Photo: Chen Kewen, Secretary General of the Asian Financial Cooperation Association (AFCA), addresses the 2021 Tsinghua PBCSF Global Finance Forumin Beijing, May 23, 2021.
BEIJING, May 23 (Xinhua) -- High technologies shall be used to facilitate the financial innovation so as to meet diversified financing needs, said Chen Kewen, Secretary General of the Asian Financial Cooperation Association (AFCA).
Chen made the remarks at the 2021 Tsinghua PBCSF Global Finance Forum on Sunday in Beijing, capital of China.
At present, global technological innovation is deeply advancing industrial transformation and accelerating the adjustment of the international production system, said Chen, adding that China's economic development has entered a new stage, and it is quickening the pace to foster a new development pattern featuring "dual circulation," in which domestic and overseas markets reinforce each other with the domestic market as the mainstay. These provide more space and opportunities for financial development and cooperation, and also put forward new and higher requirements.
When talking about how to promote the high-quality development of industrial finance innovation, Chen noted that the current financial system in China and even other Asian countries and regions is dominated by indirect financing, and traditional credit businesses take a lion's share. Therefore, the types and forms of equity financial products need to be further enriched, and the depth of the venture capital market need to be more sufficient.
He also mentioned that there are still information asymmetry and non-uniform standards in financial infrastructure such as data sharing platforms and intellectual property rights trading platforms, which affects the industrial finance innovation.
Chen pointed out that many good business models and financial infrastructure are logically self-consistent, but due to the constraints of the market environment and participants of various countries with different acceptance, it still takes time to popularize them.
In his speech, Chen said that it is also necessary to strengthen the construction of the credit system and improve the social credit environment in an effort to promote the high-quality development of financial innovation. Data resources of all parties shall be integrated to improve construction of credit information platforms and the social credit system.
Themed "New Pattern, New Development and New Finance", the 2021 Tsinghua PBCSF Global Finance Forum kicked off on Saturday in Beijing.
The two-day event, held both online and offline, has attracted guests from governments, businesses and academic communities at home and abroad to discuss the current and future of the world's and China's economy and finance under the influence of the COVID-19 pandemic. (Edited by Hu Pingchao with Xinhua Silk Road, hupingchao@xinhua.org)
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