扫描二维码或点击文末"阅读原文"报名 随着全球化进程的深入和数字经济的蓬勃发展，世界经济格局正经历变革。党的二十届三中全会 提出，要"健全因地制宜发展新质生产力体制机制"，"催生新产业、新模式、新动能"。当前数字 经济成为推动全球经济转型的核心力量之一，"数字化+智能化"深度融合的数智金融的发展，在 实现普惠金融、提升资金流动效率、促进商业模式创新等方面正发挥着重要的"助推器"作用。 2025年6月27日（星期五） ，清华大学五道口金融学院受邀在第14届中国(广州)国际金融交易·博 览会上举办主旨会议，会议的主题为 "新产业 新技术 新模式 新动能——数智金融助力高质量发 展" ，本次会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司和广州金交会 投资管理有限公司具体承办。 报名参会 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携 ...

Core Viewpoint - The recent reduction in deposit rates by major banks in China, with the one-year fixed deposit rate falling below 1%, poses challenges for money market funds and cash management products, prompting a need for strategies to adapt to this low-yield environment by learning from overseas experiences [2][3]. Group 1: Overview of Low-Interest Rate Environments - In the U.S., the money market fund (MMF) yield entered the "1%" era during three periods: 2003-2004, 2009-2017, and 2020-2021, with significant capital outflows during low yield periods [5][6][7]. - The Eurozone experienced a decline in MMF scale during low-interest periods, but saw an increase during negative interest rates due to the relative attractiveness of MMFs compared to other rates [9][10][11][12]. - Japan's MMFs faced extinction in a negative interest rate environment, with the money reserve fund (MRF) becoming dominant due to its association with securities accounts [14][16]. Group 2: Factors Influencing MMF Scale Changes - The elasticity of nominal interest rates to policy rate changes leads to different behaviors in fund flows, with MMFs showing higher sensitivity compared to bank deposits [21][22]. - The different approaches to negative interest rate policies in Europe and Japan resulted in contrasting outcomes for MMFs, with European funds expanding while Japanese funds contracted [42][43][45]. - Inflation impacts real interest rates, influencing market preferences for low-risk assets, with higher real rates encouraging savings and benefiting MMFs [48][49]. Group 3: Strategies for Fund Managers - Fund managers in low-interest environments often reduce fees to enhance client returns, as seen in the U.S. during the 2003-2004 period [51][56]. - Seeking yield through credit and liquidity premiums becomes crucial, with U.S. MMFs increasing allocations to commercial paper and corporate notes during low yield periods [52]. - Building product ecosystems and increasing overseas investments are strategies employed by fund managers to maintain competitiveness in challenging environments [54][58]. Group 4: Regulatory Responses - Overseas regulators have generally moved towards net asset value (NAV) reform for MMFs to ensure industry health in low-rate environments, with Europe implementing market value-based valuations [61]. - Japan's earlier reforms in MMF valuation have set a precedent for adapting to low-interest conditions, allowing for more flexible investment strategies [61]. Group 5: Implications for China - China's dual-track interest rate system means that the relationship between money market rates and deposit rates is influenced by both market and policy factors, with recent trends showing deposit rates adjusting more rapidly [63][64]. - The future of MMFs in China will depend on whether money market rates fall significantly below deposit rates, with current trends suggesting a continued advantage for MMFs [70]. - A potential decline in inflation could further elevate real interest rates, benefiting low-risk assets like MMFs [71].

Core Viewpoint - The conference emphasized the role of commercial health insurance in addressing gaps in the current medical insurance system and its potential to contribute to China's high-quality economic development [2][4]. Group 1: Positioning of Commercial Health Insurance - Commercial health insurance should focus on covering responsibilities beyond basic medical insurance, addressing gaps in areas such as new drugs and high-end medical services [4][5]. - The value of commercial insurance lies in providing precise supplementary coverage, necessitating a focus on the differentiated needs of various demographic groups [4][5]. Group 2: Product Mechanism Adaptation - The rise of chronic diseases has made insuring individuals with pre-existing conditions a market necessity rather than an exception [5][6]. - Companies like Great Wall Life are developing "broad coverage" medical insurance products that relax certain health disclosure requirements while introducing a "health score" mechanism to offer differentiated rates based on health status [6]. Group 3: Data Collaboration and Policy Synergy - The increasing pressure on China's medical insurance system highlights the importance of commercial insurance as a supplementary force to control medical expenditure and achieve a sustainable protection system [7]. - Effective collaboration with public policies and data sharing is essential for scientific product pricing and defining coverage responsibilities, requiring long-term investment and commitment from commercial insurance companies [7].

Core Viewpoint - The article emphasizes the importance of using medium- and long-term planning to guide economic and social development, highlighting the need for accurate understanding of the requirements during the "14th Five-Year Plan" period and focusing on national strength and modernization goals [2][33]. Group 1: Development Philosophy - The development philosophy is seen as a precursor to action, guiding overall direction and long-term strategies. The five development concepts proposed are innovation, coordination, green development, openness, and sharing, which reflect the party's new understanding of development laws [3][15]. Group 2: Planning Implementation - There is a strong emphasis on leadership in compiling the "13th Five-Year Plan" and ensuring that the proposed development concepts and goals are effectively implemented. Local plans should be realistic and avoid excessive demands [5][19]. Group 3: Historical Context - Since 1953, China has implemented 13 five-year plans, with eight since the reform and opening up, which have significantly contributed to economic growth and social stability [7][21]. Group 4: People's Aspirations - The article stresses that policies and plans should align with the people's aspirations for a better life, advocating for grassroots research and public participation in the planning process [9][13]. Group 5: Future Goals - The "14th Five-Year Plan" aims for high-quality development, addressing the evolving social contradictions and focusing on improving development quality and efficiency. The overall goal by 2035 is to achieve significant advancements in economic and technological strength [15][24]. Group 6: Strategic Arrangements - The strategic arrangement for building a modern socialist country involves two phases: achieving basic modernization by 2035 and becoming a leading modern socialist power by the middle of the century [24][25]. Group 7: Continuous Improvement - The article highlights the need for continuous improvement in planning and implementation, ensuring that the planning process is dynamic and responsive to changing circumstances and public input [19][29].

随着全球化进程的深入和数字经济的蓬勃发展，世界经济格局正经历变革。党的二十届三中全会 提出，要"健全因地制宜发展新质生产力体制机制"，"催生新产业、新模式、新动能"。当前数字 经济成为推动全球经济转型的核心力量之一，"数字化+智能化"深度融合的数智金融的发展，在 实现普惠金融、提升资金流动效率、促进商业模式创新等方面正发挥着重要的"助推器"作用。 2025年6月27日（星期五） ，清华大学五道口金融学院受邀在第14届中国(广州)国际金融交易·博 览会上举办主旨会议，会议的主题为 "新产业 新技术 新模式 新动能——数智金融助力高质量发 展" ，本次会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司和广州金交会 投资管理有限公司具体承办。 报名参会 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携带身份证原件备查，门票二维码严禁转让或 ...

Core Viewpoint - The article discusses the recent trends in China's monetary policy and credit data, indicating a mixed outlook with signs of both improvement and concern in various sectors of the economy [3][4][11]. Monetary Policy and Credit Data - In May 2025, new RMB loans amounted to 620 billion, significantly lower than the expected 802.6 billion and the previous year's 950 billion [3][4]. - New social financing (社融) reached 2.29 trillion, exceeding expectations and previous values, indicating a better-than-expected performance [11]. - The growth rate of M2 was 7.9%, slightly below expectations, while M1 growth improved to 2.3% [3][12]. Sector Analysis - The residential short-term loans have seen negative growth for two consecutive months, reflecting weak consumer spending, while medium to long-term loans have turned positive, aligning with real estate sales trends [5][6]. - Corporate short-term financing has increased significantly, indicating improved cash flow pressures, while medium to long-term loans have continued to show less growth due to weakened investment sentiment amid tariff disturbances [9][11]. Government and Corporate Financing - Government bond financing was a major support for social financing, with 1.46 trillion issued, while corporate bond financing also showed positive growth, suggesting that corporate financing conditions have not deteriorated significantly [13]. - The article highlights that the overall credit expansion is still heavily influenced by fiscal policies, with a need for continued policy support to stimulate demand [4][12].

Core Viewpoint - The rapid development of commercial bank custody services in China is highlighted, emphasizing its role in ensuring asset safety and providing professional services, while also noting the need for improvements in regulation, risk management, and product offerings [2]. Group 1: Overview of Commercial Bank Custody Business Development - The global custody business has a history of nearly 200 years, originating in the UK and maturing in the US, with a definition focusing on handling securities transactions and safeguarding financial assets [4]. - In China, the custody business officially began in 1998 with the issuance of the first closed-end funds, and regulatory frameworks have been established to support its growth [4]. - As of the end of 2023, the custody scale of asset management products in China's banking sector reached 161.75 trillion yuan, reflecting a trend towards specialization and diversification in services [5]. Group 2: Necessity of Strengthening Custody Business Regulation - Custody services are a critical component of financial infrastructure, ensuring the separation of ownership, management, and custody rights, which helps mitigate moral hazards and protect client interests [7]. - The scale of custody assets is a key factor in assessing the importance of banks within the financial system, with significant contributions from major state-owned banks [8]. - Custody services support national strategies and enhance competitiveness by ensuring asset independence and safety, thus attracting financial resources to key development areas [8]. Group 3: Current Issues in Commercial Bank Custody Business - The regulatory framework for custody business is fragmented, with a lack of comprehensive management guidelines and significant differences in rules across various products [12]. - There is insufficient differentiation in service offerings among banks, leading to a lack of innovation and reliance on price competition [13]. - Technical investment in custody services needs to be increased, as the sector is technology-intensive and currently lacks unified security standards [13]. Group 4: Insights from Hong Kong and US Custody Business Development - Hong Kong's custody business features a diverse range of assets and services, including cash management and securities lending, with a focus on meeting client needs [16][17]. - Global custodians in Hong Kong, such as BNY Mellon and State Street, leverage their core custody services to expand into wealth management and other financial services [18]. - The regulatory framework in Hong Kong is multi-layered, with specific laws governing various custody products, ensuring a robust compliance environment [20].

Core Viewpoint - The article discusses the challenges and opportunities in enhancing the health of family pension finance in China amidst an aging population and the need for quality elderly care solutions [2]. Group 1: Current State of Pension Finance - The current pension finance system in China is characterized by a three-pillar structure, with the first pillar being basic pension insurance, which is insufficient for quality retirement living due to rapid aging and rising living standards [4]. - China's pension asset accumulation is significantly lower than that of high-income countries, with personal pension assets accounting for only about 4% of GDP compared to nearly or over 90% in OECD countries [4]. - The coverage rate of the third pillar personal pension can be significantly improved, as evidenced by the 93% coverage rate among employees of the State Grid Hubei Company [4]. Group 2: Policy and Structural Challenges - Current pension finance policies have a framework in place but lack sufficient funding, precision, and regional coordination, particularly for low-income groups [5]. - The second pillar, which includes enterprise and occupational annuities, has low participation, especially among private and small enterprises, necessitating policy incentives to broaden coverage [13]. - The third pillar relies on voluntary participation, which is insufficiently attractive, indicating a need for enhanced incentives to encourage participation [13]. Group 3: Role of Insurance in Pension Finance - Insurance plays a unique role in providing stable, long-term cash flow for retirement, which is crucial for meeting diverse family pension needs [7]. - The focus should be on creating a network that integrates insurance with services and experiences, addressing the growing demand for accessible elderly care resources [7]. Group 4: Recommendations for Improvement - To enhance personal pension systems, it is essential to explore diversified incentive mechanisms that can increase participation rates, especially among low- and middle-income groups [8]. - The design of pension financial products should prioritize long-term cash flow stability and cater to varying income levels and retirement plans [11]. - There is a need for better integration of pension finance with elderly care services, ensuring that facilities meet the actual needs of the elderly and leveraging technology to improve service efficiency [12].

Core Viewpoint - The article emphasizes the urgent need to address the challenges posed by an aging population, highlighting the importance of developing a robust pension finance system to support elderly care and financial security for future generations [1][2]. Group 1: Challenges Faced by the 70s and 80s Generations - The 70s and 80s generations are experiencing dual pressures from supporting their elderly parents while managing their own family financial burdens, often leading to increased economic and emotional stress [4]. - Many in this demographic face insufficient savings for retirement, with high housing costs consuming over 50% of their income, limiting their ability to save for elderly care [5]. - The reliance on children for support is diminishing due to the one-child policy and increasing economic pressures on the younger generation, exacerbating the long-term care risk for the elderly [5]. Group 2: Recommendations for Improving Pension Preparedness - There is a need to enhance personal savings awareness and action, particularly during the critical 40-50 age range, by participating in the "three pillars of pension" system [5]. - Families should optimize their financial structures to avoid excessive debt and incorporate retirement savings into their budgets [5]. - Health management should be prioritized to mitigate future medical expenses, emphasizing the importance of regular health check-ups and insurance [5]. Group 3: Enhancing Acceptance of Pension Financial Products - Strengthening policy guidance and incentive mechanisms is crucial for increasing participation in pension financial products, including tax benefits and subsidies for low-income groups [6]. - Financial institutions should tailor pension products to meet the specific needs of the 70s and 80s generations, offering diverse options that align with their financial situations and risk preferences [8]. Group 4: Demand and Misconceptions Regarding Pension Financial Products - Families primarily seek safety and stability in pension financial products, preferring low-risk options that ensure the security of their retirement funds [9]. - There are common misconceptions, such as neglecting personal needs and risk tolerance, leading to unsuitable product choices [10][11]. - A tendency to pursue high returns without understanding associated risks can result in poor investment decisions [12]. Group 5: Innovations in Pension Financial Products - The "reverse mortgage" model, allowing seniors to leverage their home equity for retirement income, is gaining traction but faces acceptance challenges due to traditional views on inheritance [18][20]. - The valuation of properties for reverse mortgages can be contentious, with both parties often at odds over property worth [21]. - Regulatory frameworks and public trust are essential for the successful implementation of reverse mortgage products, which currently face legal and operational hurdles in China [22][24]. Group 6: International Insights and Best Practices - Successful international models of reverse mortgages highlight the importance of government involvement and legal protections to foster market confidence [23]. - Public acceptance and understanding of reverse mortgage products are critical for their success, necessitating effective communication and education strategies [25]. - A mature industry ecosystem involving finance, real estate, and elder care services is vital for the sustainable development of reverse mortgage products [26].

Core Viewpoint - The insurance industry must adapt to the evolving landscape shaped by healthcare reforms, focusing on commercial health insurance as a complementary role to basic medical insurance, while enhancing service integration and social responsibility [5][6]. Group 1: Market Dynamics - The current healthcare reform is reshaping China's multi-tiered medical security system, with commercial health insurance expected to play a supplementary role to the basic medical insurance system, which covers 1.35 billion people, achieving a coverage rate of 95% [5]. - The recent reforms in medical payment and catalog have created opportunities for commercial insurance to fill gaps left by basic insurance, indicating a shift towards a multi-layered structure where commercial insurance becomes a co-builder of the system [5]. Group 2: Product Development - Life insurance companies possess a natural advantage in long-term and holistic solutions, but face challenges in designing products for high-risk groups, such as those with pre-existing conditions, due to the complexity of risk assessment and market acceptance [6]. - The industry needs to develop more inclusive risk identification models and underwriting standards, as well as promote data sharing and policy collaboration to ensure the sustainability of commercial health insurance [6]. Group 3: Service Innovation - There is a growing demand for health insurance services tailored for expatriates, particularly those from state-owned enterprises stationed overseas, which includes not only basic medical coverage but also emergency transport and family visit services [7]. - The establishment of effective service mechanisms for expatriates faces challenges such as complex risk assessments and high dependency on qualified rescue service providers, which can increase costs [7]. - The industry aims to enhance overall underwriting capacity and service levels through collaborative platforms that facilitate data sharing and capability integration [8].