“十五五”数字金融发展的机遇与重点

Core Insights - The article emphasizes the importance of digital finance in China's transition from a "financial power" to a "financial strong power," highlighting its role as a technological support for other financial sectors during the "14th Five-Year Plan" and the need for further development in the "15th Five-Year Plan" [1] Group 1: Opportunities in Digital Finance - The "15th Five-Year Plan" period presents three major opportunities for digital finance, transitioning from "channel transformation" to "intelligent decision-making" [2] - Technological architecture is evolving from "cloud-based" to "intelligent empowerment," with the rapid adoption of large models and AI technologies in the financial sector, enhancing decision-making capabilities [2] - The industrial digital finance landscape is expanding, with supply chain financial services becoming crucial for addressing financing challenges faced by small and micro enterprises [2][5] - Digital inclusive finance services are continuously expanding, with state-owned banks increasing their proportion of inclusive small and micro loans by 19.3 percentage points from Q1 2019 to Q2 2025 [5] Group 2: Challenges in Digital Finance - The transition to a higher level of intelligent finance faces challenges in technology innovation, data governance, and business model reconstruction [6] - There is a significant disparity in resources and capabilities among financial institutions, with large banks investing 125.5 billion yuan in fintech in 2024, while smaller banks struggle with resource constraints [6] - Balancing data application and governance is critical, as financial institutions must integrate internal and external data while adhering to new regulations on data security [6] - Financial institutions must avoid homogenization in their digital transformation efforts and develop competitive, differentiated business models [6] Group 3: Integration with Other Financial Sectors - Digital finance serves as a technological foundation for other financial sectors, necessitating the integration of digital finance with green finance and pension finance during the "15th Five-Year Plan" [10] - The development of digital pension finance focuses on creating a digital account system to enhance service matching, with over 72 million personal pension accounts established by November 2025 [10] - Digital green finance relies on a "carbon account" system to measure environmental benefits, with a need for digital infrastructure to support green financial services [11] Group 4: Regulatory Framework for Digital Finance - A modern regulatory framework is essential for balancing innovation and risk in digital finance, emphasizing the need for a digital and intelligent transformation of regulatory practices [14] - Regulatory adaptability is crucial to support responsible digital finance innovation, ensuring that all financial activities are subject to regulation [17] - Enhancing the effectiveness of financial regulation involves adopting principles that promote gradual improvement and interaction between innovation and regulation [18]