Digital Finance Revolution: China’s Experience and Revelations
Nov 19-2022
The rapid development of China’s digital finance has reshaped its economy and society and constituted one of the foremost revolutions in contemporary business practices. A new book rooted in the research of the NSD, PKU Institute of Digital Finance, and the Brookings Institution of the US – major think-tanks in the two countries - sets out to present the China story that has rocked the global financial landscape.
Digital Finance Revolution, edited by Prof. Huang Yiping and David Dollar, interprets the development of China’s digital finance from a diverse range of perspectives, including its journey, influencing factors, impacts on people’s employment, incomes and consumption, as well as its significance for and effects on the global economy.
One revelation in the book is that China’s innovations and farsightedness are embodied in the way digital finance has strengthened the inclusiveness and sharing of finance; in other words, through its development, digital finance has provided financial services to enterprises and individuals that hitherto have not been covered by traditional financial institutions, no matter where they are, which industry they are in, or how much asset they have. This has laid a critical foundation for the high-quality growth of the Chinese economy and societal stability in the future.
Prof. Huang Yiping is the NSD’s Jinguang Chair Professor and Deputy Dean, Director of PKU Institute of Digital Finance, and a member of major finance, digital finance, and economic associations and forums. David Dollar is Senior Research Fellow with Brookings Institution’s China Center and an expert on the Chinese economy and China-US economic relationships.
By dissecting the successes and challenges of China’s digital finance, researchers at the three think-tanks hope to assist in the development of the digital economy and provide knowledge backup for the plan to build ‘Digital China’, as outlined by the 20th CCP National Congress.
