Core Viewpoint - The People's Bank of China Shaanxi Branch is focusing on five key financial areas: technology finance, green finance, inclusive finance, pension finance, and digital finance to support the high-quality economic development of Shaanxi Province [1][2]. Group 1: Policy Framework and Implementation - A comprehensive policy framework has been established, including the issuance of the "Overall Implementation Plan for Financial 'Five Major Articles'" and specific plans for each financial area [2]. - A regular financing docking mechanism has been set up to enhance financial service levels, requiring local branches and financial institutions to create a collaborative list of policies, products, enterprises, issues, and party-building tasks [2]. - Assessment and evaluation mechanisms have been improved, including the issuance of notifications for green finance evaluations and the promotion of successful practices [2]. Group 2: Progress in Financial Areas - In technology finance, a partnership with Xi'an University of Electronic Science and Technology has been formed, resulting in the release of 1,000 projects for technology transformation and 1,000 innovative enterprises [3]. - As of March 2025, the balance of loans to technology enterprises reached 414.603 billion yuan, with a year-on-year growth of 13.07% [3]. - In green finance, the balance of green loans reached 804.264 billion yuan, with a year-on-year increase of 5.6% [3]. - Inclusive finance initiatives have led to a balance of loans to private enterprises of 1.22 trillion yuan, growing by 11.15%, and loans to small and micro enterprises of 613.553 billion yuan, increasing by 17.19% [3]. - In pension finance, efforts have been made to enhance financing services for the elderly, with a proposed financing amount of 18.1 million yuan identified through visits to 37 elderly care institutions [3]. Group 3: Future Directions - The People's Bank of China Shaanxi Branch plans to focus on key areas and weaknesses, enhancing financial services for the real economy [4]. - Collaboration with industry authorities will be strengthened to ensure policy coherence and effectiveness [4]. - The bank aims to leverage structural monetary policy tools to guide financial institutions in increasing credit resources and optimizing credit structures [4].

文/申万宏源证券有限公司大投行金融科技联合工作组 随着全面注册制的推进和"新国九条"的发布，证券公司需要积极履行资本市场"看门人"和融资"保荐 人"的作用，进一步防范风险，践行金融服务实体经济的使命。随着证券行业数字化转型加速推进，投 行业务数字化转型目前已进入从传统投行竖井式模块系统转向一体化智能全业务平台的阶段。申万宏源 证券从2022年开始逐步根据大投行三年金融科技规划，构建基于人工智能、大数据、云原生等技术打造 的投行智能一体化平台。目前已落地流程中心、项目中心、客户中心、文档中心、智能尽调中心等，助 力投行业务降本增效，降低合规风险，聚合投行业务专业知识，赋能投行业务数字化转型，做好"数字 金融"，进一步健全公司内部"一二三道防线"执业风险防范机制。 1. 业务流程方面，基于低代码BPM流程引擎，实现流程精细化管理。投行项目审批中涉及节点多，分 叉多，引入BPM流程引擎重构业务流程。平台建设了一套完整的流程体系，对客户管理、项目管理、 内核、文件合同、底稿、发行、持续督导管理等200+种类型流程进行重构，每个流程节点均进行精细 化的设置并且支持参数配置，提高了流程管理效率。 2. 项目管理方面，通过 ...

Core Insights - The digital economy in China has shown strong growth in the first quarter of 2023, with core industries growing at over 10%, significantly outpacing GDP growth [2] - The development of digital finance is also robust, with the emergence of AI models like DeepSeek enhancing financial efficiency and customer experience [2][3] Group 1: Digital Economy Growth - In Q1 2023, the digital economy's core industries maintained a growth rate of over 10%, with digital manufacturing value-added increasing by 11.5% year-on-year, surpassing the growth rates of traditional industrial and high-tech manufacturing sectors [2] - The digital services sector has also experienced double-digit growth, exceeding the overall service sector growth by 5 percentage points [2] - Eastern regions of China are leading in digital economy development, contributing over 90% of revenue and net profit from A-share listed companies in core industries [2] Group 2: Digital Finance Development - Digital finance has two notable characteristics in Q1 2023: financial institutions are focusing on cost-effective investments while enhancing talent acquisition and training [3] - The securities industry has the highest investment intensity in financial technology among all financial sub-sectors, with increased emphasis on return on investment [3] - Financial data market construction is deepening, with institutions working on policies and infrastructure to activate data elements and enhance data circulation [3] Group 3: Policy and Strategic Recommendations - The development of the digital economy aims to improve the efficiency of the real economy, necessitating deeper integration between digital and traditional sectors [4] - Recommendations include improving the digital economy ecosystem, accelerating the establishment of governance frameworks for generative AI in finance, and building a high-quality financial data market [4] - Key actions involve fostering a cooperative ecosystem among technology, industry, and finance, and addressing constraints in digital consumption [4]

Core Insights - The forum focused on the theme of "Digital Finance in the Age of Artificial Intelligence," discussing the current state of digital finance, technology applications, and regulatory governance [1][4] Group 1: Digital Economy Growth - In Q1 2025, China's digital economy continued to show strong growth, with core industry value-added growth reaching double digits, significantly outpacing GDP growth [1] - The value-added of digital manufacturing increased by 11.5% year-on-year, while the value-added of digital services grew faster than the overall service sector by 5 percentage points [1] - Investment in emerging fields such as artificial intelligence and humanoid robots is surging, with electronic information manufacturing and information services seeing investment growth of 10.1% and 10.5%, respectively [1] Group 2: AI and Financial Institutions - Large model applications, represented by DeepSeek, are seen as key breakthroughs in digital finance, enabling small and medium financial institutions to achieve "AI equity" [2] - Financial institutions are focusing on efficiency in technology investments, with the securities industry leading in investment intensity among sub-industries [2] - The construction of a financial data market is accelerating, with institutions exploring innovative models such as data asset securitization [2] Group 3: Regulatory Governance - A governance loop involving six stakeholders, including financial institutions, regulatory bodies, and technology companies, is recommended to address development bottlenecks [2] - Financial institutions are advised to carefully assess technology adaptability, while regulatory bodies should implement tiered management and enhance regulatory technology [2] Group 4: Future Outlook - Experts predict that digital finance will become a foundational infrastructure, enhancing service accessibility through technology, data, and regulation [3] - AI large models are expected to help Chinese financial institutions gain international competitiveness, necessitating the simultaneous improvement of regulatory frameworks [3] - The transition from "digital finance" to "smart finance" is anticipated, with an explosive growth in industry intelligence [3][4]

中国人民银行征信中心机构服务二部副总经理毛志杰表示，为解决中小微企业融资困境，中国人民 银行征信中心推出基于资金流分析的征信创新平台，聚焦经济环境、信贷市场现状、征信服务要求三大 背景，为中小微企业建立全球最大规模的数据账户，通过资金流全面刻画企业经营活动，开放银行理念 整合商业银行及支付机构数据，生成标准化资金流信用信息产品，通过"双重身份认证"确保授权合法， 利用央行平台切断数据直接流通，保障市场公平。在授信支持上，平台可实时监控企业经营变化与资金 用途，降低贷后管理难度；金融机构可通过平台获取企业资金流水、交易对手分布等数据，精准评估信 用风险；平台的数据采集仅覆盖授信所需核心信息，不足时触发交互补充，避免过度索取。他强调，该 创新平台将大力推动金融资源精准服务实体经济。 上海市软科学研究基地—上海科技金融研究中心执行主任、上海市互联网金融行业协会副秘书长孟 添表示，科技金融通过金融工具创新支持科技研发、成果转化与产业发展；数字金融以技术手段优化金 融服务效率，降低风险识别与定价成本。科技金融存在间接融资与科创企业长期高风险需求不匹配、轻 资产特征与传统抵押贷款模式冲突、资本逐利性与科创不确定性等主要矛 ...

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Core Insights - Digital finance is undergoing a significant transformation driven by artificial intelligence, breaking traditional barriers and enhancing accessibility, efficiency, and intelligence in financial services [1][6] - The emergence of AI models like DeepSeek is enabling smaller financial institutions to leverage advanced technologies, leading to a substantial shift across the financial sector [7][8] Group 1: Digital Finance Development - The digital finance sector is experiencing robust growth, with a focus on improving efficiency and customer experience through AI applications [7] - Financial institutions are increasingly prioritizing the return on investment in technology, with a notable slowdown in growth rates for tech investments in banking compared to previous years [7] - The securities industry has seen the highest investment intensity in fintech among financial sub-sectors, reflecting a shift in focus towards more calculated spending [7] Group 2: Data Market and Infrastructure - The construction of a financial data market is deepening, driven by policies, scenarios, and technology, aimed at activating data elements and enhancing data circulation [8][13] - Financial institutions are exploring various development models to build data space infrastructure, which is essential for maximizing data utilization [8][13] Group 3: AI Governance and Risk Management - There is a pressing need for governance in the application of generative AI in finance, including strict adherence to AI algorithm registration systems [9][10] - Concerns have been raised about the potential risks associated with AI models, including the amplification of traditional risks and the challenges of regulatory compliance [9][11] - Financial institutions must adapt their business scenarios to specific technologies and reduce reliance on large tech companies to avoid systemic risks [11] Group 4: Regulatory Framework and Collaboration - A collaborative regulatory framework is necessary to support the integration of AI in finance, including the establishment of standards and shared infrastructure [12][13] - The focus should be on creating a conducive environment for innovation while ensuring risk management and compliance with regulatory standards [11][12]

Core Viewpoint - The 2025 Tsinghua Wudaokou Global Financial Forum emphasized the importance of inclusive finance in promoting social development and financial service accessibility in China [1] Group 1: Current Status and Future Direction of Inclusive Finance - Inclusive finance is defined as providing appropriate and effective financial services to all social strata at affordable costs, focusing on small and micro enterprises, farmers, low-income urban residents, the poor, disabled individuals, and the elderly [2] - Six key areas for progress in inclusive finance include: 1. Increased accessibility of basic financial services, ensuring every town has banking institutions [2] 2. Improved financing convenience for small and micro enterprises and individual businesses [2] 3. Enhanced financial services for rural development and infrastructure [2] 4. Strengthened financial consumer education and protection mechanisms [2] 5. Improved risk prevention capabilities in financial institutions [2] 6. Enhanced supporting mechanisms for inclusive finance, including better credit information sharing [2] Group 2: Monetary Policy and Credit Product Innovation - The People's Bank of China has implemented structural monetary policy tools, such as re-lending for agriculture and small enterprises, to support credit demand from vulnerable groups [3] - Measures include lowering re-lending rates and encouraging financial institutions to provide guaranteed loans for entrepreneurship, particularly for women and youth [3] - Financial institutions are being guided to enhance their service capabilities for small and micro enterprises through various reforms [3] Group 3: Consumer Protection and Future Development - The application of digital platforms and AI technology in inclusive finance is highlighted, with 430 million digital bank users in China [4] - The People's Bank of China is enhancing consumer protection through financial education, integrating it into the national education system, and establishing diversified dispute resolution mechanisms [4] - Future initiatives will focus on integrating inclusive finance with green finance and pension finance, enhancing support for vulnerable groups and improving financial service accessibility for the elderly [4]

Core Insights - The digital economy in China has shown strong growth in Q1 2023, significantly supporting the macroeconomic outlook, with the core industries' added value growth rate exceeding 10%, notably higher than GDP growth [3][4] - Investment in core industries of the digital economy has also performed well, driven by policies and market demand recovery, particularly in emerging fields like artificial intelligence and humanoid robots [3][4] Digital Consumption - Digital consumption has experienced steady growth, with innovations in digital technology improving consumer experiences and driving online consumption, particularly in food and trade-in models [4] - The eastern region of China leads in digital economy metrics, contributing over 90% of revenue and net profit from A-share listed companies in core digital industries, indicating strong industrial clustering effects [4] Digital Finance - The emergence of AI models like DeepSeek has democratized access to AI capabilities for small and medium financial institutions, enhancing innovation and efficiency in the financial sector [5] - Financial institutions are focusing on optimizing technology investments, with a slowdown in growth for banking tech investments but increased intensity in securities sector investments [5] Policy Outlook - Recommendations for future development include improving the digital economy ecosystem, fostering collaboration between technology, industry, and finance, and establishing governance frameworks for generative AI applications in finance [6] - Emphasis on consumer rights protection in the AI era is crucial, with financial institutions needing to ensure the safety and compliance of AI technology usage [6]

Group 1: Green Finance Development - In 2024, China's real economy is accelerating its green transformation, with green finance development being expedited through improved top-level design and the introduction of national-level green finance documents [1][2] - The latest version of the "Guidance Catalog for Green and Low-Carbon Transition Industries" emphasizes the importance of transition finance and identifies key industries that should be prioritized for support during the green transition [1][2] - The national carbon market is experiencing increased marketization, with expectations of expansion leading to a rise in average carbon prices and a significant increase in trading volumes compared to the previous year [1][2] Group 2: Integration of Green, Technology, and Digital Finance - The integration of green finance, technology finance, and digital finance is accelerating, driven by the transformation of the real economy towards green, technological, and digital advancements [2][3] - The State Council has issued guidelines to establish a framework for the collaborative development of these three types of finance, which is crucial for achieving carbon neutrality goals and fostering new productive forces [2][3] Group 3: Transition Finance as a Key Direction - Transition finance will remain a significant focus, with the top-level design and standard system expected to be further refined by 2025, particularly in high-pollution and high-energy-consuming industries [7][8] - The issuance scale of transition bonds is projected to reach 71.342 billion yuan in 2024, marking a 43% increase year-on-year, with various financial tools expected to continue innovating [8] Group 4: Passive Green Financial Products - The capital market is creating opportunities for passive green financial products, with the introduction of policies encouraging index-based and passive investment [9][10] - By the end of 2024, the number of ESG indices published by the China Securities Index Company is expected to reach 147, covering various asset classes, with significant growth in green ETFs [9][10] Group 5: Multi-layered Green Finance Market Development - By 2025, the construction of infrastructure for the national carbon market and voluntary emission reduction trading market (CCER) will be accelerated, enhancing the green finance market [11][12] - The establishment of environmental rights trading markets and platforms will be crucial for creating a multi-layered green finance market, promoting the marketization of resource and environmental factors [13] Group 6: Strengthening Price Signals and Green Premium - The China Securities Regulatory Commission is expected to enhance the role of capital markets in green price discovery, which is essential for the development of green finance [15][16] - Efforts will be made to address information asymmetry and promote the internalization of external environmental costs by enterprises, which is vital for establishing a green premium [17][18] Group 7: International Cooperation on Climate Governance - China aims to strengthen international cooperation in climate governance, particularly in response to challenges posed by the delayed submission of national contributions under the Paris Agreement [19][21] - The country will actively engage in discussions with the EU and other regions regarding carbon tariffs and explore the establishment of offshore carbon trading markets [20][21]