在近日举办的第24届中国未来金融峰会上，由国际权威财经机构《亚洲银行家》（The Asian Banker）主办的2025年度中国奖项计划结果正式揭晓，金城银行"企业智脑"大模 型应用项目荣获"中国最佳生成式人工智能应用项目"奖项，被评审认定为彻底革新了银 行后台运营，是人工智能技术与金融场景深度融合的最佳实践表现。 声明：内容由金城银行提供，不代表《清华金融评论》观点。 编辑 丨王茜 审核丨银雪 责编丨兰银帆 从合规管理到文档处理等传统低效环节入手，金城银行"企业智脑"大模型应用项目构建了企业知 识库、智能客服助手、智能代码辅助插件和智能合规驾驶舱。呼叫中心质量检测流程从原先5%的 人工审核提升至了最高100%自动化，AI辅助编码也使得开发效率提升了40%，切实推动了银行内 运营效率的变革性提升，且降低成本与控制风险实现了双轨并行。该项目采用的轻量级检索增强 生成（RAG）方案，既规避了高额模型再训练成本，又保障了输出精准度，结合智能体与指标平 台，员工只需通过自然语言交互，就能完成数据查询与分析，全面降低了用数门槛，为金融行业 数智化转型提供了全新解决方案。 金城银行相关负责人表示，"企业智脑"作为大语言 ...

Core Viewpoint - The article discusses the evolving landscape of stablecoin regulation and its implications for the market, highlighting recent legislative developments in the US and Hong Kong, as well as the EU's regulatory framework [5][6]. Group 1: Regulatory Developments - The US Senate passed the "Guidance and Establishment of a National Innovation Act for Stablecoins" on May 19, 2025, which was officially approved on June 17, 2025 [5]. - Hong Kong's Legislative Council approved the "Stablecoin Ordinance Draft" on May 21, 2025, establishing a licensing system for fiat-backed stablecoin issuers, set to be implemented on August 1, 2025 [6]. - The EU enacted the "Crypto Asset Market Regulation Act" in 2023, contributing to the global regulatory framework for stablecoins [6]. Group 2: Market Implications - The article emphasizes the growing attention on the development prospects and impacts of stablecoins as regulatory frameworks are established [6]. - A series of articles from Tsinghua Financial Review will explore various aspects of stablecoins, including their technological characteristics, functional types, regulatory models, market trends, and their effects on the international monetary system and financial markets [6].

2024年12月召开的中央经济工作会议指出，要实施适度宽松的货币政策。货币政策的转向标志着金融市 场开始迈入低利率环境。实际上，利率下行已经持续了一段时间，2022年以来，一年期LPR累计下行70 个基点（BP）。2024年，央行两次下调公开市场操作利率，10年期国债收益率全年下跌超100个BP，一 度来到1.5％的关口。 低利率给商业银行经营带来了巨大挑战。根据国家金融监督管理总局2024年9月公布的银行业数据，以 及上市银行数据显示，2024年三季度，银行业净息差达到1.53%的低点，42家A股上市银行中，29家银 行净利息收入同比下降1%～20%。 低利率环境对银行会产生怎样的影响，银行又该如何应对低利率环境？面对低利率环境，既要回顾历史 汲取智慧，更要面向现实寻找答案；既要纵观国际比较认知，更要立足国内解决问题；既要学习理论尊 重规律，更要脚踏实地躬身实践；既要有应对变局的未雨绸缪，更要有迎难而上的坚定信心。自股份制 改革以来，我国银行业尚未经历完整的经济周期，尤其是没有经历过低利率环境的考验。由于我国银行 业净利息收入结构占比较高的特点，本轮低利率环境的考验也将更加严峻。 深化规律认识，理性看待经济 ...

Core Viewpoint - The article systematically outlines the essential characteristics and development trends of stablecoins, emphasizing the challenges and opportunities they present for cross-border payments, and provides strategies for seizing historical opportunities [2][3]. Group 1: Definition and Market Overview - Stablecoins are a special type of cryptocurrency issued on blockchain networks, pegged to fiat currencies at a 1:1 ratio. As of May 2025, the total market value of compliant stablecoins exceeded $250 billion, with Tether's USDT accounting for approximately 62% and Circle's USDC for nearly 24% of the market share [5][6]. - The appeal of stablecoins lies in their wealth effect, providing stable returns. Tether generates significant profits from investing user deposits in short-term U.S. Treasury bonds, achieving a net profit of $13 billion in 2024 [6]. Group 2: Regulatory Developments - Recent regulatory frameworks have emerged globally, with Hong Kong's Stablecoin Ordinance and the U.S. GENIUS Act both set to take effect in 2025, while the EU's MiCA regulation will be enforced from June 2024. This marks the entry of stablecoins into a regulated era across major economies [3][10]. Group 3: Impact on Cross-Border Payments - Stablecoins significantly enhance cross-border payment efficiency, addressing high fees and long transaction times associated with traditional fiat transfers. They have become increasingly popular in regions like Asia, Africa, and Latin America, even being utilized in international trade settlements [8][10]. - The rapid growth of stablecoins is expected to reach a circulation volume of $2 trillion by 2028, driven by the need for efficient payment solutions in a competitive global landscape [10]. Group 4: Social and Economic Implications - The compliant development of stablecoins is anticipated to lower payment barriers and transaction costs, empowering small and medium-sized enterprises (SMEs) in cross-border operations and innovation. This could lead to improved cash flow and market access for these businesses [12][13]. - Stablecoins can enhance financial accessibility and reduce social inequality, particularly in developing regions where many lack bank accounts. They provide a stable and digital means of value storage and exchange, which is crucial in countries with high inflation [12][13]. Group 5: Integration with Traditional Financial Systems - The integration of stablecoins with traditional financial systems is becoming inevitable, as various regions actively support their development. This could facilitate the internationalization of currencies like the Chinese yuan and enhance trade cooperation along the Belt and Road Initiative [14][19]. Group 6: Competitive Landscape and Market Dynamics - The core application of stablecoins in payments, especially cross-border transactions, poses a challenge to traditional banking systems. As real-time payment networks proliferate, the competitive landscape for cross-border payments is expected to undergo significant changes [16][19]. - The entry of stablecoins into the B2B transaction space is likely to accelerate, offering advantages such as instant settlement and low fees, particularly in regions with volatile currencies [18][19]. Group 7: Strategic Recommendations for Payment Institutions - Payment institutions are advised to focus on offshore markets for the yuan and leverage the historical opportunity presented by stablecoins. Building a dual credit system that emphasizes both technological and regulatory compliance is crucial for success [21][22]. - Institutions should aim to capture emerging markets and long-tail markets by utilizing stablecoins for B2B cross-border payments, particularly in areas with weak financial infrastructure [23].

Core Viewpoint - The fiscal policy for 2025 is characterized by increased counter-cyclical adjustments, significant enhancement in fiscal spending, and proactive policy implementation, which is expected to support China's economic growth target of around 5% [2][3][5]. Fiscal Policy Characteristics - The fiscal deficit rate for 2025 has historically exceeded 4%, with a total fiscal deficit of 5.66 trillion yuan, an increase of 1.6 trillion yuan from 2024 [5][6]. - The issuance of special bonds has been raised to 4.4 trillion yuan, with an increase of 500 billion yuan compared to 2024, aimed at addressing local government debt and stimulating investment [4][6]. Economic Context - The global economic recovery remains weak, and external pressures such as tariffs and trade disturbances from the U.S. are affecting demand. The internal demand is also struggling to recover fully, necessitating a robust fiscal response [3][4]. - The central economic work conference at the end of 2024 emphasized the need for a more proactive fiscal policy to ensure sustained economic growth amidst these challenges [3]. Budgetary Allocations - The budget growth rates for general public revenue and expenditure in 2025 are projected at 0.1% and 4.4%, respectively, reflecting ongoing fiscal pressures and the need to expand domestic demand [5]. - Expenditure on health, education, and social security has increased, with a total share of 37.1% in the budget, indicating a focus on social welfare [5]. Special Bonds and Debt Management - The issuance of ultra-long special bonds has increased to 1.3 trillion yuan, with allocations for major national strategies and consumer goods replacement programs, enhancing both short-term demand and long-term sustainability [6]. - The new special bond issuance allows for the acquisition of existing housing for affordable housing projects and debt management, which helps alleviate liquidity pressures on real estate companies and supports small businesses [6].

Core Viewpoint - The article discusses the achievements of the "14th Five-Year Plan" and anticipates the strategic opportunities and challenges of the "15th Five-Year Plan," emphasizing the importance of high-quality development and the need for coordinated policies to achieve economic and social progress [3][5][23]. Economic Growth - During the "14th Five-Year Plan," China's GDP consistently surpassed 110 trillion, 120 trillion, and 130 trillion yuan, with an expected reach of approximately 140 trillion yuan by 2025. The average economic growth rate over the first four years was 5.5%, contributing about 30% to global economic growth [3][4][16][12]. Domestic Demand - Domestic demand has become the main driver of economic growth, with an average contribution rate of 86.4% from 2021 to 2024. Final consumption's contribution to economic growth averaged 56.2%, an increase of 8.6 percentage points compared to the "13th Five-Year Plan" [3][4][16]. Innovation and Technology - The "14th Five-Year Plan" prioritized innovation, with R&D investment reaching a new high, increasing nearly 50% compared to the end of the "13th Five-Year Plan." The R&D intensity rose to 2.68%, approaching the OECD average [17]. Social Welfare - The economic and technological advancements have translated into improved public welfare, with significant enhancements in education, healthcare, and social security systems. The coverage rates for basic pension and medical insurance exceeded 95% [18]. Governance and Reform - The article highlights improvements in governance efficiency, with a better business environment and increased organizational capacity. The number of private enterprises grew by over 40% compared to the end of the "13th Five-Year Plan" [19]. Green Development - The concept of green development has gained traction, with significant achievements in afforestation, pollution control, and clean energy utilization. The forest coverage rate increased to over 25%, and the proportion of clean energy in electricity generation is expected to rise [20]. Safety and Security - The article emphasizes the strengthening of food, energy, and national security during the "14th Five-Year Plan," with the establishment of over 10 billion mu of high-standard farmland and the largest power infrastructure system globally [21]. Global Responsibility - China has taken active steps in global green development and international cooperation, contributing to the "Belt and Road" initiative and reducing carbon emissions significantly [22].

Core Viewpoint - The conference hosted by Tsinghua University Wudaokou School of Finance focused on the theme of "New Industries, New Technologies, New Models, New Dynamics - Digital Finance Supporting High-Quality Development," highlighting the importance of digital finance in promoting economic growth and innovation in various sectors [1]. Group 1: Health Insurance Development - The shift in health insurance from financial compensation to service provision and health management is driven by changes in customer needs and market dynamics, particularly after the implementation of the medical insurance DRG reform [2][4]. - The middle-end medical market is emerging as a key focus for life insurance companies, emphasizing the need for product development that integrates high-quality medical services and health management [2][5]. - The transition from "protecting healthy individuals" to "ensuring individuals' health" represents both a challenge and an opportunity for life insurance companies, necessitating innovation in product offerings and service delivery [3][5]. Group 2: Market Trends and Customer Needs - There has been a notable change in customer demand for health insurance, with a growing recognition of the importance of quality medical services beyond basic coverage, influenced by the establishment of a multi-tiered medical payment system [3][4]. - The development of middle-end medical insurance is closely linked to the evolution of consumer demographics and economic cycles, with an increasing number of customers willing to invest in higher-quality medical care for themselves and their families [6][7]. - The future of middle-end medical insurance requires efforts in three areas: educating customers about commercial health insurance, designing specialized products that meet new market demands, and enhancing health management services to promote overall well-being [7][8].

Core Viewpoint - The article emphasizes the urgent need to address two key issues in building and improving the international credit system for the Renminbi: the transformation of vast domestic economic and financial assets into a solid credit foundation for Renminbi internationalization, and the potential of digital technology to enhance the international recognition and attractiveness of Renminbi-denominated assets [1][2]. Group 1: Cross-Border Credit and Internationalization Challenges - The internationalization of the Renminbi has entered a critical phase, with significant issues such as frequent defaults on offshore bonds by Chinese real estate companies, totaling $147 billion since 2021, and a cash recovery rate of only 0.6% for investors, highlighting severe obstacles in the cross-border liquidity and credit conversion mechanisms of domestic assets [2][4]. - The real estate sector, once a crucial pillar of credit, is now trapped in a liquidity crisis, with high levels of offshore debt defaults and low asset disposal rates due to restrictions on the cross-border flow of core assets like land and commercial real estate [4][5]. Group 2: Marketization and Legalization Shortcomings - Capital flow controls limit foreign investors' ability to freely allocate Renminbi assets, with the current reliance on quota mechanisms like QFII/RQFII hindering the attractiveness of Renminbi-denominated high-risk, high-return assets [7]. - Legal recognition issues are prominent, as cross-border restructuring processes often fail due to ineffective judicial enforcement, exemplified by the lack of force of Hong Kong court orders on mainland assets, which increases institutional costs [7]. Group 3: Digital Asset Credit Anchoring and Cross-Border Flow Issues - Real World Assets (RWA) tokenization, utilizing blockchain technology to convert tangible and intangible assets into digital tokens, has not yet effectively addressed the credit anchoring of assets in the context of digital Renminbi applications [8][9]. - The current focus of digital Renminbi on enhancing payment efficiency does not resolve the asset credit anchoring issue, leading to an imbalance where offshore markets are more active than onshore [9]. Group 4: Strategies for Enhancing International Credit - The article proposes leveraging RWA to activate real estate liquidity and reassess market value, with examples of successful tokenization projects that lower investment barriers and enhance transparency and liquidity [11]. - Establishing a dual-anchor system to strengthen the synergy between sovereign credit and market credit is suggested, including the issuance of offshore digital bonds and allowing Chinese banks to issue offshore Renminbi stablecoins [13]. Group 5: Breaking Down Cross-Border Regulatory Barriers - The article advocates for judicial recognition between mainland China and Hong Kong to clarify the legal claims of foreign investors on domestic assets, and the introduction of dynamic valuation mechanisms to prevent inflated collateral values [14]. - A multi-layered credit anchor system is proposed, focusing on activating existing asset liquidity and enhancing legal frameworks to support cross-border transactions [15][16]. Group 6: Internationalization of Sovereign Digital Assets - The issuance of digital bonds backed by RWA and the inclusion of Renminbi RWA in the IMF's Special Drawing Rights (SDR) basket are highlighted as crucial steps towards enhancing the international status of the Renminbi [17]. - The ultimate goal is to transform the Renminbi from a settlement tool into a value container, thereby responding to Western financial hegemony and contributing to the diversification of the global financial system [17].

Core Viewpoint - Biodiversity investment is emerging as a crucial investment area, distinct from climate change investment, aiming to protect, restore, and sustainably utilize biodiversity while achieving both ecological benefits and economic returns, thus playing a vital role in promoting global sustainable development [2][4]. Group 1: Importance of Biodiversity Investment - Biodiversity investment can leverage innovative financial tools such as natural capital bonds and biodiversity credit trading to enhance capital market returns [7]. - The global biodiversity crisis poses significant threats to ecosystem stability and sustainable development, making biodiversity investment a core challenge for global sustainability [4][6]. Group 2: Strategic Significance - The "Kunming-Montreal Global Biodiversity Framework" established clear action guidelines for addressing biodiversity loss, including the "30 by 30" target to protect at least 30% of global land and marine areas by 2030 [6]. - Biodiversity investment is expected to become a key component of global sustainable development strategies, complementing climate change investment [7]. Group 3: Differences from Climate Change Investment - Biodiversity investment differs from climate change investment in terms of accounting methods, loss characteristics, and policy execution [7][10]. - The complexity of biodiversity accounting is higher than that of carbon accounting, as biodiversity loss often occurs in agriculture and illegal logging, making it difficult to track [8]. Group 4: Challenges in Biodiversity Investment - Biodiversity loss has significant local and temporal characteristics, meaning that restoration costs and impacts vary greatly depending on geographic location and timing [9]. - Policy responses to biodiversity loss cannot directly apply climate change strategies due to regional differences and the lack of standardized accounting methods [10]. Group 5: Theoretical Support for Policy Design - Biodiversity investment can benefit from economic models used in climate change investment, such as the Ramsey Model, which aids in evaluating the cost-effectiveness of biodiversity protection schemes [10]. - Integrated assessment models can quantify the benefits of biodiversity investment within the context of global trade and ecological systems [10].

Core Viewpoint - The conference hosted by Tsinghua University Wudaokou School of Finance focused on the theme of "New Industries, New Technologies, New Models, New Dynamics - Digital Finance Supporting High-Quality Development," highlighting the importance of digital finance in enhancing the quality of economic growth in China [1]. Group 1: Industry Trends - The Chinese commercial health insurance industry is undergoing profound changes, transitioning from a supplementary role to a complementary relationship with the basic medical insurance system, thereby participating deeply in the construction of a multi-tiered medical security system [2][4]. - The mutual insurance model is positioned as a crucial "adhesive" between social security and commercial insurance, aligning with the public welfare direction of China's healthcare reform [2]. Group 2: Market Dynamics - The medical insurance market is experiencing structural changes due to healthcare payment reforms, shifting the development logic from "supplementary" to "complementary," with commercial insurance focusing on differentiated areas such as outpatient drugs and mid-to-high-end services [4][5]. - The mutual insurance model's "co-construction, co-governance, and sharing" mechanism fills the gap between social security and traditional commercial insurance, creating a new type of security system through collaborative platforms and ecological synergy [5][6]. Group 3: Challenges and Innovations - The insurance industry faces a core dilemma of mismatched products and user needs, with traditional sales methods often leading to misunderstandings due to product complexity [7]. - The company is focusing on risk reduction for specific groups, such as potential liver disease patients, by developing innovative insurance products that enhance patient compliance and reduce economic burdens [6][7]. Group 4: Future Directions - The company aims to evolve medical health insurance from risk compensation to risk reduction, contributing to the "Healthy China 2030" initiative by leveraging technology for precise matching and continuous engagement with members [7].