The opening up of the financial industry goes deeper
Our reporter Peng Jiang and Liu Jin
Focusing on the new trend of global financial service trade, this session of the Service Trade Fair invited 143 international and domestic financial organizations, financial institutions and enterprises to participate in the online and offline exhibitions of financial special exhibitions, digital renminbi, blockchain, big data, cloud computing As cutting-edge technology has been showcased brilliantly, China once again sends a positive signal to the world that China's financial industry will further open up to the outside world.
Openness promotes high-quality development
The financial industry is an important part of global service trade and a key area of China's service industry opening up.
"Finance is the bloodline of the modern real economy and the core component of the modern service industry. A good overall plan for opening up and financial stability and security is not only conducive to enhancing the strength and competitiveness of the financial industry itself, but also conducive to enhancing the sustainable service entity of the financial industry. Economic efficiency and capability.” Chen Yulu, deputy governor of the People’s Bank of China, said at the “2021 China International Finance Annual Forum” at the Service Trade Fair.
Since 2018, my country has approved foreign investment in China to establish more than 100 various bancassurance institutions, 10 foreign-controlled securities, fund management and futures companies, and 6 foreign-funded enterprise credit rating payment clearing institutions.
In the first half of this year, foreign investors increased their holdings of domestic renminbi assets including stocks, bonds, deposits and loans totaling RMB 1.27 trillion, demonstrating the huge appeal of China’s financial market.
Zhou Liang, vice chairman of the China Banking and Insurance Regulatory Commission, stated that foreign direct investment into China in 2020 will increase by 14%, and the asset attractiveness of the renminbi will continue to increase. Foreign investors have increased the allocation of China's financial assets.
We will unswervingly grasp the implementation, accurately grasp the new development stage and fully implement the new development concept, accelerate the construction of a new development pattern, and steadily promote a higher level of opening up.
Yin Yong, Vice Mayor of Beijing, believes that President Xi Jinping further elaborated on the importance of promoting open cooperation in the service industry in his speech at the China International Trade Fair in Services Global Service Trade Summit this year, especially in the financial sector, proposing to further deepen the reform of the new third board. The establishment of the Beijing Stock Exchange and better support for the development of innovative small and medium-sized enterprises have pointed out the direction for us to stimulate market vitality and cultivate development momentum.
Over the past year, under the guidance and support of the national financial management department, Beijing has made full use of the development opportunities of the country’s financial industry opening up and the policy dividends released by the construction of the two districts to gain access to financial markets, capital market openings, financial institutions’ business qualifications, financial technology innovation, and financial technology innovation. Positive progress has been made in optimizing the business environment.
Under the impact of the epidemic, the process of financial opening has accelerated, which has promoted the improvement of competitive efficiency and the quality of development.
Digital RMB is dazzling
Digital RMB cross-border payment has the advantages of high efficiency, speed and low cost, which is conducive to the development of cross-border trade.
At present, my country's mobile payment is the world leader in business volume and coverage, and digital renminbi brings a new experience to ordinary financial consumers.
In the exhibition area of the Service Trade Fair, the most eye-catching is the application scenario of the digital renminbi.
Buying coffee, charging with charging piles, buying cultural and creative products... The Service Trade Fair opened a digital renminbi avenue on site, where audiences can experience digital currency and convenient shopping.
At the exhibition, China Construction Bank demonstrated the digital RMB dual offline payment scenario, which can also be used to purchase goods through "touch" when the network is disconnected.
Bank of China also demonstrated the exchange and use of digital renminbi visual chip wallets.
After the foreigners use their passports to scan in front of the digital renminbi self-service exchange machine, they can write the exchanged renminbi amount into the chip physical wallet for payment.
Technical support is inseparable behind safety, convenience and speed.
According to the staff of Beijing Zhongdian Huada Electronic Design Co., Ltd., the digital renminbi hard wallet has the functions of opening, recharging, withdrawal, synchronization, offline receipt and payment, etc. It has the characteristics of non-repeatable spending, non-illegal copy and forgery, and non-tamperable transactions.
"Dual offline" can ensure normal payment without internet, and meet the payment needs in special environments such as basements, parking lots, and mountainous areas.
As the core of the digital renminbi hard wallet, the high reliability of the security chip provides security for the storage and transactions of the digital renminbi wallet.
In order to solve the problem of the inconvenience of the elderly using smartphones to inquire about health treasures, the Postal Savings Bank of China has launched a digital RMB visual card hard wallet with superimposed health codes.
“With just a single scan, you can complete the health treasure status query, helping the elderly to bridge the digital divide.” said a staff member of the Postal Savings Bank.
In the future, the application scenarios of digital renminbi will become closer to the lives of the people.
Huo Xuewen, director of the Beijing Municipal Financial Supervision Bureau, introduced at the “2021 China International Financial Technology Forum” at the Service Trade Fair that the pilot application of the Beijing Digital RMB Winter Olympics is steadily advancing. “At present, the number of whitelisted users in the city accounts for 15% of the country’s total. The number accounts for 20% of the country. This year, we will expand the application scenarios to '1 million+'".
Technology empowers financial services
At the 2021 Service Trade Fair Financial Services Special Exhibition, Zheshang Bank has brought a financial service plan focusing on entity corporate financing.
With the support of blockchain technology, Zheshang Bank has launched a series of liquidity service financial innovation products such as pooled financing platform and accounts receivable chain platform to help leading enterprises serve the upstream and downstream SMEs of the industry chain.
For example, the bank has worked with the National Grain Exchange Center to serve small and medium grain merchants across the country, providing a total of nearly 4.2 billion yuan in loans to provide financial solutions for short-term financing of small and medium grain merchants.
China Life demonstrated the China Life Standard Bank self-assisted claims applet, which provides customers with non-contact online claims settlement services, and builds a multi-channel, multi-scenario mobile claims settlement + fast payment fast service channel for claims settlement, and solves the problem of slow claims settlement in the auto insurance industry. Difficulty in claim settlement.
Since its launch, China Life Standard Bank has reported 568,000 online claims, 3.079 million online video processing cases, and 10.5353 million minutes of auto insurance video processing.
Beijing Rural Commercial Bank connected with Phoenix rural tourism merchants to “live live and bring goods” to showcase special agricultural and sideline products in the suburbs of Beijing.
The bank relies on digital financial technology to establish a batch, online, and intelligent small and micro exhibition business model to support the sustainable development of agriculture-related, private, and small, medium and micro enterprises.
In the first half of this year, the bank's inclusive loans to small and micro enterprises increased by more than 50% from the beginning of the year.
The staff of WeBank demonstrated the corporate financial product Weiye Loan on site.
The audience can personally experience the intelligent process of micro-industry loan from application to approval.
According to the staff, Weiyedai relies on digital and online service capabilities to provide 24-hour financial support to small and micro enterprises in various regions.
The dazzling array of financial innovation products and caring and meticulous financial services show the brand-new look of global financial institutions, making people look forward to a financial experience that is led by numbers and promoted by services.
Our reporter Peng Jiang and Liu Jin