Counselor of the State Council: Regulators should establish a more effective technology risk prevention and control system

The 3rd China Internet Finance Forum 2019 with the theme of "Financial technology to help build a modern financial system" was held in Beijing today. State Councilor Wang Zhaoxing, former vice chairman of the China Banking and Insurance Regulatory Commission, attended the event and delivered a keynote speech. Wang Zhaoxing believes that the main responsibility and mission of the regulator is to promote the healthy operation of financial institutions, the financial system and the financial market by formulating and implementing a set of scientific, prudent and effective rules, standards, and systems to better protect depositors and investments. Rights of consumers and financial consumers, and safeguard the lifeline of finance. Based on this responsibility and mission, the sense of responsibility, mission and urgency of the regulator should be continuously improved, while arming it with the most advanced financial technology. First of all, we should see that entering the era of informationization and digitalization, the deep integration of digital economy, digital finance, digital currency, finance and modern technology has become the general trend, which may bring huge and far-reaching effects to the financial field, financial ecology and daily life. The impact will bring revolutionary changes to traditional financial concepts, financial practices, financial models, and financial formats.