2025外滩年会聚焦人工智能：金融创新与风险治理并行

Core Viewpoint - The 2025 Bund Annual Conference in Shanghai focused on the theme "Embracing Change: New Order, New Technology," with a particular emphasis on the implications of artificial intelligence (AI) across various sectors, including macroeconomics, finance, and labor markets [1] Group 1: AI Development - AI is fundamentally changing industries and daily life, raising the question of whether it represents marginal improvements or a transformative industry shift akin to the steam engine and electricity [2] - Jason Furman, a Harvard professor, believes that the risk of an AI bubble is lower than in previous tech bubbles, asserting that AI represents genuine innovation [2] - Zhou Xiaochuan, former governor of the People's Bank of China, views AI as a significant marginal change in finance, highlighting the evolution from traditional banking operations to modern data processing [2] Group 2: International Comparisons - Furman notes that the risk of an AI capital bubble is higher in the U.S. than in China, where efficiency and value creation are being prioritized [3] - Huang Yiping from Peking University emphasizes that AI could become a new driver of economic growth in China, positioning the country as a potential primary beneficiary in the global AI economy [3] - The Hong Kong Monetary Authority's vice president, Li Dazhi, points out that AI applications are still in their early stages, and Hong Kong serves as a crucial hub for East-West cooperation in AI [3] Group 3: AI Applications in Finance - The application of AI in financial institutions focuses on three main areas: back-office operations, customer interactions, and financial product offerings [4] - Zhou Xiaochuan mentions that while AI's impact on monetary policy is limited, its potential in financial stability is significant, particularly in risk assessment [4] Group 4: AI Risks - AI's rapid development brings both efficiency and innovation, but also potential risks, including network risks, vendor concentration risks, and explainability risks [5] - Li Dazhi highlights that while AI may reduce some jobs, it will also create new ones, with the main challenge being skill mismatches in the labor market [6] - Financial risks introduced by AI are similar to those seen in past fintech transformations, with a focus on incremental and marginal risks rather than fundamental risks [6] Group 5: AI Governance - As AI's role in finance deepens, governance and regulation are becoming critical, with Li Dazhi stressing the need for financial institutions to act swiftly to maintain competitiveness [7] - Zhou Xiaochuan calls for regulatory attention to the "black box" issue of AI models, which may pose uncontrollable risks [7] - The EU is leading in AI regulation with the upcoming implementation of the AI Act, categorizing AI systems by risk levels [7] Group 6: International Cooperation - Zhou Xiaochuan notes limited international cooperation on specific AI issues but emphasizes the need for infrastructure development and cross-border connectivity [8] - Regulatory bodies should focus on managing incremental and marginal risks associated with AI, drawing from historical fintech experiences to establish effective risk management frameworks [8]