Liao Min, Vice Minister of Finance: Regulatory technology must go hand in hand with financial technology

Liao Min, deputy director of the Office of the Central Financial and Economic Commission, member of the Party Leadership Group of the Ministry of Finance, and deputy minister, said at the round table "Financial Infrastructure and Financial Services in the Digital Era" at the Boao Forum for Asia Annual Conference 2023 that AI, blockchain, cloud computing, During the rapid development of big data and finance, both the monetary authorities and the central bank must consider several issues. The first is the integration of technology and finance. We believe that technology will definitely change the financial industry, but it will not change finance itself. This is an experience China has learned in the past. In addition, regulatory technology must go hand in hand with financial technology, so that we can find potential risks and better promote the digitization of finance. The second is the so-called "digital island". The financial industry has massive data, but it is worth considering how to unleash the potential of these financial data, conduct data management, data governance, and use these data to promote our development. Third, the ecosystem needs to consider digitization. The digitization of the financial system or the digitization of finance is an ecosystem. It must be adaptable and resilient. We need to think carefully about what nutrients are in our digital financial ecosystem.