21世纪经济报道记者 唐婧 北京报道 当前，人工智能正以前所未有的广度与深度，重塑金融行业的生态与逻辑。从风险定价到普惠信贷，从智能监管到生态构建， AI在赋能金融提质增效的同时，也带来了算法黑箱、数据鸿沟与新型系统性风险等深刻挑战。 2025年8月，国务院发布《关于深入实施"人工智能+"行动的意见》，明确指出要大力推进人工智能的规模化、商业化应用，推 动其与金融等重点领域深度融合。2025年12月召开的中央经济工作会议又提出，要深化拓展"人工智能+"，并完善相关治理。而 金融作为数据密集型行业，正是这一战略部署的关键落点。 在此背景下，金融业与人工智能将碰撞出怎样的火花？其发展的未来空间与治理边界何在？围绕上述问题，21世纪经济报道记 者专访了清华大学五道口金融学院金融安全研究中心主任、北京市"十五五"规划专家咨询委员会专家周道许。 周道许认为，AI在金融领域的应用远未触达天花板，其角色正从辅助工具向协同乃至自主决策演进，并将推动行业从"经验驱 动"迈向"数据驱动+算法驱动"的新范式。正如开车需要交通规则，"AI+金融"的发展也需要清晰、灵活、前瞻的监管框架。 清华大学五道口金融学院金融安全研究中心主任、北 ...

Core Viewpoint - The Guangdong Financial Regulatory Bureau, in collaboration with multiple financial and regulatory bodies, has introduced the "Twelve Measures for Financial Support of Guangdong's Low Altitude Economy," aiming to create a comprehensive and specialized financial service system to boost the low altitude economy in Guangdong [1][5]. Group 1: Financial Support and Development - The low altitude economy in Guangdong has rapidly developed, with its output value surpassing 100 billion yuan, accounting for approximately 60% of the national financing scale in this sector [6][1]. - The financial regulatory framework is designed to empower innovation in financial services, with a focus on creating a dual-driven mechanism of "regulatory empowerment and institutional innovation" [6][1]. - Major banks have already provided strategic investments totaling 350 million yuan to the low altitude industry, with a total financing scale of nearly 50 billion yuan for core enterprises in this sector [6][1]. Group 2: New Policies and Regulatory Framework - The "Twelve Measures" emphasize inclusive regulation and differentiated regulatory incentives to encourage beneficial financial explorations in the low altitude economy [7][2]. - The establishment of regulatory sandboxes for technology branches aims to foster innovation and the development of targeted financial products for the low altitude economy [7][2]. - The measures also focus on enhancing management mechanisms to address the insufficient financial supply in specific areas of the low altitude economy [7][2]. Group 3: Collaborative Ecosystem - The "Twelve Measures" promote collaboration among financial institutions, encouraging partnerships across banks, securities, insurance, and investment firms to create comprehensive service models [8][3]. - Financial tools are encouraged to support the growth of the Guangdong low altitude industry fund, with a focus on resource allocation for high-quality enterprises receiving government subsidies [8][3]. - The integration of industry and finance is emphasized, with a push for regular communication and information sharing between regulatory and industry departments to enhance the precision of financial services [9][4].

低空金融"十二条"以新政策助力新产业，"新"体现在：一是包容性监管在低空领域的新探索。在前期科 技支行包容监管基础上，进一步探索差异化监管激励，对符合"十二条"所鼓励的低空经济领域的有益金 融探索，注重其中长期评价，对阶段性风险给予适当监管容忍等。二是科技支行"监管沙盒"在低空领域 的新拓展。鼓励金融机构结合科技支行等机制创新优势和工作基础，组建低空经济专门服务部门或工作 团队，集中调配专业人才，并以此为载体建立特色化服务机制，开发针对性金融产品。三是管理机制创 新在低空领域的新升级。 在"全"方面，聚焦局部金融供给不足的痛点，低空金融"十二条"围绕间接融资、直接融资、风险保障和 金融租赁，引导金融机构以全牌照构建全维度供给矩阵。 以"合"聚力，打造集约化低空金融生态 羊城晚报全媒体记者 戴曼曼 近日，广东金融监管局牵头联合人民银行广东省分行、广东证监局、深圳金融监管局、人民银行深圳市 分行、深圳证监局、广东省发改委等七部门出台《关于金融支持广东低空经济集群发展的通知》（以下 简称低空金融"十二条"），聚焦低空经济集群发展的金融需求，以"新""全""合"的制度机制赋能创建综 合性、特色化金融服务体系，为广东低 ...

为深入贯彻落实党中央、国务院决策部署，以及广东省委、省政府的具体部署，举金融之力，助力低空 经济逐步实现规模化发展，广东金融监管局牵头联合人民银行广东省分行、广东证监局、深圳金融监管 局、人民银行深圳市分行、深圳证监局、广东省发改委七部门出台《关于金融支持广东低空经济集群发 展的通知》（以下简称"低空金融'十二条'"），聚焦低空经济集群发展的金融需求，以"新""全""合"的 制度机制赋能创建综合性、特色化金融服务体系，为广东低空经济产业蓄势腾飞注入强劲金融动能。 低空金融"十二条"围绕机制建设、产品服务供给、协同联动、配套保障4方面提出12条举措，全面提升 金融供给质效。 低空金融"十二条"明确，将以"新"助新，打造专业化金融服务体系。"新"体现在：一是包容性监管在低 空领域的新探索。在前期科技支行包容监管基础上，进一步探索差异化监管激励，对符合"十二条"所鼓 励的低空经济领域的有益金融探索，注重中长期评价，对阶段性风险给予适当监管容忍；对服务低空经 济成效显著的金融机构，探索在相关监管工作中给予适当激励。二是科技支行"监管沙盒"在低空领域的 新拓展。鼓励金融机构结合科技支行等机制创新优势和工作基础，组建低空 ...

越南总理范明征在2025年12月13日越南科技节开幕式前参观了展区 今年，2025年越南科技节首次突破传统会议厅模式，走进公共空间，直接面向民众。这一场地变革传递 出明确信号：创新不再只是初创企业或科技圈的专属话题，而是全社会发展的核心驱动力。 来源：缅甸中文君 呼吁全民、企业和社会共同推动创新，越南政府总理范明政（Phạm Minh Chính）强调：当这一精神广 泛传播，越南将在发展征程上迈出更长、更坚定的步伐。 "创新就是把我们正在做的事情做得更好，并创造出价值更高、更可持续的新思想、新产品。这是一场 永不停歇的自我超越之旅，为每个个体、每家企业乃至整个国家迈向新高度提供动力。"范明政总理表 示。 这一鼓舞人心的信息，是他在2025年12月13日晚举行的2025年越南科技节（Techfest Vietnam 2025）开 幕式上的主旨演讲中重点强调的。这是该活动举办11届以来，范明政总理第五次出席，充分体现了越南 共产党、国家和政府对创新创业生态系统及创业精神的一贯重视。 呼吁全社会参与创新 回顾国家发展历程，范明政总理指出，人类的创造力没有边界、没有终点，它推动知识、技术和劳动生 产率实现跨越式提升。 ...

（来源：吴说） 来源：市场资讯 汇丰最新报告称，美国围绕"美国股票代币化"监管的争论加速升级，传统金融机构与加密行业在是否应 将 DeFi 交易基础设施视作传统交易所上立场对立。报告指出，Citadel Securities 向 SEC 递交 13 页文 件，主张多数 DeFi 协议应按交易所监管，否则将导致监管套利与更弱的"影子市场"。加密行业则以 Coinbase 全球监管政策副总裁 Scott Bauguess 为代表，呼吁制定更符合去中心化模型的规则。汇丰表 示，SEC 最终取向仍不明确，但预计不会允许面向美国用户的链上股票市场享有明显低于传统交易所 的监管强度，监管沙盒或成为可行方案。(CoinDesk) ...

Core Viewpoint - The European Union (EU) is planning to relax certain digital regulatory frameworks, including the AI Act, which was initially designed with strict regulations. This shift raises questions about the reasons behind the change and its implications for the AI industry in Europe and globally [3][4][5]. Group 1: Reasons for Initial Strict Regulation - The EU's strict regulatory stance was influenced by its economic structure, which is dominated by small and medium-sized enterprises (SMEs). In 2022, SMEs accounted for 99.8% of non-financial enterprises in the EU, employing 64.4% of the workforce and contributing 51.8% of economic value added. This demographic necessitated clear rules to protect against potential risks associated with emerging technologies [6]. - Politically, strict regulation was seen as a means to maintain digital sovereignty, as Europe has historically lagged behind the US and China in key technological domains. The EU aimed to use regulations as a tool to influence global competition and embed European values into the future AI governance framework [7][8]. - Culturally, the EU emphasizes ethics and rights, leading to a governance approach that prioritizes risk prevention. This is reflected in the long-standing "precautionary principle" that shapes its regulatory logic, particularly in technology that could impact labor rights and public resources [9][10]. - The EU's complex political structure, comprising 27 member states with diverse priorities, naturally leads to stricter regulations as a means of achieving political consensus [11]. Group 2: Reasons for Regulatory Relaxation - The emergence of tangible benefits from AI technology has shifted the risk-reward balance. As AI capabilities have advanced, the economic returns have become more apparent, prompting the EU to reconsider its initial cautious approach [13][14]. - AI technology has become more governable, with advancements in alignment, explainability, and controllability. This has led to a perception that AI can be managed within a regulatory framework, reducing the need for stringent oversight [15]. - The EU's regulatory logic has shifted from a strict "precautionary principle" to a more balanced "proportionality principle," allowing for regulatory measures only when risks are clearly identified [16]. - Geopolitical pressures have also influenced the EU's regulatory stance, as competition with the US and China has highlighted the risks of falling behind in technological innovation [17][18]. - Internal political dynamics within the EU have shifted, with a growing emphasis on industry competitiveness over strict ethical considerations, leading to a more lenient regulatory approach [19][20]. Group 3: Expected Adjustments to the AI Act - The implementation timeline for the AI Act is expected to be delayed, allowing more time for companies to adapt to the regulations. This includes extending grace periods for compliance with high-risk AI system obligations [21][22]. - Obligations for general AI models are likely to be weakened, with a shift from government-led regulation to industry self-regulation through non-binding codes of practice [23][24]. - Penalty provisions are anticipated to transition towards a "warning first" approach, significantly reducing the severity of fines for non-compliance [25][26]. - Discussions are underway to refine the definition of "high-risk systems" to focus regulatory efforts on genuinely high-risk applications, potentially alleviating unnecessary burdens on businesses [27]. - The concept of "regulatory sandboxes" is gaining traction, allowing for relaxed regulatory conditions to foster innovation while ensuring safety [28]. Group 4: Implications of Regulatory Changes - The adjustments to the AI Act are expected to reignite the AI innovation ecosystem in Europe, creating a more favorable environment for local AI development and reducing compliance burdens on startups [29]. - The global AI competitive landscape may shift, moving from a single regulatory paradigm to a multi-centered approach, with different regions adopting varied governance models [30][31]. - Multinational companies will benefit from increased flexibility in their AI strategies, accelerating the diffusion of AI technologies across different sectors [32][33]. - The EU's regulatory changes may foster a new paradigm of "gentle regulation," promoting a balance between oversight and innovation, which could influence global regulatory practices [34][35].

Core Insights - The evolution of payment methods reflects societal technological changes, with facial recognition payment emerging as a key infrastructure in the digital economy, raising concerns beyond mere technical security and privacy issues [1][2] Group 1: Governance Principles - Establish a risk-based governance principle focusing on three core aspects: 1. Preventive principle: Regulatory measures should be proactive and adaptable to unknown risks associated with biometric data [3] 2. Proportionality principle: Regulatory intensity must correspond to the risk level of specific applications, avoiding a one-size-fits-all approach [3] 3. Collaborative governance principle: Involvement of multiple stakeholders, including government, industry, and the public, to create a cooperative governance framework [3] Group 2: Regulatory Tools and Mechanisms - Innovate key regulatory tools and mechanisms by: 1. Upgrading the "regulatory sandbox" to test data governance rules and algorithmic ethics comprehensively [4] 2. Establishing mandatory algorithm audits and certifications by independent third parties to ensure fairness and robustness [4] 3. Implementing risk-based tiered management according to transaction amounts and application scenarios, requiring multi-factor authentication for high-risk situations [4] Group 3: Legal and Standard Foundations - Strengthen the legal and standard foundations for governance by: 1. Clarifying legal responsibilities and consumer protection measures, including the principle of "reversed burden of proof" in fraud cases [5] 2. Promoting industry self-regulation and the establishment of high-standard processing norms for biometric information [5] Group 4: External Environment for Governance - Create a favorable external environment for scientific governance by: 1. Enhancing public digital literacy and awareness of risks associated with facial recognition payments [6] 2. Expanding social participation and oversight channels in the formulation of technical standards and regulations [6] - The challenges posed by facial recognition payments necessitate a comprehensive regulatory framework to guide its healthy development, ultimately supporting inclusive finance and social equity [7]

Core Viewpoint - Blockchain technology serves as the underlying infrastructure for stablecoins, and its standardization process directly impacts the future structure of the digital currency system [1] Group 1: Legislative Developments - Stablecoins are becoming a focal point for global financial regulation, with various countries, including the U.S. and EU, actively constructing regulatory frameworks to adapt to the digital age [2] - The emergence of stablecoins challenges traditional monetary systems and redefines the concepts of currency and monetary issuance [2] Group 2: Impact on the Dollar System - The traditional infrastructure supporting the dollar's dominance includes the SWIFT system, the U.S. banking system, and government credit guarantees, which allow the U.S. to maintain financial hegemony [3] - Stablecoins, particularly those pegged to the dollar, expand the use of the dollar globally, while also providing tools for de-dollarization, as seen in increasing use of local currencies in trade by countries like China and Russia [4] Group 3: Regulatory Strategies - The U.S. legislative strategy regarding stablecoins aims to maintain dollar hegemony by requiring issuers to be regulated financial institutions and primarily hold dollar-denominated assets [5][6] Group 4: Technical Standards and Power Dynamics - The standardization of blockchain technology is crucial for the future of the digital currency ecosystem, with major public chain platforms competing for dominance in the stablecoin space [7] - Different blockchain networks face interoperability challenges, leading to a fragmented state that limits the effectiveness of stablecoins as global payment tools [8] Group 5: Regulatory Divergence - There are fundamental differences in stablecoin regulatory philosophies among countries, reflecting varying views on financial innovation and monetary sovereignty [9] - The U.S. focuses on risk control and maintaining dollar dominance, while the EU emphasizes consumer protection and market integrity [9] Group 6: Cross-Border Regulatory Coordination - The global nature of stablecoins necessitates international coordination, but differing regulatory philosophies and geopolitical tensions complicate this process [11] Group 7: Balancing Innovation and Regulation - Finding a balance between encouraging financial innovation and preventing systemic risks is a common challenge for regulators [12] Group 8: Future of Digital Currency Landscape - The evolution of the global digital currency landscape will be influenced by technological advancements, regulatory policies, and geopolitical factors [13] Group 9: Strategic Opportunities and Challenges for China - China's digital yuan offers a strategic advantage in the digital currency space, but balancing financial stability with technological innovation remains a challenge [14] Group 10: Historical Opportunity to Reshape Financial Order - The legislative developments surrounding stablecoins represent a profound transformation of the financial order, redefining currency, issuance rights, and global payment systems [16]

Group 1 - The article highlights the transformative impact of technological innovations on daily life, such as autonomous ride-hailing services and AI-driven photo editing [1] - Shanghai has issued new operational licenses for smart connected vehicles, allowing eight companies to operate autonomous taxis in designated areas [1][4] - The regulatory framework in Shanghai, including the "Regulations on Promoting the Innovative Application of Driverless Intelligent Connected Vehicles," aims to facilitate the rapid development and commercialization of autonomous driving technology [4] Group 2 - The concept of a "regulatory sandbox" is introduced as a method to balance innovation and safety, allowing new technologies to be tested in a controlled environment [6][8] - The regulatory sandbox approach has been applied not only in smart transportation but also in emerging sectors like smart healthcare and financial technology [10] - The article emphasizes that technological advancement and safety are two sides of the same coin, and the regulatory sandbox provides a space for innovation while managing risks [12] Group 3 - The rapid growth of live streaming as a new business model is presented as an example of how legal frameworks guide innovation towards positive outcomes [14] - The article discusses the journey of a hearing-impaired individual who became a successful live streamer, illustrating the shift in the live streaming ecosystem towards authenticity and sincerity [15][21] - Legal measures have been implemented to regulate the live streaming industry, ensuring data security, fair transactions, and user rights [24] Group 4 - The establishment of AI monitoring systems in public safety, such as "AI perception cameras," demonstrates the practical application of technological innovations for community safety [28] - The article outlines the creation of an AI model ecosystem service station in Beijing, which supports small and medium-sized enterprises in the AI sector [36] - The service station aims to facilitate the transition of technological achievements from laboratories to market applications, enhancing the local AI industry [36] Group 5 - The article discusses the importance of data flow in the digital economy, emphasizing that data is a key production factor alongside traditional resources [42] - A regulatory framework has been established to govern cross-border data flow, including laws that delineate clear rules for data management [43] - The introduction of a negative list for data export in Beijing aims to streamline compliance processes for businesses, significantly reducing the time and costs associated with data management [45][47]