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.

Digitalization can reshape the global financial landscape by breaking through physical boundaries, connecting every part and scenario of our production and daily lives, fully interpreting and even predicting our behaviors and creating an unprecedented, fully-integrated value chain. With the above functions, digitalization has totally changed our way of payment, renovated our trade and settlement systems, reshaped the issuance mechanisms of currencies around the globe, and greatly improved the efficiency of our industrial chains. Looking forward,  technological advances will lead the financial industry into a brand-new era where fresh, technology-based business models continue to mushroom and evolve.

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.