Supply side reform of digital money finance
Publish: 2021-04-15 17:23:13
1. At present, there is no digital currency in our country. The so-called digital currency is just a tool for interest groups to extract the hard-earned money of the working people. Don't be fooled into brainwashing.
2. The digital currency issued by the central bank is only a substitute for banknotes and coins. In fact, it is a kind of electronic cash, which has little impact on monetary policy and commercial banks. In the traditional currency issuance, the cash in circulation is actually the direct debt of the central bank to the public, only because of technical constraints and cost considerations, the central bank issues cash through commercial banks. With the progress of technology, it is possible for the central bank to issue money directly to indivial and enterprise accounts in the form of digital currency. E-cash flow is still through the central bank and financial institutions, and then to enterprises and indivials. In terms of money manufacturing channels, circulation links and functions, e-cash flow is exactly the same as paper money
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
e-cash flow still flows through the central bank and financial institutions to enterprises and indivials, which is identical with paper money in terms of money creation channels, circulation links and functions, and does not break away from the scope of traditional monetary policy regulation. The main function of e-cash is to facilitate transaction payment
considering that the development of non cash payment methods such as third-party payment has greatly facilitated transaction payment in recent years, the impact of e-cash on money transaction demand is limited, and the overall impact on monetary policy is not significant. The extent to which e-cash is accepted by the public depends on its convenience and security.
3. Before operating the currency transaction with okex, you need to select the appropriate seller in the transaction area of the official website to conct the currency transaction. After the payment is completed, you will release the currency, that is, the recharge is successful
4. The minimum transferable value is 0.0001btc
5. Li Yang, member of the academic department of the Chinese Academy of Social Sciences and chairman of the national finance and development laboratory, delivered a keynote speech entitled "deeply promoting the structural reform of the financial supply side" at the annual meeting of the national finance and development laboratory in 2019. Li Yang said that the content of financial supply side structural reform can be summarized as "one foundation and six directions"“ "One foundation" is to confirm the important position of Finance in the national economy. The "six directions" are the main fields of financial reform and development in the future. They are: serving the real economy, optimizing the financial structure, managing financial risks, following economic laws, developing financial science and technology, and expanding opening to the outside world<
serve the real economy
Li Yang said that the central government has a very clear idea of the relationship between finance and the real economy. Finance is secondary. It can never exist alone without the real economy, and its problems can not be explained without the real economy. It is one-sided to stick to the financial circle to find financial risks and solutions
in the 13th collective study, the Political Bureau of the CPC Central Committee put forward: "live in finance, live in economy; Financial stability and economic stability. Economic prosperity, financial prosperity; Strong economy and strong finance. Economy is the body, and finance is the blood. They coexist and flourish together. "
Li Yang said that in the past, people often used hub to describe the relationship between finance and economy, which just stayed in an inorganic state. Now, using the relationship between blood and body to compare the relationship between finance and real economy, we can promote the relationship between them to an organic state. Obviously, the ratio of blood and body is more appropriate. The relationship between finance and economy is living and stable. Finance is obviously secondary to economy. It plays a subsidiary, auxiliary and service role. The relationship between economy and finance is prosperous and strong. It emphasizes that the decisive role of economy in finance is the primary, leading and fundamental role<
optimize the financial structure
the conference put the optimization of the financial structure in an important position, mainly because of the distortion and mismatch of the existing financial structure< The first mismatch is term structure mismatch. It is said that there is a serious phenomenon of "borrowing short and using long" in the financial system. Based on China's current financial structure, the period of funds we can raise is relatively short. However, based on China's current development stage and tasks, the period of funds we need is relatively long. In short, there is a mismatch between the short-term source of funds and the long-term use of funds. China is still a developing country. We are in the process of instrialization and urbanization. At this stage of development, we need more long-term funds than any other country. However, based on the current financial structure, our source of funds has a relatively short term, which makes it a long-term and arous task to overcome the term mismatch< The second mismatch is equity mismatch. Since the reform and opening up, China's financial system has changed from scratch, which can be called "Big Bang". This kind of long-term, large-scale and continuous saving resources supports the long-term high investment and high growth of economy. However, under the current financial structure, most of the funds we mobilize can only form the liabilities of the borrowers, and the proportion of the capital that can form and the equity of the funders is relatively small, which leads to the equity mismatch
the third mismatch is service object bias. So far, China's finance is mainly for the rich groups and large enterprises. For the majority of ordinary residents with middle income and below, the majority of small and medium-sized enterprises, the majority of private economy and other economic entities that need more funds and financial services, our services are seriously insufficient
"to optimize the financial structure, we should mainly correct the above three distortions." To this end, Li Yang proposed three major directions of reform:
first, "improve the financial structure system of commercial finance, development finance, policy finance and cooperative finance with reasonable division of labor and mutual supplement", "build a multi-level, wide coverage and different banking system". For a long time, promoting the marketization and commercialization of the financial system has always been the main direction and basic task of financial reform. However, policy finance was once shelved; Cooperative finance is still struggling; Development finance is only a new proct of the rapid instrialization period. It is impossible to build a multi-level, wide coverage and different banking system. Even today, China is still the world of big banks. What's more, no matter what scale and where they live, the business structure of all banks is highly homogeneous< Second, "build a standardized, transparent, open, dynamic and resilient capital market, improve the basic system of the capital market, control market entry and market export, and strengthen the whole process supervision of transactions.". In recent years, more and more attention has been paid to the capital market by the national macro-control departments, and the focus of the development of the capital market has been graally adjusted. It shows that the central government attaches great importance to the basic system of capital market
thirdly, in terms of adjusting the proct structure, it emphasizes "taking market demand as the guidance, actively developing personalized, differentiated and customized financial procts". Personalization, differentiation and customization are connected with asset management. The requirement of personalization, differentiation and customization is the pursuit of "non standardization", "appearance", "disintermediation" and so on. In recent years, the trend of "non standardization" of China's financial procts is obvious. However, e to the lack of timely supervision, the coexistence of regulatory vacuum and overlapping supervision, and the leverage financing in the capital market, a lot of risks have accumulated in the field of asset management. In this case, it is also normal to clean up asset management. However, it is only an expedient measure to deal with risks to require funds to return from off balance sheet to on balance sheet, from off balance sheet to on market, from diversification to simplification, and from capital market to bank balance sheet. In the future, the development direction of financial procts will be "personalization, differentiation and customization"<
managing financial risks
the meeting pointed out: "preventing and resolving financial risks, especially preventing the occurrence of systemic financial risks, is the fundamental task of financial work." This provides a basic content of China's financial reform and development. Li Yang stressed that on the prevention and resolution of financial risks, we should understand the profound meaning behind the following three expressions:
first, "the healthy development of the real economy is the basis for the prevention and resolution of financial risks.". Financial health depends on the health of the real economy. If the real economy does not develop well, there will be no good finance; If the real economy is not good, we can not ask finance to provide unconditional services< Second, "we should pay attention to preventing risks on the basis of stable growth.". This analysis is to prevent and resolve the relationship between financial risks and stable growth. It is obvious that stable growth should be given priority and financial risks should be managed on the basis of the stability of the real economy
thirdly, "insist on preventing and resolving risks in promoting high-quality development". This is about the relationship between development and prevention and resolution of financial risks. It is about giving priority to high-quality development< According to Li Yang, there are five ways to manage financial risks: one is to speed up the construction of financial market infrastructure and steadily promote the localization of key information infrastructure in the financial instry. Facing the new development of economic and financial situation at home and abroad, we began to emphasize "localization", that is, to raise financial security to the core position of national security. Second, do a good job in the comprehensive statistics of the financial instry, improve the information system to reflect the risk fluctuations in time, improve the information release management rules, and improve the credit punishment mechanism. The third is to "control people, watch money, and secure the system firewall". Fourth, the use of modern scientific and technological means and payment and settlement mechanism, timely dynamic supervision of online and offline, international and domestic capital flow, so that all capital flows are placed in the vision of financial regulatory agencies. Fifth, deleveraging. The source of financial risk is high leverage, so deleveraging is a long-term task. For some time, e to the adjustment of the focus, strategy and rhythm of deleveraging, some people subjectively believe that deleveraging is over. If we carefully analyze the level and evolution of China's macro leverage ratio and various departments' leverage ratio, especially the internal relationship between high leverage and China's traditional economic development mode, we will realize that the task of deleveraging is far from complete<
following the economic law
the essence of following the economic law is to push forward the reform along the road of building a socialist market economy and correct all the systems and mechanisms that go against this goal. In this direction, we should pay special attention to the following three aspects of progress:
first, "improve the formation mechanism of RMB exchange rate marketization, accelerate the marketization of interest rates, and improve the Treasury bond yield curve reflecting the relationship between market supply and demand.". In the process of promoting the marketization of "three rates", the marketization of exchange rate is related to whether China can effectively use the domestic and international markets; The marketization of interest rate is related to whether we can effectively allocate the limited resources to the most efficient fields, regions, instries and enterprises; The improvement of treasury bond yield curve is related to the rationality and scientificity of China's financial proct pricing. In the market economy, the market guides the allocation of resources, while the market's guidance mainly depends on the flow of financial resources, and the financial resources are mainly led by the information revealed by the three "rates". Objectively speaking, we still have a long way to go to complete the marketization of "three rates"
secondly, we should get rid of the ownership and ideological preference of the financial system, follow the principle of "competition neutrality", and provide efficient services for all kinds of ownership enterprises equally. Following the principle of competition neutrality, it was first proposed by Yi Gang, governor of the people's Bank of China, last year. The central economic work conference held at the end of 2018 clearly put forward the concept of "basic position of competition". In this year's government work report and the recent Boao Forum for Asia, Chinese premier also mentioned the implementation of the principle of "competition neutrality". This shows that the implementation of the principle of competition neutrality will become one of the directions of deepening reform in various fields in China. If the competition can be neutral, the current difficulties of small and medium-sized enterprises and private enterprises will be solved< Third, strengthen the construction of financial infrastructure, including a set of registration, custody, trading, clearing and settlement systems, as well as laws and regulations to regulate and protect the operation of these systems. These are the basic conditions to ensure the normal operation of the market, and we should actively promote the reform in these areas<
develop financial science and technology
Li Yang believes that effectively promoting the development of financial science and technology will greatly optimize the factor basis and structure of China's economic and financial development, and improve the quality of China's economic development
the development of science and technology is the main content of the supply side structural reform. Promoting the development of science and technology, especially the instrialization of science and technology, has always been the main focus of the supply side structural reform and the basis for implementing the new development concept and realizing the innovative development. The supply side structural reform is reflected in the financial sector, which is to vigorously develop financial technology,
serve the real economy
Li Yang said that the central government has a very clear idea of the relationship between finance and the real economy. Finance is secondary. It can never exist alone without the real economy, and its problems can not be explained without the real economy. It is one-sided to stick to the financial circle to find financial risks and solutions
in the 13th collective study, the Political Bureau of the CPC Central Committee put forward: "live in finance, live in economy; Financial stability and economic stability. Economic prosperity, financial prosperity; Strong economy and strong finance. Economy is the body, and finance is the blood. They coexist and flourish together. "
Li Yang said that in the past, people often used hub to describe the relationship between finance and economy, which just stayed in an inorganic state. Now, using the relationship between blood and body to compare the relationship between finance and real economy, we can promote the relationship between them to an organic state. Obviously, the ratio of blood and body is more appropriate. The relationship between finance and economy is living and stable. Finance is obviously secondary to economy. It plays a subsidiary, auxiliary and service role. The relationship between economy and finance is prosperous and strong. It emphasizes that the decisive role of economy in finance is the primary, leading and fundamental role<
optimize the financial structure
the conference put the optimization of the financial structure in an important position, mainly because of the distortion and mismatch of the existing financial structure< The first mismatch is term structure mismatch. It is said that there is a serious phenomenon of "borrowing short and using long" in the financial system. Based on China's current financial structure, the period of funds we can raise is relatively short. However, based on China's current development stage and tasks, the period of funds we need is relatively long. In short, there is a mismatch between the short-term source of funds and the long-term use of funds. China is still a developing country. We are in the process of instrialization and urbanization. At this stage of development, we need more long-term funds than any other country. However, based on the current financial structure, our source of funds has a relatively short term, which makes it a long-term and arous task to overcome the term mismatch< The second mismatch is equity mismatch. Since the reform and opening up, China's financial system has changed from scratch, which can be called "Big Bang". This kind of long-term, large-scale and continuous saving resources supports the long-term high investment and high growth of economy. However, under the current financial structure, most of the funds we mobilize can only form the liabilities of the borrowers, and the proportion of the capital that can form and the equity of the funders is relatively small, which leads to the equity mismatch
the third mismatch is service object bias. So far, China's finance is mainly for the rich groups and large enterprises. For the majority of ordinary residents with middle income and below, the majority of small and medium-sized enterprises, the majority of private economy and other economic entities that need more funds and financial services, our services are seriously insufficient
"to optimize the financial structure, we should mainly correct the above three distortions." To this end, Li Yang proposed three major directions of reform:
first, "improve the financial structure system of commercial finance, development finance, policy finance and cooperative finance with reasonable division of labor and mutual supplement", "build a multi-level, wide coverage and different banking system". For a long time, promoting the marketization and commercialization of the financial system has always been the main direction and basic task of financial reform. However, policy finance was once shelved; Cooperative finance is still struggling; Development finance is only a new proct of the rapid instrialization period. It is impossible to build a multi-level, wide coverage and different banking system. Even today, China is still the world of big banks. What's more, no matter what scale and where they live, the business structure of all banks is highly homogeneous< Second, "build a standardized, transparent, open, dynamic and resilient capital market, improve the basic system of the capital market, control market entry and market export, and strengthen the whole process supervision of transactions.". In recent years, more and more attention has been paid to the capital market by the national macro-control departments, and the focus of the development of the capital market has been graally adjusted. It shows that the central government attaches great importance to the basic system of capital market
thirdly, in terms of adjusting the proct structure, it emphasizes "taking market demand as the guidance, actively developing personalized, differentiated and customized financial procts". Personalization, differentiation and customization are connected with asset management. The requirement of personalization, differentiation and customization is the pursuit of "non standardization", "appearance", "disintermediation" and so on. In recent years, the trend of "non standardization" of China's financial procts is obvious. However, e to the lack of timely supervision, the coexistence of regulatory vacuum and overlapping supervision, and the leverage financing in the capital market, a lot of risks have accumulated in the field of asset management. In this case, it is also normal to clean up asset management. However, it is only an expedient measure to deal with risks to require funds to return from off balance sheet to on balance sheet, from off balance sheet to on market, from diversification to simplification, and from capital market to bank balance sheet. In the future, the development direction of financial procts will be "personalization, differentiation and customization"<
managing financial risks
the meeting pointed out: "preventing and resolving financial risks, especially preventing the occurrence of systemic financial risks, is the fundamental task of financial work." This provides a basic content of China's financial reform and development. Li Yang stressed that on the prevention and resolution of financial risks, we should understand the profound meaning behind the following three expressions:
first, "the healthy development of the real economy is the basis for the prevention and resolution of financial risks.". Financial health depends on the health of the real economy. If the real economy does not develop well, there will be no good finance; If the real economy is not good, we can not ask finance to provide unconditional services< Second, "we should pay attention to preventing risks on the basis of stable growth.". This analysis is to prevent and resolve the relationship between financial risks and stable growth. It is obvious that stable growth should be given priority and financial risks should be managed on the basis of the stability of the real economy
thirdly, "insist on preventing and resolving risks in promoting high-quality development". This is about the relationship between development and prevention and resolution of financial risks. It is about giving priority to high-quality development< According to Li Yang, there are five ways to manage financial risks: one is to speed up the construction of financial market infrastructure and steadily promote the localization of key information infrastructure in the financial instry. Facing the new development of economic and financial situation at home and abroad, we began to emphasize "localization", that is, to raise financial security to the core position of national security. Second, do a good job in the comprehensive statistics of the financial instry, improve the information system to reflect the risk fluctuations in time, improve the information release management rules, and improve the credit punishment mechanism. The third is to "control people, watch money, and secure the system firewall". Fourth, the use of modern scientific and technological means and payment and settlement mechanism, timely dynamic supervision of online and offline, international and domestic capital flow, so that all capital flows are placed in the vision of financial regulatory agencies. Fifth, deleveraging. The source of financial risk is high leverage, so deleveraging is a long-term task. For some time, e to the adjustment of the focus, strategy and rhythm of deleveraging, some people subjectively believe that deleveraging is over. If we carefully analyze the level and evolution of China's macro leverage ratio and various departments' leverage ratio, especially the internal relationship between high leverage and China's traditional economic development mode, we will realize that the task of deleveraging is far from complete<
following the economic law
the essence of following the economic law is to push forward the reform along the road of building a socialist market economy and correct all the systems and mechanisms that go against this goal. In this direction, we should pay special attention to the following three aspects of progress:
first, "improve the formation mechanism of RMB exchange rate marketization, accelerate the marketization of interest rates, and improve the Treasury bond yield curve reflecting the relationship between market supply and demand.". In the process of promoting the marketization of "three rates", the marketization of exchange rate is related to whether China can effectively use the domestic and international markets; The marketization of interest rate is related to whether we can effectively allocate the limited resources to the most efficient fields, regions, instries and enterprises; The improvement of treasury bond yield curve is related to the rationality and scientificity of China's financial proct pricing. In the market economy, the market guides the allocation of resources, while the market's guidance mainly depends on the flow of financial resources, and the financial resources are mainly led by the information revealed by the three "rates". Objectively speaking, we still have a long way to go to complete the marketization of "three rates"
secondly, we should get rid of the ownership and ideological preference of the financial system, follow the principle of "competition neutrality", and provide efficient services for all kinds of ownership enterprises equally. Following the principle of competition neutrality, it was first proposed by Yi Gang, governor of the people's Bank of China, last year. The central economic work conference held at the end of 2018 clearly put forward the concept of "basic position of competition". In this year's government work report and the recent Boao Forum for Asia, Chinese premier also mentioned the implementation of the principle of "competition neutrality". This shows that the implementation of the principle of competition neutrality will become one of the directions of deepening reform in various fields in China. If the competition can be neutral, the current difficulties of small and medium-sized enterprises and private enterprises will be solved< Third, strengthen the construction of financial infrastructure, including a set of registration, custody, trading, clearing and settlement systems, as well as laws and regulations to regulate and protect the operation of these systems. These are the basic conditions to ensure the normal operation of the market, and we should actively promote the reform in these areas<
develop financial science and technology
Li Yang believes that effectively promoting the development of financial science and technology will greatly optimize the factor basis and structure of China's economic and financial development, and improve the quality of China's economic development
the development of science and technology is the main content of the supply side structural reform. Promoting the development of science and technology, especially the instrialization of science and technology, has always been the main focus of the supply side structural reform and the basis for implementing the new development concept and realizing the innovative development. The supply side structural reform is reflected in the financial sector, which is to vigorously develop financial technology,
6. Summary: Recently, I was invited to participate in the Forum on "Internet plus payment" of China e-commerce conference and made a keynote speech on "supply side reform and financial technology". Xue Hongyan: Good afternoon, ladies and gentlemen. I'm very glad that the organizer has invited Suning Institute of finance to participate in this forum. The topic I want to share today is supply side reform and financial technology. I will mainly talk about some opportunities faced by the development of financial technology under the current situation of supply side reform, as well as the development trend and background of Internet payment
first, look at a picture. This picture, represented by the banking instry, describes the problems faced by the banking instry in the past five years. With the continuous downturn of the real economy, the non-performing rate continues to rise, and the growth rate of net profit continues to decline. This is the macro background of the financial instry before the supply side reform
based on this background, the central economic work conference formally proposed the supply side reform in December last year. What impact will the supply side reform have on financial institutions? The supply side reform has put forward five major tasks. First of all, let's look at the first three tasks: de capacity, de inventory and de leverage. The impact of these three tasks on the financial instry is mainly reflected in asset compression. To remove proction capacity and inventory is to remove collateral and zombie enterprises; Deleveraging is to remove debt and credit. For financial institutions, it is to compress assets. What impact will compression have? There are two major impacts. One is to lead to the rise of non-performing rate, including the process of removing capacity and zombie enterprises. The non-performing loans of banks will have a rapid upward trend; Second, it will continue to face a shortage of credit demand. Under the background of the supply side structural reform faced by traditional instries, financial institutions are also carrying out a change and innovation. Its main direction is to aim at the new formats of economy
next, let's take a look at how the demand for financial services will change with the new economic formats
the new business form of the economy has its general characteristics, including sharing economy, light assets and big data. The new business form of the economy will generate a new demand for financial services. In fact, its demand has emerged. I have listed several, including social finance, equity financing, online lending P2P, investment and loan linkage, etc
under the new economy and new financial demand, what kind of challenges does the traditional finance face. The credit risk prevention and control of traditional financial institutions mainly relies on the mode of mortgage guarantee. In the new format, the new economy is an asset light economy and a big data economy. This economy lacks qualified collateral, so the traditional financial institutions will face some shortcomings in the process of providing these services. This creates an opportunity for the rise of financial technology
financial technology is rising to meet the gap financial needs. At the beginning, some new financial needs derived from the process of new formats are very small, which is gap, and the amount of new financial formats is also very small. With the new economic formats becoming more and more huge and dominant, the new financial formats will play a more and more important role in the process of financial system differentiation. Under the background of supply side reform, there will be a differentiation in the economic system, accelerating the process of financial system differentiation, so that financial technology will face a new development opportunity
financial technology is a new mode, new process and service, which will have a significant impact, change or even subvert the traditional financial service mode. From the current international and domestic financial technology development situation, more mainly reflected in the four big
payment and settlement is the topic of today's forum. Payment and clearing is a typical technology driven instry. With the maturity of some infrastructure, including e-money, cloud computing, blockchain and biometric technology, the mode and technology of Internet payment are also developing. At present, payment and settlement is still in the development stage of mobile payment under the background of mobile Internet
online financing. The international famous unicorn and everyone's impression of domestic Internet finance are mainly reflected in online financing. The popularity of big data risk control and machine learning provides a good premise for the development of online financing and financial technology
intelligent investment advisor, including social finance, quantitative investment model, professional portfolio, etc. According to the logic of intelligent investment advisor, the original service of investment advisor may be one-to-one, which requires a very high threshold for investors, such as millions of assets. However, after the emergence of intelligent investment advisor, it is equivalent to modeling the portfolio on a large scale and some investment and financial management techniques, thus greatly recing the threshold, It can make more ordinary people enjoy this kind of service. At present, intelligent investment consulting has made great progress in the United States, and several famous unicorns have been born, which is still in its infancy in China
finally, Internet insurance is also a significant application field of financial technology
I have drawn two arrows, including financial Internet, Internet Finance and sharing finance, which represents the consensus of the instry and academia on financial development. Looking ahead, Internet finance is a process of Finance + Internet, but looking back, it is a process of sharing finance. Internet finance is just a transitional concept. With the development of sharing economy and new economic formats, it will develop in the direction of sharing finance in the future. Whether financial Internet or Internet finance, or sharing finance, it is the performance of financial technology in the financial field
Internet payment. Internet payment is based on the process of Internet value exchange, which is based on the development of Internet technology. At the beginning, it was an era of desktop Internet. Maybe it was a PC terminal Internet access. At that time, the payment was more Internet payment, that is, PC terminal payment. In recent years, its mainstream form has become the mobile Internet on the mobile end, including real-time online. It used to be online, but now it is online. Including mobile intelligent devices are becoming more and more popular, data can be recorded, entering an era of mobile Internet. Accordingly, Internet payment has entered the era of mobile payment
Where will payment develop in the future? With the maturity of blockchain in the world, a lot of blockchain laboratories have been set up both at home and abroad. Under the experimental conditions, blockchain technology is used to simulate payment and clearing
with the advent of the era of blockchain and distributed payment, Internet payment will develop further, including distributed payment or other methods. Blockchain solves several problems of value exchange. In the process of value exchange, the first is to solve the problem of uniqueness of value, which can be guaranteed by blockchain. There is also trustworthiness. Third party payment, including mobile payment, may solve the trust problem through third-party institutions. In the future, when the blockchain technology is driven, the blockchain itself can ensure the trustworthiness of its virtual space, including the trustworthiness of exchange
finally, let's talk about the development status of mobile payment under the background of mobile Internet. In the era of mobile payment, the solution of trust problem depends on the third-party intermediary, that is, non bank payment institutions. Third party payment mainly relies on digital certificate, static password, electronic signature and so on, as well as some biometrics, fingerprint payment and so on to solve security problems. At present, there are three parts in the scene, including online payment, issuance and acceptance of prepaid card, and receipt of bank card. The current innovation is reflected in NFC payment, sound payment, code scanning payment, cloud payment and so on
the current situation of the instry can be roughly summarized with three "three pillars". The business structure is offline bill collection, Internet payment and mobile payment. There are also three parts of mobile payment structure: personal transfer repayment application, mobile finance and mobile consumption. Offline acquiring structure is a tripartite state of bank, UnionPay and third party payment company. The above is about the latest frontier and current situation of the development of third-party payment and financial technology
thank you!
first, look at a picture. This picture, represented by the banking instry, describes the problems faced by the banking instry in the past five years. With the continuous downturn of the real economy, the non-performing rate continues to rise, and the growth rate of net profit continues to decline. This is the macro background of the financial instry before the supply side reform
based on this background, the central economic work conference formally proposed the supply side reform in December last year. What impact will the supply side reform have on financial institutions? The supply side reform has put forward five major tasks. First of all, let's look at the first three tasks: de capacity, de inventory and de leverage. The impact of these three tasks on the financial instry is mainly reflected in asset compression. To remove proction capacity and inventory is to remove collateral and zombie enterprises; Deleveraging is to remove debt and credit. For financial institutions, it is to compress assets. What impact will compression have? There are two major impacts. One is to lead to the rise of non-performing rate, including the process of removing capacity and zombie enterprises. The non-performing loans of banks will have a rapid upward trend; Second, it will continue to face a shortage of credit demand. Under the background of the supply side structural reform faced by traditional instries, financial institutions are also carrying out a change and innovation. Its main direction is to aim at the new formats of economy
next, let's take a look at how the demand for financial services will change with the new economic formats
the new business form of the economy has its general characteristics, including sharing economy, light assets and big data. The new business form of the economy will generate a new demand for financial services. In fact, its demand has emerged. I have listed several, including social finance, equity financing, online lending P2P, investment and loan linkage, etc
under the new economy and new financial demand, what kind of challenges does the traditional finance face. The credit risk prevention and control of traditional financial institutions mainly relies on the mode of mortgage guarantee. In the new format, the new economy is an asset light economy and a big data economy. This economy lacks qualified collateral, so the traditional financial institutions will face some shortcomings in the process of providing these services. This creates an opportunity for the rise of financial technology
financial technology is rising to meet the gap financial needs. At the beginning, some new financial needs derived from the process of new formats are very small, which is gap, and the amount of new financial formats is also very small. With the new economic formats becoming more and more huge and dominant, the new financial formats will play a more and more important role in the process of financial system differentiation. Under the background of supply side reform, there will be a differentiation in the economic system, accelerating the process of financial system differentiation, so that financial technology will face a new development opportunity
financial technology is a new mode, new process and service, which will have a significant impact, change or even subvert the traditional financial service mode. From the current international and domestic financial technology development situation, more mainly reflected in the four big
payment and settlement is the topic of today's forum. Payment and clearing is a typical technology driven instry. With the maturity of some infrastructure, including e-money, cloud computing, blockchain and biometric technology, the mode and technology of Internet payment are also developing. At present, payment and settlement is still in the development stage of mobile payment under the background of mobile Internet
online financing. The international famous unicorn and everyone's impression of domestic Internet finance are mainly reflected in online financing. The popularity of big data risk control and machine learning provides a good premise for the development of online financing and financial technology
intelligent investment advisor, including social finance, quantitative investment model, professional portfolio, etc. According to the logic of intelligent investment advisor, the original service of investment advisor may be one-to-one, which requires a very high threshold for investors, such as millions of assets. However, after the emergence of intelligent investment advisor, it is equivalent to modeling the portfolio on a large scale and some investment and financial management techniques, thus greatly recing the threshold, It can make more ordinary people enjoy this kind of service. At present, intelligent investment consulting has made great progress in the United States, and several famous unicorns have been born, which is still in its infancy in China
finally, Internet insurance is also a significant application field of financial technology
I have drawn two arrows, including financial Internet, Internet Finance and sharing finance, which represents the consensus of the instry and academia on financial development. Looking ahead, Internet finance is a process of Finance + Internet, but looking back, it is a process of sharing finance. Internet finance is just a transitional concept. With the development of sharing economy and new economic formats, it will develop in the direction of sharing finance in the future. Whether financial Internet or Internet finance, or sharing finance, it is the performance of financial technology in the financial field
Internet payment. Internet payment is based on the process of Internet value exchange, which is based on the development of Internet technology. At the beginning, it was an era of desktop Internet. Maybe it was a PC terminal Internet access. At that time, the payment was more Internet payment, that is, PC terminal payment. In recent years, its mainstream form has become the mobile Internet on the mobile end, including real-time online. It used to be online, but now it is online. Including mobile intelligent devices are becoming more and more popular, data can be recorded, entering an era of mobile Internet. Accordingly, Internet payment has entered the era of mobile payment
Where will payment develop in the future? With the maturity of blockchain in the world, a lot of blockchain laboratories have been set up both at home and abroad. Under the experimental conditions, blockchain technology is used to simulate payment and clearing
with the advent of the era of blockchain and distributed payment, Internet payment will develop further, including distributed payment or other methods. Blockchain solves several problems of value exchange. In the process of value exchange, the first is to solve the problem of uniqueness of value, which can be guaranteed by blockchain. There is also trustworthiness. Third party payment, including mobile payment, may solve the trust problem through third-party institutions. In the future, when the blockchain technology is driven, the blockchain itself can ensure the trustworthiness of its virtual space, including the trustworthiness of exchange
finally, let's talk about the development status of mobile payment under the background of mobile Internet. In the era of mobile payment, the solution of trust problem depends on the third-party intermediary, that is, non bank payment institutions. Third party payment mainly relies on digital certificate, static password, electronic signature and so on, as well as some biometrics, fingerprint payment and so on to solve security problems. At present, there are three parts in the scene, including online payment, issuance and acceptance of prepaid card, and receipt of bank card. The current innovation is reflected in NFC payment, sound payment, code scanning payment, cloud payment and so on
the current situation of the instry can be roughly summarized with three "three pillars". The business structure is offline bill collection, Internet payment and mobile payment. There are also three parts of mobile payment structure: personal transfer repayment application, mobile finance and mobile consumption. Offline acquiring structure is a tripartite state of bank, UnionPay and third party payment company. The above is about the latest frontier and current situation of the development of third-party payment and financial technology
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7. The supply side structural reform, starting from improving the quality of supply, is to promote structural adjustment by means of reform, correct the distortion of factor allocation, expand effective supply, improve the adaptability and flexibility of supply structure to demand changes, improve total factor proctivity, better meet the needs of the masses, and promote the sustained and healthy development of economy and society
supply side structural reform is to use incremental reform to promote stock adjustment, optimize the investment structure and instrial structure in the process of increasing investment, and realize sustainable economic development and continuous improvement of people's living standards on the basis of sustainable high-speed economic growth; It is to optimize the structure of property rights, promote the progress of the country and the people, promote the macro-control of the government and the vitality of the people; It is to optimize the investment and financing structure, promote the integration of resources, and realize the optimal allocation and regeneration of resources; It is to optimize the instrial structure, improve the instrial quality, optimize the proct structure and improve the proct quality; That is to optimize the distribution structure, realize fair distribution and make consumption become proctivity; That is to optimize the circulation structure, save transaction costs and improve the effective economic aggregate; It is to optimize the consumption structure, realize the continuous upgrading of consumer goods, continuously improve the quality of people's life, and realize the development of innovation coordination green opening sharing
market economy is the basic role of market in resource allocation, and market law is the invisible hand of market economy. To carry out supply side reform is to correctly handle the relationship between market and government, and act according to market law. The goal of national macro-control is to stabilize prices, promote employment, promote healthy economic development, and achieve a balance between social supply and total social demand. The supply side reform is concive to improving the scientific macro-control, expanding domestic demand, stimulating economic growth, promoting the supply side, and promoting economic development. Proction determines consumption and the realization of supply side reform is concive to better development of proction, guarantee of supply, transformation of proction mode and adjustment of instrial structure. The scientific outlook on development requires comprehensive, coordinated and sustainable development, which must take the transformation of economic development mode as the main line and the adjustment of instrial structure as the breakthrough.
supply side structural reform is to use incremental reform to promote stock adjustment, optimize the investment structure and instrial structure in the process of increasing investment, and realize sustainable economic development and continuous improvement of people's living standards on the basis of sustainable high-speed economic growth; It is to optimize the structure of property rights, promote the progress of the country and the people, promote the macro-control of the government and the vitality of the people; It is to optimize the investment and financing structure, promote the integration of resources, and realize the optimal allocation and regeneration of resources; It is to optimize the instrial structure, improve the instrial quality, optimize the proct structure and improve the proct quality; That is to optimize the distribution structure, realize fair distribution and make consumption become proctivity; That is to optimize the circulation structure, save transaction costs and improve the effective economic aggregate; It is to optimize the consumption structure, realize the continuous upgrading of consumer goods, continuously improve the quality of people's life, and realize the development of innovation coordination green opening sharing
market economy is the basic role of market in resource allocation, and market law is the invisible hand of market economy. To carry out supply side reform is to correctly handle the relationship between market and government, and act according to market law. The goal of national macro-control is to stabilize prices, promote employment, promote healthy economic development, and achieve a balance between social supply and total social demand. The supply side reform is concive to improving the scientific macro-control, expanding domestic demand, stimulating economic growth, promoting the supply side, and promoting economic development. Proction determines consumption and the realization of supply side reform is concive to better development of proction, guarantee of supply, transformation of proction mode and adjustment of instrial structure. The scientific outlook on development requires comprehensive, coordinated and sustainable development, which must take the transformation of economic development mode as the main line and the adjustment of instrial structure as the breakthrough.
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