The theme of Xuan Songxin's speech is "the basic role of the central bank in the digital payment system". Professor Shen also pointed out that although technological progress plays an important role in reducing payment costs and improving payment efficiency, the competition mechanism in economic activities is also indispensable. The role of the central bank is to provide infrastructure for the payment system, ensure a level playing field, reduce costs, provide better services and attract more people to participate. CBDC is a way for the central bank to play this role. Between the two systems based on account and ordinary certificate, the central bank needs to make a fundamental choice carefully. How to better balance data tracking and privacy protection is an urgent problem to be solved.
Professor Stephen G.Cecchetti's research on "the change and invariability of finance and technology" found that in the past few years, although innovations in the fields of finance and technology have emerged one after another, the unit cost of financial intermediaries has not changed much. The impact of technological progress on financial development has two sides, which can not only reduce transaction costs and information asymmetry, but also pose new challenges to financial supervision.
Professor Leonardo Gambacorta's latest research, Global Trends and Driving Forces of Financial Technology and Credit of Big Technology Companies, found that more active economic activities, higher bank credit costs and more unsatisfied consumer demand all promoted the development of big technology credit. In addition, the regulatory stance has played an important role, and the regulatory sandbox helps to promote financial innovation while maintaining vigilance against risks.
Professor Wei's research on "Wealth Management of Financial Technology Platform" compares the excessive transactions caused by interest conflicts and behavioral deviations between traditional banks and Public Offering of Fund, a financial technology platform. It is found that compared with traditional bank financing, male investors have higher turnover rate and lower yield on the financial technology platform; On the contrary, the turnover rate of female investors on the financial technology platform is lower and the yield is higher.
Professor He Dong shared the latest research results on the issue of "cross-border payment digitalization". Research shows that the main problems in the current cross-border payment market are high cost, slow processing and opaque information. Through digital technology to promote the evolution of market structure from hierarchical structure to global flat structure, cross-border payment may be cheaper, faster, more efficient and more inclusive in the future. The impact of CBDC and GSC on macro-finance in cross-border payment needs to consider efficiency and financial stability comprehensively.
On the morning of 28th, the seminar on "Research Frontier of Digital Finance" was held in Boya International Hotel, Peking University, and was webcast live. The conference focused on the latest research results of Digital Finance Research Center of Peking University.
Professor Xu Jianguo, a senior researcher at the Digital Finance Research Center of Peking University, reported the research results of "Digital Finance along the Belt and Road" from the perspective of technological progress and economic development. Professor Xu Yuan pointed out that finance is both an industry and an infrastructure, serving other industries. If underdeveloped countries can make progress in financial infrastructure by using new technologies, it will help reduce transaction costs and promote trade, thus promoting long-term economic growth.
Professor Shen Yan, Deputy Director of Digital Finance Research Center of Peking University, reported the research results of "Digital Finance and Income Inequality". It is found that the development of digital finance promotes the income convergence among provinces, prefecture-level cities and prefecture-level cities; Innovation and industrial upgrading are important ways for digital finance to affect regional economic imbalance; Digital finance helps to narrow the income gap between families, and plays a greater role in low-income families, rural families and female-headed families; In addition, digital finance plays a greater role in promoting the income of low-educated families.
Professor Huang Zhuo, Deputy Director of Digital Finance Research Center of Peking University, reported the research results of "Digital Wealth Management". Professor Huang Zhuo pointed out that China's wealth management industry is facing an era of great change, which is also a great opportunity. How to meet the wealth management needs of different investors is a challenge for China's wealth management industry. Professor Huang Zhuo suggested: First, evaluate and expand the pilot scope of fund investment, and gradually relax the investment consultant license; The second is to clarify the entry threshold, licensing requirements, qualifications and investor suitability requirements of digital wealth management business; The third is to strengthen the information disclosure mechanism, data security and investor privacy protection in digital wealth management business; Fourth, use digital technology to strengthen investor education.
Professor Gong Qiang, Senior Research Fellow of Digital Finance Research Center of Peking University and Dean of Wen Lan College of Zhongnan University of Economics and Law, reported the research results of "Digital Supply Chain Finance". Professor Gong Qiang pointed out that low subject credit, difficult risk pricing and weak fund management ability are the core pain points of financing problems for SMEs. With the increase of the number of enterprises in the supply chain, compared with the traditional supply chain finance model, the digital supply chain finance model can effectively prevent the moral hazard of enterprises, and at the same time, it is easier for loan enterprises and banks to reach a balance of mutual trust, that is, enterprises in the supply chain can easily obtain financial support.