On April 8, Wu Xiaoqiu, Vice President of Renmin University of China and Director of the Institute of Finance, said at the Boao Forum for Asia 2018 Annual Conference media meeting that technology is penetrating finance at an unprecedented speed, and China’s financial industry is diversified, and technology

This new form of finance is developing rapidly.

When answering a question from a reporter from the Daily Economic News, Wu Xiaoqiu said that technology finance has great development prospects.

He spoke highly of the development of Internet finance, but held a wait-and-see attitude towards the financial phenomenon combined with blockchain technology.

Wu Xiaoqiu said: "Frankly speaking, I was confused by blockchain. I still don't know what it is. I have found many people to study blockchain. I started working on this thing three or four years ago.

Someone who wrote a book about blockchain told me about it, but I still didn’t figure it out. If I didn’t understand it, it would be difficult to do it. I still don’t know what it is.” “I’m not very stupid, but.

Some people are very concerned about it, and I am on the fence about this financial phenomenon," Wu Xiaoqiu said.

The financial market has undergone earth-shaking changes. Wu Xiaoqiu told the Daily Economic News reporter that China's financial changes mainly come from two forces.

One is market power, that is, the power of disintermediation and disintermediation. It comes from the market and promotes the direct connection between capital suppliers and demanders, bypassing intermediaries. This is the basic force for financial market reform.

"We can clearly feel that this force is very powerful in recent years. In this sense, the focus of China's financial reform is to develop financial markets, especially the capital market, because it is the carrier and form of disintermediation." He said

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Regarding the second force, Wu Xiaoqiu metaphorically said that the rocket that takes off is driven by bipolar power. The penetration of technology into finance is equivalent to the second-level force that promotes financial change. This is also a kind of "disintermediation".

Wu Xiaoqiu pointed out that compared with these two forces, market forces have given rise to the development of the entire financial market and the development of the capital market, which is the "disintermediation" of financing.

The power of technology makes payments “disintermediated”.

Now when you go on a business trip, you only need a mobile phone, no cash or credit card required.

"Through third-party payment and the penetration of payment technology into new business formats, I call this the second disintermediation technology." He said.

When it comes to blockchain, Wu Xiaoqiu said that he has a wait-and-see attitude towards the financial phenomenon combined with blockchain.

However, he also pointed out that, including blockchain and Internet technologies, China's finance is overtaking in a corner due to the emergence of new systems, overcoming various constraints, and the entire financial market has undergone earth-shaking changes.

Supervision should be conducive to financial innovation. Wu Xiaoqiu pointed out that as China's financial reform advances, it also brings some confusion to financial supervision, which requires in-depth thinking.

The first is to shift from the risks of a single regulatory agency in the past to better managing market risks, so the financial structure needs to be adjusted and reformed.

According to the State Council's institutional reform plan, China's financial regulatory system has launched a "one bank and two conferences" structure.

In this regard, Wu Xiaoqiu said that this is a pragmatic arrangement. The China Banking and Insurance Regulatory Commission will strengthen institutional supervision, and the China Securities Regulatory Commission will strengthen market supervision.