دانلود کتاب انقلاب مالی دیجیتال در چین

On the evening of November 3, 2020, about thirty-six hours before the digital financial giant Ant Group’s planned initial public offering (IPO), the Shanghai Stock Exchange announced its decision to suspend the listing. This immediately sent shockwaves across the global capital markets as investors struggled to comprehend the meaning of this unexpected development. Stopping an IPO just one day before is unusual, but stopping the largest IPO ever is another matter altogether. Ant also quickly suspended its dual listing in the Hong Kong Stock Exchange, citing new uncertainties in future financial performance due to forthcoming regulatory change. It became clear that the regulatory environment for the digital financial industry was about to experience a sea change, although the details had yet to be announced. This extraordinary development illustrated the awkward fact that even though China is already a global leader in several business areas of the digital financial industry, such as mobile payment, online investment, and digital lending, its regulatory framework is not yet well developed. What are the key takeaways from the Chinese experience of digital financial innovation and regulation? To address this central question, Peking University’s Institute of Digital Finance and the Brookings Institution assembled a group of Chinese and American experts to carefully analyze China’s digital financial development and draw important policy implications. First, this book depicts the current state of China’s digital financial industry and explains the key factors contributing to its impressive rise. Second, it documents both business successes, such as mobile payment, and failures, such as peer-to-peer (P2P) lending. Third, it looks at the implications of some new developments, including digitization of commercial banks and issuance of the central bank digital currency (CBDC), for domestic and international financial landscapes. Finally, it assesses the role of the regulatory policy in the formation of the digital financial development trajectory in China and tries to shed some light on what is to come. In this book, digital finance refers to the application of digital technology, such as the internet, big data, artificial intelligence (AI), and cloud computing, to financial products and processes. It covers both technology companies and financial institutions applying technology to improve financial services. These businesses are sometimes also called financial technology (fintech) or internet finance. This book prefers to use the “more balanced” term digital finance as, in practice, both fintech and internet finance focus more on technology companies’ involvement in financial services. The main findings of this book may be summarized as follows. During the past decade, the Chinese digital financial industry experienced an extraordinary pace of development. While most digital financial business models were initially started in the United States or the United Kingdom, China now leads in several areas, at least in terms of customer bases and transaction volumes. The People’s Bank of China (PBC) will probably be the first major central bank to issue its own CBDC, e-CNY. The rapid digital financial development in China is, to a large extent, attributable to wide gaps in traditional financial markets, where most low-income households (LIHs) and small and medium-size enterprises (SMEs) were financially underserved. A central story of digital finance is the application of digital technology to assist in risk management. The most distinctive feature of many Chinese digital financial businesses is financial inclusion.