Bitpush Weekly APCA Overview:China National Institution for Finance and Development: Technologies like the blockchain needs regulatory plans.

China National Institution for Finance and Development: Technologies like the blockchain needs regulatory plans. 

As the application of new technologies such as cloud computing and blockchain in the financial field is widely discussed, RegTech has gain attention worldwide. Hu Bin, the deputy director of the Institute of Finance of the Chinese Academy of Social Sciences and deputy director of the National Institution for  Finance and Development, said how China's current development of regulatory technology indicates that regulatory technology requires systematic planning. First, it is necessary to pay attention to changes in the concept of financial supervision. Second, the introduction of new mechanisms such as regulatory technology is crucial.

CEO of Hundsun Technologies Inc.: Technology-enabled finance 

According to the China Business, Xiaoyu Xiao, the CEO of Hundsun Technologies, said the enabling finance can generally implement by Sanlang superposition or the application of MiABCDGH (mobile internet, artificial intelligence, blockchain, cloud computation, big data, globalization, high performance). Although the basic feature of the blockchain is decentralization, its non-tamperable nature is the core. Hundsun Technologies continues to focus on and research the alliance chain because it is characterized by its core. In the result of futures business, Hundsun Technologies has an electronic post office service based on blockchain. It is also working on a trade finance-related chain with the Bank Association. 

Wu Jun, the former vice president of Tencent: The new company was established in 2018 mainly because of the new establishment of blockchain companies.

According to the Beijing News, Wu Jun, the former vice president of Tencent, Google senior researcher, and Silicon Valley venture capitalist, said the capital winter has become a trendy word since 2018. Statistics show there were 1245 new companies established from January to September 2018. Compared with 20,895 in 2015, 12012 in 2016, and 6,672 in 2017, the decline was significant. From the perspective of sub-sectors, the increase of new enterprises in business services was the highest, 241. It followed by 217 in the financial industry because a number of blockchain enterprises have been newly established since 2018. From the number of recently established companies, it will continue to decrease in the future and investment will shift from the early stage to the mature stage. The term “capital winter” is not true because the market is still investing and any economy has a cycle. 

Professor of Tsinghua University: Blockchain is a tool for economic democratization

Zhu Yan, the dean of the Internet Industry Research Institute of Tsinghua University, said at the annual meeting of China's blockchain industry economic development: "Why is the blockchain important? We have found a new way to organized human communities. The old social paradigm is based on countries and cities, like the main tree-like crowd system. The new social paradigm is a networked population system represented by social networks. P2P is not a loan, P2P is a crowd. It is a new way of human social organization, and a new economic model is born. To adapt to such a crowd structure and to find new technical tools. The original internet technology tools have been difficult to adapt to current social needs. The blockchain is a tool for economic democratization."

China, Changsha Municipal Party Committee Secretary: Changsha will create “seven application scenarios” 

On May 1, Hu Henghua, member of the Standing Committee of the Hunan Provincial Party Committee and Secretary of the Changsha Municipal Party Committee, said that Changsha will focus on the “five new economic forms” such as the digital economy and smart economy, and build a smart city and share the economy. And “seven application scenarios” such as blockchain, promoting high-quality development. (Huasheng Online)

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