On March 30, 2019, the "Innovating the Future by Digital Economy" Silicon Valley Innovation Forum & Forum of the National School of Development (NSD) at Peking University (Hangzhou) 2019 was successfully held in Binjiang District, Hangzhou. The forum was jointly sponsored by the NSD, and the Party Committee, Management Committee and People's Government of Hangzhou High-tech Zone (HHTZ, Binjiang). And it was co-organized by the Committee of Young Entrepreneurs affiliated to the General Association of Zhejiang Entrepreneurs (GAZE) and the Hangzhou Overseas Returnees' Club (HORC).
With the theme of “Innovating the Future by Digital Economy”, the forum discussed the current hot topics such as digital finance, technology and policy reform and innovation. Experts attending the meeting believed that the Chinese economy as a whole is facing transition, and the country has focused on resolving the problems such as financing difficulties and high financing cost problem faced by private enterprises from the top-level design, in order to remove the financial obstacles in these enterprises’ growth. For the financial platforms, risk control is one of the core challenges for achieving sustainable development.
Attendees included Zhan Min, Secretary of the HHTZ (Binjiang) CPC Committee, Huang Yiping, Jin Guang Chair Professor of Economics and Deputy Dean of the NSD and Director of the Institute of Digital Finance (IDF) at Peking University, Fan Jianping, Chief Economist of the National Information Center (NIC) and Member of the Academic Committee of the National Development and Reform Commission (NDRC), Chu Jian, Founder of SUPCON, Huang Zhuo, Fashu Scholar and Associate Professor of Economics of the NSD and Director of the IDF at Peking University, Pan Guodong, CEO of Lianlian Yintong Electronic Payment, Zhang Yichi, Founder of Schoolpal Online (Hangzhou) Technology, Liu Zongru, CEO of BroadLink, Wang Feng, Vice President of Hundsun Technologies, etc. Alumni and alumnae of the NSD, as well as participants from the Committee of Young Entrepreneurs affiliated to the GAZE, the HORC, key enterprises in the HHTZ (Binjiang), venture capital institutions, scientific and technological business incubators, group innovation space, economic departments in the HHTZ (Binjiang), the media, etc., totaling 300+ persons, were present at this forum, which was hosted by Ms. Shang Liping, Director of the Organizational Department of the HHTZ (Binjiang) CPC Committee.
Secretary Zhan Min delivered a speech on behalf of the sponsors of the event. In his speech, he pointed out that HHTZ (Binjiang) has always adhered to "high-tech development" in these years and kept drawing the same blueprint. Relying on the foundation and advantages for the development of the digital economy in the HHTZ (Binjiang), we will, in the next step, fully promote the development of the digital economy to a new level, and focus on the following “nine aspects”, that is, continue to pool high-end talents, cultivate digital industry clusters, foster high-quality enterprises, make breakthroughs in advanced technology, build carriers for incubation platforms, promote new smart applications, create solutions for intelligent manufacturing supply, innovate systems and policies, hold well-reputed conferences and exhibitions of digital economy, for the purpose of striving to seize the commanding heights in the development of the digital economy and building our district into the strongest district in terms of the digital economy.
Later came the keynote speech session. Huang Yiping, Jin Guang Chair Professor of Economics and Deputy Dean of the NSD and Director of the IDF at Peking University, gave a wonderful speech entitled “The Difficulty and Risk of Digital Finance.” Professor Huang Yiping said that whether digital finance could continue to grow and be more competitive was pivotally related to China's development prospects. He expounded the significance, substance and prospects of digital finance.
He said that China’s economy at present is facing transition and the economic system needs to be upgraded. However, the financial system in China has not yet fully transformed. Such problems as the lack of support from the financial sector for the real economy, as well as financing difficulties and high financing cost problem faced by private enterprises are caused by the special conditions of our economic development stage. For small and micro enterprises, digital finance offers solutions for two major problems——client acquisition and risk control——faced by traditional financial institutions to some extent. The essence of digital finance is to connect users to a platform by mobile terminals and improve the reliability of risk control by big data. One of its important contributions is reducing the cost of risk control in big data processing, which is a revolutionary change. For the future development of digital finance, Huang Yiping emphasized that, firstly, it is necessary to strengthen regulation and gradually improve the regulatory system; secondly, digital finance should transit from the 1.0 era of barbaric competition to the 2.0 era, and it should integrate technology and finance and develop in a healthy way, and finally, if the balance between innovation and risk is achieved in development under the premise of proper regulation and supervision, China's digital finance will have a bright future.
Fan Jianping, Chief Economist of the NIC and Member of the Academic Committee of the NDRC, delivered a keynote speech entitled "Stability and Progress in 2019 Financial Policy." He pointed out that the national macro-policy also needs innovation as the economic situation changes. The key is to better integrate the steady growth and reform acceleration and find new economic growth points. The national economic goal shifts from high-speed growth to high-quality development, and it is necessary to achieve the transition from old to new driving forces for economic development. In the decisive stage of building a well-off society in an all-round way, we must solve the problems left behind from the period of rapid economic development and guarantee that financial risks are controllable.
Chu Jian, Founder of SUPCON, shared a speech with the theme of “Developing the Industrial Internet – The Necessary Way for Industrial Digitalization.” He said that the industrial Internet plays an important role in the development of China's digital economy. At the same time, he believed that the future development of the industrial Internet is oriented towards establishing a service platform with the industrial operating systems and the industrial smart APP stores as the core, pooling many application developers and professional service providers, and co-constructing the ecosystem of the intelligent industrial manufacturing industry.
At the end of the forum, a roundtable forum with the theme of “Corporate Innovation in the Age of Digital Economy” was hosted by Huang Zhuo, Fashu Scholar and Associate Professor of Economics of the NSD and Director of the IDF at Peking University. Pan Guodong, CEO of Lianlian Yintong Electronic Payment, Zhang Yichi, Founder of Schoolpal Online (Hangzhou) Technology, Liu Zongru, CEO of Broadlink, Wang Feng, Vice President of Hundsun Technologies, etc. made interactions and shared their own insights on such aspects as the integration of digital economy and corporate innovation and development, the opportunities and challenges faced by their own companies in the development and the trend of industrial development.