Furman discussed the role of digital economy in driving economic recovery and growth and the prospect of digital economy in the future. He said thinking that there was a need to regulate artificial intelligence and digital technologies was a mistake because “technologies function best with permission-less innovation.” He called for the public sector and public investment to play more role in supporting R&D, and noted that the digital sector would be key to achieving more productivity growth in the future, which would be particularly true if China and the US could continue to learn from and engage with each other as the two leaders of the global economy. 

We expect to see the next stage of growth in China’s bond markets result in enhanced and healthy competition with international market makers on the global stage. Whatever the future holds, we are encouraged that despite today's unpredictable global climate, China continues to open up its financial markets, presenting enduring opportunities for global investors and Chinese financial institutions.

Traditional regulation puts the emphasis on the risk of the "too big to fail", while the new digital financial regulation should focus not only on large institutions, but also on small and scattered long-tail risks. Since digital finance covers not just the financial institutions, we need pluralistic co-governance and strengthened international cooperation in its regulation. The goal of digital financial regulation is to create an inclusive and stable legal and regulatory environment for the development of digital finance, so as to promote the integration and innovation of finance and technology and enhance the capacity and efficiency of financial service entities. In order to achieve the goal, we need to follow three principles: innovation empowerment, technology orientation and co-governance.