Core Viewpoint - Trustworthy digital finance should possess characteristics such as model reliability, strong interpretability, and high security, while also clarifying the legal status, behavioral boundaries, and responsibilities of financial intelligent agents [2][12]. Group 1: Breakthroughs in AI Models - China's DeepSeek-V3 has received high praise in global AI model rankings, being compared favorably to GPT-4o, with training costs significantly lower at under $6 million compared to GPT-4o's $100 million [4]. - Innovations in algorithms, such as MLA multi-head potential attention mechanisms and MoE mixed expert architecture, are crucial for the future of AI development in China, particularly for financial institutions [4][5]. Group 2: Challenges in AI Technology - Security risks remain prominent, including unauthorized access to models, data theft, and malicious attacks that can compromise model integrity and stability [8]. - The phenomenon of "model hallucination" persists, with various models including Grok-3 and GPT-4 exhibiting certain levels of hallucination rates [9]. - Issues such as model bias, algorithmic resonance, and privacy breaches continue to pose challenges, complicating the interpretability of AI models [10]. Group 3: Digital Finance Innovation - The evolution of digital finance must balance security and efficiency, transitioning from mere usability to leading-edge capabilities [12][13]. - Trustworthiness in digital finance innovation is essential, requiring proactive measures to prevent AI pitfalls and ensure model reliability and interpretability [13]. Group 4: Pathways to Building Trustworthy Digital Finance - High reliability is critical, necessitating the implementation of advanced security measures, including firewalls and zero-trust architectures, to protect against malicious attacks [15]. - Interpretability is a key requirement, enabling the transformation of model behavior into understandable rules and utilizing visualization tools to clarify model processes [15]. - Legal frameworks must be established to define the status and responsibilities of financial intelligent agents, ensuring they operate within clear boundaries [16]. - Economic efficiency can be achieved by pre-training industry-level financial models and customizing enterprise-level applications, fostering collaboration between tech firms and financial institutions [16].

文/中国银行研究院高级研究员 赵廷辰 ，中国银行伦敦分行研究员 张传捷 特朗普2.0时代，虽然美国政策转向，但全球绿色低碳发展大趋势仍将延 续。我国在争取全球应对气候变化事业话语权、新能源企业发展、油气资 源进口等方面迎来机遇，我国既应抢未来、坚定支持新能源产业巩固提升 国 际 市 场 地 位 ， 又 应 稳 当下 、 充 分 发挥 煤油 气 作用 稳 能 源 价 格 保 能 源 安 全。金融机构应坚定服务国家绿色发展大局，同时努力保持经营稳健性和 国际竞争力。 特朗普2.0时代全球绿色低碳转型大势仍将推进 特朗普二次上台后，美国绿色低碳政策再次"变脸"。在《联合国气候变化框架公约》下，全球先后形成 《京都议定书》和《巴黎协定》两份具备法律约束力、具有里程碑意义的文件。受两党政治纷争掣肘， 美国绿色低碳政策"三进三出"。 美国金融业倾向于降低绿色标准。2023年来，美国出现反ESG浪潮，ESG基金市场规模萎缩，金融机构 退出绿色合作平台。2024年特朗普二次胜选后该趋势加强，花旗、美国、高盛、富国、摩根大通和摩根 士丹利六大银行相继退出净零银行联盟（简称NZBA），贝莱德退出净零资产管理公司倡议。特别是 20 ...

Core Viewpoint - In April 2025, China's exports grew by 8.1% year-on-year, exceeding the 5.8% growth in the first quarter, despite the impact of new U.S. tariffs implemented on April 2 [2][6] Export Performance Analysis - The resilience in exports can be attributed to a 21.0% year-on-year decline in exports to the U.S., which, while significant, was better than expected. Exports to ASEAN, India, Africa, and Latin America saw year-on-year growth rates of 20.8%, 21.7%, 25.3%, and 17.3%, respectively, effectively offsetting the decline [2][8][10] - Major export categories showed mixed results, with labor-intensive products like textiles, bags, clothing, and toys experiencing a combined year-on-year decline of 0.8%. Electronics, particularly mobile phones, were significantly affected by tariffs, with year-on-year declines of 21.4% for phones and 1.7% for automatic data processing equipment. Home appliances and furniture also saw low growth rates of -2.9% and -7.8%, respectively. However, automotive exports increased slightly by 4.4%, surpassing the first quarter's 2.2% [2][12][15][16] Competitive Advantage of Chinese Manufacturing - April's export data highlighted the competitiveness and resilience of "Made in China" products. China's manufacturing sector has both scale and efficiency advantages, as evidenced by its global manufacturing value added share of approximately 31% in 2021, compared to the U.S. at 16% and Japan at 6%. The Competitive Industrial Performance (CIP) index shows China ranked second globally in 2021, up from 35th in 1990 [3][17] Caution on Tariff Impact - There is a need for vigilance regarding the impact of tariffs, as the effects may become more pronounced in the coming months. Historical data from 2018 indicates that significant tariff implementations led to delayed impacts on export growth, with a notable decline occurring several months after tariffs were enacted. The April PMI data showed a 4.3-point month-on-month decline in export orders, particularly in textiles, chemicals, and midstream equipment manufacturing, indicating a potential lag in the transmission from orders to delivery [3][18][19] Economic Growth Dynamics - The relationship between growth momentum and stabilization efforts is likened to a seesaw, with current economic conditions suggesting a continued focus on counter-cyclical policies. Despite a strong actual growth rate in the first quarter, nominal growth remains low, with tax revenue and profits from large enterprises showing declines. The government is expected to leverage recent policy measures to stimulate domestic demand and address the ongoing pressures from tariffs [4][20]

Group 1 - The core viewpoint emphasizes the need for financial innovation to support the development of the data factor market, addressing challenges such as data asset valuation and risk management in financial institutions [1][2] - A significant bottleneck in the data factor market is the difficulty in valuing data assets, which hinders their use as collateral for loans. Financial institutions are hesitant to lend against data assets due to their rapid depreciation and uncertainty in valuation [2] - The increasing global influence of Chinese technology companies is leading to a rise in overseas listings, presenting both opportunities and challenges for domestic capital markets. If domestic markets do not enhance their attractiveness, high-quality companies may migrate abroad [4] Group 2 - New types of risks are emerging from the use of standardized AI algorithms in financial institutions, which can lead to homogeneity in risk assessment and potential market volatility due to collective investor behavior [5] - The importance of both digital intelligence and institutional innovation is highlighted, as the financial sector must not only focus on technological advancements but also on improving regulatory frameworks and market mechanisms to enhance competitiveness [6] - China's financial technology patent applications accounted for over 40% of the global total in 2022, indicating rapid technological advancement, yet there remains a need for systemic improvements to avoid inefficiencies in a highly digitized financial system [6]

Group 1 - The article discusses the book "Small County, Big City," which explores a unique urbanization path in China, focusing on the development of smaller counties through distinctive industrial policies [1] - The research is based on five years of field studies and highlights the interaction between local governance and economic development, emphasizing the dual-driven mechanism of government and market [1] - The book provides insights into how institutional innovation can generate new social vitality, offering a new perspective on the political and economic relationships during China's transition period [1] Group 2 - The article introduces the book "Going Global: The Turning Point and Breakthrough of Chinese Manufacturing," which examines the rapid global expansion of Chinese manufacturing [6] - It highlights the challenges faced by Chinese companies, including increasing tariff barriers and the need to rebuild supply chain capabilities overseas [7] - The narrative emphasizes that the focus of Chinese manufacturing's global outreach is not merely on reshoring but on restoring competitive advantages in international markets [7] Group 3 - The article presents the book "Investment Knowledge Learned from Darwin," which addresses the current crisis in the investment industry where most fund managers struggle to outperform the market [10] - The author draws parallels between evolutionary biology and investment strategies, suggesting that understanding natural survival strategies can inform investment decisions [11] - The book emphasizes the importance of perspective and mindset over technical skills, providing valuable insights for investors navigating complex market conditions [11]

Core Viewpoint - The article emphasizes the importance of enhancing consumer spending in China through improved income, social security, and consumption quality, while advocating for a systematic approach to consumption policy that aligns supply and demand effectively [1][2]. Group 1: Demand Side - The foundation for enhancing consumer spending lies in stabilizing the real estate and stock markets, which are crucial for maintaining residents' asset expectations and consumption willingness [4]. - Over 400 million people in China are classified as middle-income households, defined by an annual income between 100,000 and 500,000 yuan [4]. - The government aims to restore residents' balance sheets by ensuring stability in property and stock markets, thereby boosting consumer confidence [4]. Group 2: Supply Side - The shift towards a service and digital economy necessitates an increase in the supply of quality goods and services, as traditional goods consumption is declining [5][6]. - The rise of sectors such as cultural tourism, healthcare, and education indicates a growing demand for service consumption, with online retail's share of total social retail sales increasing from under 13% in 2015 to over 30% currently [5][6]. - Key areas for supply enhancement include green consumption, high-end products, and new consumption models, particularly in electric vehicles and smart home appliances [6]. Group 3: Government Coordination - There is a need for a coordinated consumption policy framework that addresses the diverse and multi-layered consumer demands across different regions and demographics [7]. - Central government policies should focus on overall planning and leverage fiscal incentives and major project layouts to stimulate consumption [7]. - Local governments should tailor policies to fit regional consumption habits and economic conditions, fostering a collaborative ecosystem between central and local authorities [7].

文/邮储银行总行消费信贷部副总经理 秦维维 内 需 是 推 动 中 国 经 济 巨 轮 破 浪 前 行 的 澎 湃 动 力 。 2 0 2 5 年 《 政 府 工 作 报 告》明确提出"加快补上内需特别是消费短板，使内需成为拉动经济增长 的主动力和稳定锚"，把促消费、惠民生结合起来，大力提振消费将成为 今年经济工作的重中之重。这对于扭转2024年以来社会消费品零售总额 增幅回落、内需及最终消费支出对经济增长贡献下行的局面意义重大。 态"的发展态势，即通过打破行业壁垒，数据跨界融合，打造多方主体相互依存的协同生态，提升购物 体验。前瞻性来看，随着AI技术的日益成熟，自动驾驶、智能穿戴、人形机器人等新技术产品开发与 推广成为消费新热点，"AI+消费"的深度融合将开启消费市场新篇章，以消费需求重塑生产供给成为新 的商业经营逻辑，能够满足消费者个性化与定制化需求的企业才能在激烈的市场竞争中脱颖而出。 数字金融的赋能路径与行业实践 做好数字金融大文章是建设金融强国的必然要求。人民银行等七部门联合印发的《推动数字金融高质量 发展行动方案》指出，要以数据要素和数字技术为关键驱动，以服务大众为价值目标，有效提高金融产 品服务 ...

Core Viewpoint - The article discusses the increasing influence of cryptocurrencies in the political arena, particularly highlighting the support from Republican presidential candidate Donald Trump during the 2024 U.S. elections. The shift in cryptocurrency policy aims to boost the U.S. economy, address government debt issues, and solidify the U.S. position in the global cryptocurrency and blockchain landscape, with anticipated impacts on the international monetary system, financial markets, and regulatory frameworks [1][5][36]. Group 1: Cryptocurrency's Political Influence - The influence of cryptocurrencies has permeated the political domain, especially evident in the 2024 U.S. elections, where both Democratic and Republican teams have shown friendliness towards pro-cryptocurrency lobbying groups [5][6]. - Trump's policy shift towards supporting cryptocurrencies marks a significant turnaround from his previous negative stance, reflecting the growing political and economic importance of the cryptocurrency sector [10][14]. Group 2: Trump's Cryptocurrency Policy Evolution - Trump's attitude towards cryptocurrencies has evolved through three main phases: initial opposition during his first term, a subtle shift in 2022-2023, and a full embrace of cryptocurrency during the 2024 election campaign [11][13][14]. - The introduction of Trump's digital trading cards in late 2022 marked a turning point, leading to a more pragmatic approach towards cryptocurrencies [13][14]. Group 3: Economic and Regulatory Implications - The anticipated "cryptocurrency new policy" under Trump's second term includes appointing pro-cryptocurrency officials and establishing a more favorable regulatory environment for the industry [15][16][20]. - The U.S. government aims to support the development of stablecoins and integrate cryptocurrencies into the existing financial system, which could enhance the dollar's dominance as a reserve currency [20][21][32]. Group 4: Global Financial Order Impact - Trump's cryptocurrency policy is expected to have significant implications for the international monetary system, potentially redefining the role of cryptocurrencies as reserve assets and impacting cross-border payment systems [36][37]. - The policy may also challenge the monetary sovereignty of many countries, particularly developing nations, by promoting the use of stablecoins and cryptocurrencies [39][40]. Group 5: Regulatory Challenges and Cooperation - The rise of cryptocurrencies presents challenges to global financial regulation, necessitating enhanced international cooperation to address issues such as regulatory arbitrage and the risks associated with illicit activities [42][48]. - There is a pressing need for a global regulatory framework for stablecoins and coordinated efforts to manage the cross-border flow of cryptocurrencies [48][49].

文/《清华金融评论》 周茗一 2 0 25年5月7日9时，国务院新闻办公室举行新闻发布会。中国人民银行、 国家金融监督管理总局、中国证券监督管理委员会负责人介绍"一揽子金 融政策支持稳市场稳预期"有关情况，并答记者问。 央行发布3类10项措施 中国人民银行行长潘功胜介绍到， 今年以来各项宏观金融数据都比较不错，货币信贷呈现出"数量增加、价格下降、结构优化"的运行特 征。一季度末，社会融资规模同比增长8.4%、贷款同比增长7.4%（在贷款数据中，如果把地方专项债 置换地方融资平台贷款的影响进行还原，贷款同比增速将超过8%），广义货币供应量（M2）保持在 7%左右平稳增长，明显高于名义经济增速。同时，社会融资成本保持低位，普惠小微、制造业中长 期、科技型中小企业等贷款增速均快于全部贷款增速，信贷结构进一步优化。 从金融市场看，一季度表现良好。股市运行总体平稳，交易较为活跃，上证指数保持在3300点左右。债 券市场在经济信心提升的带动下自我校正。在岸、离岸人民币对美元汇率较去年末小幅升值1%左右， 跨境资本流动相对均衡。 4月份以来，尽管面临比较大的外部冲击，国内金融体系仍然保持稳健，金融市场展现出较强韧性。上 证 ...

Core Viewpoint - The article emphasizes the need for a combination of macroeconomic, industry, and reform policies to stabilize growth in the face of persistent downward pressure on China's economy [1][4][10]. Macroeconomic Policies - Macroeconomic policies, including monetary and fiscal measures, are essential for counter-cyclical adjustments during economic downturns. The focus should be on monetary easing and fiscal expansion to stimulate growth [4][10]. - Continuous reliance on macroeconomic policies over extended periods is unsustainable, highlighting the need for a balanced approach [4][10]. Industry Policies - Industry policies are crucial as certain sectors lose competitiveness due to rising costs and changing market conditions. This necessitates the entry of emerging industries to support economic growth [4][5]. - The real estate sector's ongoing decline poses significant challenges for overall economic stability, as it heavily influences both investment and consumption [5][7]. - There is a need to create a conducive environment for emerging industries while stabilizing critical sectors like real estate in the short term [7][8]. Reform Policies - Reform policies are vital for improving the business environment as China transitions from an input-driven growth model to an innovation-driven one. This includes enhancing resource allocation efficiency and boosting the confidence of private enterprises [8][10]. - Private enterprises play a significant role in driving innovation and economic growth, necessitating the effective implementation of policies that support them [8][10]. Current Policy Recommendations - The article suggests that the current policy response should be proactive, considering potential economic downturns. It highlights the importance of preparing for risks and adjusting policies based on economic performance [10][11]. - The recent increase in U.S. tariffs poses challenges for Chinese exports, necessitating decisive macroeconomic policies to stabilize growth and expand domestic demand [12][13]. - Targeted measures should be designed to assist industries and workers directly affected by external shocks, such as tariffs, to mitigate their impact on the economy [12][13].