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Source: Yuanjie
Yesterday afternoon, Xiao Gang, member of the 13th National Committee of the Chinese People’s Political Consultative Conference and former chairman of the China Securities Regulatory Commission, appeared at the 2024 Bund Conference “Discussion on the Future: Exploring the ‘entimental’ization of Web3 Digital Dream” forumsuperior.He said that RWA is a vivid practice of finance returning to its original origin and serving the high-quality development of the real economy.
He pointed out that the Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference both proposed to do a good job in five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance, which pointed out the direction for the development of financial technology.The development of Web3 can provide strong support for providing five major articles and promote the development of financial services for the real economy.
He believes that through blockchain and other Web3 technologies, RWA has given its digital form physical assets already existing in the real world, as well as intangible assets such as intellectual property rights, carbon credits, data elements, etc., and has established a digital form between the real world and the digital world.Mapping of values.
He also proposed that we should adhere to the principle of technological neutrality and strengthen supervision forward-lookingly.”Virtual currencies such as Bitcoin are not equal to Web3, and tokens, that is, the tokens we are talking about, are not necessarily completely decentralized.”Not only that, he said that it is necessary to strengthen cross-border regulatory cooperation, coordinate policy formulation, and jointly explore regulatory frameworks that adapt to new technologies.
This forum is co-organized by Ant Group and ForesightNews. It aims to explore the latest advancements and industrial practices of Web3 technology, listen to the voice of innovation of Asian financial centers, and find the successful path of real-world asset tokenization from concept to implementation.
The organizer believes that with the advancement of new quality productivity, technological development is seeking wisdom towards new wisdom.The cutting-edge technologies and the era of intelligence driven by technological innovation serving the development of the industry as the core are kicking off.Looking to the future, cutting-edge technologies represented by blockchain privacy computing and big data AI are becoming the key force in promoting the quality and efficiency of the digital economy.
The following is the full text of Xiao Gang’s speech compiled by Yuanjie:
Dear guests, ladies and gentlemen:
Good afternoon everyone.I am very honored to be able to attend the 2024 Bund Conference today and discuss with you the materialization of Web3 digital dreams.Here I would like to extend my warm congratulations on the successful convening of this forum and extend my sincere welcome to every guest and audience here.
Every leap in information technology is profoundly changing the way we live and work.From the popularization of the Internet to the rise of mobile Internet, to the breakthrough of blockchain technology, and the rapid development of emerging technologies such as big data and artificial intelligence, the wheel of technology is rolling forward, leading us to a brand new digital era.
Today we focus on Web3, which is not only an iteration of technical terms, but also indicates a network ecosystem that is safe and transparent and has more control.It depicts us a new vision of the Internet’s transformation from information interconnection to value interconnection.
The digital economy has become an important engine to drive global economic growth.The Third Plenary Session of the 20th CPC Central Committee and the Central Financial Work Conference both proposed to do a good job in five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance, which pointed out the direction for the development of financial technology.The development of Web3 can provide strong support for doing five major articles and promote the development of financial services for the real economy.
In terms of technology finance, the decentralized financial platform brought by Web3 technology can provide science and technology companies with a global source of funding, increasing entrepreneurs’ financing flexibility and capital efficiency.Smart contract technology can realize the automation of business logic, execution and transaction transparency, reducing operational costs and risks.
In terms of green finance, Web3 technology can help establish a more transparent and trustworthy tracking and trading system for carbon footprints, and improve the traceability and trust of green finance.
In terms of inclusive finance, Web3 helps to lower the threshold for financial services, so that more people, especially remote areas and low-income groups that were originally difficult to cover in the traditional financial system, can obtain financial services at a lower cost.
In terms of pension finance, the transparency and security mechanism provided by Web3 is also potentially valuable for building a long-term and stable pension management and investment platform.
In terms of digital finance, Web3 has promoted the digitalization of financial assets. For example, through various tokenized assets, making the issuance and transactions of assets more efficient and flexible. At the same time, it strengthens users’ control over digital assets and provides in-depth development of digital finance.Provides infrastructure and technology support.
In this change brought about by Web3, the tokenization of real-world assets is simply calledRWA, as a bridge connecting the digital and the physical world, is a vivid practice of finance returning to its original origin and serving the high-quality development of the real economy.
Traditional Chinese industries, especially manufacturing, have accumulated a large amount of real assets, but they are often at a discount due to lack of liquidity, or because they are not well operated, the asset utilization rate is relatively low, which restricts the release of economic growth potential..
Through Web3 technologies such as blockchain, RWA gives real assets already in the real world, as well as intangible assets such as intellectual property, carbon credit, and data elements, to its digital form, establishing a value mapping between the real world and the digital world.
On the one hand, this method, its digital characteristics can improve the liquidity and tradability of real assets, allow more investors to obtain investment opportunities in high-quality assets, and unlock financing bottlenecks in traditional industries.On the other hand, the use of blockchain smart contract technology can improve the transparency of asset operation management and transaction disposal, reduce moral risks, and effectively improve the efficiency of asset transactions and reduce transaction costs.
Of course, when we embrace Web3 technology, we must also be clear that any technological progress is accompanied by risks and challenges.How to effectively control risks while promoting technological innovation is an important issue before us.
First of all, keep up with the trend of industry innovation, mobilize more of the momentum of innovation for market entities, and explore and carry out innovation pilot projects.
Secondly, we must strengthen supervision in a forward-looking manner.Virtual currencies such as Bitcoin are not equal to Web3, and tokens, that is, the tokens we are talking about are not necessarily completely decentralized.The principle of technological neutrality should be adopted – we often say that we should adhere to the principle of technological neutrality, keep a close eye on the risks that may be brought by the outside world, and focus on supervising the authenticity, compliance and volatility of RWA assets.The risk must be strictly controlled on the off-chain asset side, and the trading side on the chain must also be strictly controlled on the speculation.
Once again, we must strengthen education on risk management and technical ethics, enhance public risk awareness, and strengthen industry self-discipline.Finally, we must promote international cooperation and encourage market institutions with strong scientific and technological strength to participate in international innovation projects, and learn from and learn from international experience.
At the same time, strengthen cross-border regulatory cooperation, coordinate policy formulation, and jointly explore regulatory frameworks that adapt to new technologies.For example, the World Bank uses Web3 and RWA in research foundations in facilities investment. Singapore and the Hong Kong Special Administrative Region of my country are also actively developing Web3. It should be considered to carry out further cooperation with Singapore and Hong Kong in cross-border investment transactions in RWA to attract overseas funds. , revitalize physical assets in traditional domestic industries and inject more liquidity into the domestic real economy.
Dear guests and friends,Web3 is not only a technological innovation, but also a change in thinking mode.Let us take this forum as an opportunity to seek the way of development, build a foundation of security, and create a path for the future together, and move forward hand in hand in the wave of deep integration between the real economy and the digital economy.
Thank you again for your participation and look forward to hearing the insights of all the guests on the next agenda.I wish this conference and forum a great success.Thank you everyone.
