This photo taken on Nov. 21, 2022 shows the opening ceremony of the Annual Conference of Financial Street Forum 2022 in Beijing, capital of China. Themed "Forge Ahead Toward a Shared Future: Economic Development and Financial Cooperation Amid Changes", the Annual Conference of Financial Street Forum 2022 opened here on Monday. (Xinhua/Chen Zhonghao)
BEIJING, Nov. 23 (Xinhua) -- China will accelerate digital transformation to advance the digitalization of capital market, as the country's digital economy enters fast lane, an official said on Tuesday.
Li Chao, vice chairman of the China Securities Regulatory Commission (CSRC) made the remarks at the ongoing Annual Conference of Financial Street Forum 2022.
The CSRC will encourage financial institutions to invest more on data and technology to optimize model of management and service, with an ultimate aim of better serving the real economy and residents' demands of wealth management, said Li.
The commission will also encourage institutions in securities and futures sectors to participate in innovation pilots of financial technology (fintech) and to apply technology in more scenarios, such as customer service, business operation, risk control and compliance, and administration and management.
Moreover, the CSRC will keep a close eye on any possible risks related to fintech. Li said that financial institutions should balance innovative development and safety. It is wise for the institution to conduct comprehensive tests before major changes and the release of core system, and to strengthen daily monitor and control against risks.
Li also highlighted cooperation and exchanges in his remarks, saying that technical staff in the financial industry should work together with the government agencies, universities, research institutes and leading tech firms to pool intelligence and form synergy.
(Edited by Li Shimeng with Xinhua Silk Road, lishimeng@xinhua.org)
A single purchase
