LIN Shangli: Advancing Financial Technology As a Pathway Contributing to China's High-quality Development

On the afternoon of November 21, 2024, the FinTech Forum of the World Internet Conference, themed “Financial Technology in the Era of Digital Intelligence”, was held in Wuzhen, Zhejiang. Lin Shangli, President of Renmin University of China, stated at the forum that Renmin University of China aims to seize the opportunities brought by the digital technology revolution, enhance the independent cultivation of top-tier innovative financial talent, and build a high-quality team of financial professionals.

Lin pointed out that the current unprecedented changes in the world, unseen in a century, are accelerating. A new wave of global technological and industrial revolutions is evolving, giving rise to next-generation information technologies such as big data, cloud computing, artificial intelligence, the Internet of Things, and blockchain. The digital technology revolution has become a critical driving force behind global, societal, and historical transformations.

He introduced Renmin University of China’s initiatives, emphasizing efforts in developing financial disciplines, talent cultivation, think tank services, and international communication. The university focuses on fostering moral integrity while implementing practical measures. It has innovatively established a professional master's program in financial technology and smart governance, aiming to independently cultivate top-notch financial talent and build a high-quality workforce in the sector.

At the forum, Lin shared three key insights:

Building an open and collaborative financial service ecosystem based on computing-network integration: In the FinTech field, computing-network integration is not only a technological innovation but also a cornerstone for constructing a financial service ecosystem. By deeply integrating computing and network resources, seamless and efficient collaboration in financial services can be achieved, fostering deeper cooperation between financial institutions and technology enterprises to create an open, shared, and collaborative financial service ecosystem.

Promoting the deep and secure application of data in the financial sector: Data, as a core production factor in finance, plays a pivotal role. Ensuring the secure and compliant use of data is essential for FinTech development. While safeguarding data security and individual privacy, we should explore the value of data, promoting its application in areas such as financial risk control, customer profiling, and product innovation.

Leveraging FinTech to enable a more convenient and inclusive quality of life: The development of FinTech should focus on improving people’s quality of life by making financial services more accessible and inclusive. It should also drive financial service innovation, providing users with personalized and intelligent financial experiences. By meeting the diverse financial needs of users, FinTech can also promote smart governance, contributing to a fairer, more inclusive, and sustainable future.

Lin further expressed that Renmin University of China is willing to collaborate with all sectors of society to advance financial technology as a pathway to building a more open, inclusive, accessible, and secure financial ecosystem. These efforts aim to meet the demands of economic and social development and the public’s financial service needs, thereby making significant contributions to China's high-quality financial development, the construction of a strong nation, and the rejuvenation of the nation.

(Translated by ZHANG Yuqing; Proofread by YANG Fanxin)