On June 10, the 2023 Tsinghua Wudaokou Global Financial Forum Guangzhou Summit was successfully held at the 12th Golden Fair. With the theme of "New Finance, New Development, New Contribution - Finance Helps the Quality and Efficiency Upgrade of the Real Economy", the summit lasted for one day, including the opening ceremony and three plenary conferences of "Global Changes and High-quality Development of the Guangdong-Hong Kong-Macao Greater Bay Area", "Digital Finance Development and Financial Security", "Marketization of Data Elements and Financial Innovation and Development", and invited 21 authoritative experts and representatives to share and exchange. Associate Professor Hu Guolian of the School of Business was invited to attend the summit and had in-depth exchanges with a number of representatives of the financial industry, experts and scholars.

Associate Professor Jack WOO believes that today's high inflation and high interest rates in Europe and the United States have led to the rapid return of international capital to the European and American markets, followed by the depreciation of local currencies and the high rise of US debt. On June 3, US President Joe Biden signed a bill on the federal government's debt ceiling and budget, known as the Fiscal Responsibility Act of 2023, which provides for a moratorium on the debt ceiling until January 1, 2025. This means that there is no statutory cap on U.S. debt during the moratorium. In the future, U.S. bonds will grow rapidly, while US dollar interest rates will remain high, which will lead to the fragility of the financial system and the depreciation of assets. Therefore, we need to strengthen financial stability, lower interest rates to promote social financing, boost consumption, and continue to promote the internationalization of the renminbi.

Associate Professor Jack WOO said that the development achievements in major areas such as business environment, finance, and dual carbon in the Guangdong-Hong Kong-Macao Greater Bay Area have become the epitome of Chinese-style modernization. We need to use digital technology to promote the deep integration of finance and the real economy, and promote financial supply-side structural reform to better serve the real economy. In addition, can data elements be included in financial statements as assets, financing collateral, or equity interests? This problem has been plaguing academia, the investment community and entrepreneurs, and it has also hindered the way forward for the development of China's digital economy. At this forum, experts and scholars also provided new ideas and paradigms for the assetization and capitalization of data elements.

Picture/Text: Jack WOO