Description
At the same time, marketization reform was carried on in depth and breadth. Interest rate liberalization harvested crucial progress, with interest rate control fully ended since then, the deposit insurance system was officially built, the financial infrastructure, including the credit inquiry system, was improved, and the construction of a multi-level capital market further accelerated. We can see the effort that financial regulatory sectors have put forward in standardizing market system establishment, simplifying administration, and decentralizing powers.
Further, a new scientific and technical revolution had been rising, with innovations mushrooming and penetrating various aspects of human society. We had to face such reality actually happening, that productions and consumptions of humans were unprecedentedly being digitalized. Under this irreversible trend, it was possible and necessary to apply technologies to lift the efficiencies of financial risk management and trading.
While the nature of finance did not change, the methods and means by which it would evolve greatly. More and more financial services would extend from tangible physical locations and transform into intangible services embedded in trading and consumption scenarios, reaching every tiny unit, the meaning of which was not negligible for MSMEs’ financial services.
