China is in the top league in terms of financial technologies and innovations, which lays a solid foundation for financial institutions to further digitalize and transform. That said, it is still urged to draw on international experiences and the lessons that China has learnt in its previous efforts to make further headways amid the digitalization tide. China should focus on serving the real economies, and the financial institutions should develop their core competitiveness. As

 how to prevent against systemic risks, the financial institutions and fintech companies should incorporate their cooperative efforts into a framework of comprehensive risk management. Similarly, financial institutions should protect consumer rights and meet the increasingly diversified demands of real economies and the people.

As the digital economy thrived, the collision and integration of finance and technology has not only brought about fresh service model, improved service efficiency and lowered operational risks of emerging financial institutions, but also had profound impacts on the organization, system and management of traditional ones. Digitalization has become a natural path to nurture new drivers of growth, to empower financial institutions by improving the quality and efficiency of their services, and to better equip them against risks. Li pointed out that commercial banks in China faced several bottlenecks in their digitalization drives, including lack of technology expertise, inadequate R&D investments, improper use of data resources, among others, and proposed targeted solutions.