mod caucus 1st topic :- Definitions and compliance on newly emerged technologies in

the light of financial development

Esteemed Delegates,

China recognizes the transformative potential of emerging technologies in the

financial sector. Artificial intelligence (AI), blockchain, and big data analytics
are shaping a new financial landscape, but alongside the immense opportunities,
these advancements necessitate a focus on robust definitions and responsible
compliance frameworks.

The Chinese Context:

Financial Inclusion: China has made significant strides in financial inclusion,

leveraging technology to expand access to financial services for a vast population.
As of 2022, over 80% of Chinese adults have access to bank accounts, largely driven
by mobile banking initiatives.

Technological Innovation: China is a major player in the global technology

landscape. In 2023, China's fintech industry accounted for over 40% of the global
market share, with significant investments in AI and blockchain research and
development.

Addressing Challenges:

Standardization: Clearly defining new technologies is crucial for establishing

effective regulatory frameworks. China actively participates in international
discussions to foster common ground on defining these emerging areas.

Regulatory Agility: The fast-paced nature of technological innovation necessitates

adaptable regulations. China's regulatory bodies continuously assess and update
frameworks to address potential risks associated with new technologies.

Consumer Protection: Ensuring the security and privacy of financial data is

paramount. China prioritizes implementing robust compliance measures to safeguard
consumer information in the digital age.

Examples:

Blockchain Technology: China views blockchain as a promising technology for

streamlining financial processes and enhancing transparency. In 2020, the
government launched a national blockchain infrastructure project to explore
potential applications in trade finance and supply chain management.

AI-powered Risk Management: Financial institutions in China are increasingly

utilizing AI to identify and mitigate financial risks. This technology can analyze
vast amounts of financial data to detect suspicious patterns and prevent fraud.