securities firms play a crucial role in facilitating the cross-regional flow of capital, breaking information asymmetry, and enhancing market risk identification and mitigation [3]. - The integration of the securities industry is essential for the evolution of the financial industry structure, leading to efficiency, concentration, and internationalization [3][4]. Group 2: International Experience in Securities Industry Integration - The integration of the securities industry in developed markets has primarily occurred through mergers and acquisitions, which have helped create leading investment banks and asset management institutions [7]. - Diversified mergers can quickly fill business gaps and enhance overall strength, as demonstrated by Morgan Stanley's various acquisitions to strengthen its business segments [8]. - External mergers can achieve economies of scale and expand business scope, exemplified by Charles Schwab's expansion into asset management through strategic acquisitions [9]. - Consolidation within niche markets can enhance specialization, as seen with Evercore's strategic acquisitions in the advisory sector [10]. - Overseas mergers and acquisitions serve as a high-level strategy for enhancing international influence, illustrated by UBS's global expansion efforts [11]. Group 3: Role of Commercial Banks in Securities Industry Integration - In contrast to China, developed markets often adopt a mixed operation model where commercial banks actively participate in securities mergers, leading to the formation of large integrated financial groups [12]. - Historical experiences show that large banking groups possess significant capital strength and extensive client bases, which can facilitate the growth of investment banking and asset management businesses [13]. Group 4: Current Practices of Securities Industry Integration in China - China's securities industry is entering a new wave of integration, characterized by four main models, including strategic integration among leading securities firms and regional integration led by local state-owned enterprises [14]. - The merger of major firms like Guotai Junan and Haitong Securities signifies a shift towards large-scale, intensive development in the industry, enhancing capital strength and service capabilities [14].

编 者 按 当前，全球正面临前所未有的人口老龄化浪潮，这一趋势正在迅速重塑各国的经济和社会结构，可能带来经济 增长潜力减弱、社会保障压力加剧等深远影响。近年来，党和政府高度关注人口老龄化问题。党的二十大报告提 出：实施积极应对人口老龄化国家战略，发展养老事业和养老产业，优化孤寡老人服务，推动实现全体老年人享有 基本养老服务。 2023 年中央金融工作会议明确指出要做好养老金融等"五篇大文章"。 作为金融健康的重要组成部分，养老金融健康建设，是社会经济发展、深化金融改革与构建和谐社会的客观要 求；是金融消费者、证券投资者和市场参与者权益保护的重要基础；是增加个人及家庭金融韧性的重要手段。为提 升国民养老金融教育水平， 清华大学五道口金融学院《清华金融评论》联合中美联泰大都会人寿保险有限公司（以 下简称"大都会人寿"）策划系列研究及访谈，旨在为政府制定养老金融政策、金融机构优化养老金融产品与服务、 中国家庭进行养老金融规划等提供参考借鉴。 本文专访中美联泰大都会人寿保险有限公司首席顾问行销官于健，探讨养老金融市场及保险如何与养老产业合 作提供一站式养老综合解决方案。 Q 目前中国养老市场的典型特征是 ？ Q 目前 ...