Fan Wenzhong: Digital Intelligence Financial Innovation Empowers the Construction of Digital China

Author | Fan Wenzhong “Vice President of Beijing Academy of Social Sciences”

Article | “China Finance” 2026, Issue No. 7

The Fourth Session of the 14th National People’s Congress reviewed and approved the “Outline of the 15th Five-Year Plan for National Economic and Social Development of the People’s Republic of China” (hereinafter referred to as the “Plan Outline”), marking that China’s comprehensive move toward building a socialist modern country has entered a new historical stage. As a grand blueprint and action plan guiding the development of the next five years, the Plan Outline clearly states the major strategic task of “deepening the construction of Digital China and improving the level of digital intelligence development,” providing direction for the financial industry to serve the real economy and promote high-quality development. As the core of the modern economy, finance bears an irreplaceable historical mission in implementing the Plan Outline and advancing Digital China.

Deeply understanding the strategic positioning of the financial industry in the construction of Digital China

The “14th Five-Year” period is a critical stage for basically achieving socialist modernization. The construction of Digital China holds a pivotal strategic position in this historical process. The Plan Outline explicitly states the need to “grasp the trend of digitalization, networking, and intelligent development, fully leverage China’s rich data resources, complete industrial system, and broad application scenarios, activate data element potential, accelerate technological innovation in digital intelligence, deepen and expand ‘Artificial Intelligence+’, empower economic and social development and governance capacity, and promote profound changes in production methods and revolutionary leaps in productivity.” This important statement profoundly reveals the core essence and strategic value of digital intelligence development, also providing direction and pathways for the financial industry to serve Digital China.

The integration and development of finance and digital technology have become an irreversible historical trend. Practically, digital technology is profoundly reshaping financial forms and changing the ways and efficiencies of financial services. Meanwhile, finance, as the core hub of resource allocation, continuously provides momentum for digital technological innovation and digital industry development. This bidirectional empowerment and mutual promotion determine that the financial industry must play multiple roles in Digital China: as a beneficiary and user of digital technology, supporter and promoter of digital industries, and participant and builder of digital governance.

The goals set out in the Plan Outline require the financial industry to plan systematically and deploy comprehensively from a strategic level. The industry should incorporate serving Digital China into its core development strategy, making adjustments and optimizations in resource allocation, product innovation, risk control, and talent cultivation, establishing new models, mechanisms, and ecosystems of financial services that meet the needs of digital intelligence development. This is not only a major test of the financial industry’s capacity to serve the real economy but also an important opportunity to promote high-quality development within the industry itself.

Financial industry supporting the solid foundation of digital intelligence development

The Plan Outline explicitly states the need to “strengthen the efficient supply of computing power, algorithms, and data,” and to “coordinate the construction of computing infrastructure, development of models and algorithms, and supply of high-quality data resources, building a solid foundation for digital intelligence development.” This strategic deployment highlights the importance of computing power, algorithms, and data as the “three pillars” of digital intelligence development. The financial industry should leverage its expertise in capital aggregation, resource allocation, and risk management to provide comprehensive financial support for the construction of computing infrastructure, innovation in algorithms, and development of data resources.

Computing infrastructure is the hardware foundation supporting the development of artificial intelligence, big data, cloud computing, and other new-generation information technologies. The Plan emphasizes “strengthening support for computing infrastructure,” meaning that in the next five years, China’s computing infrastructure will enter an accelerated construction phase. The financial industry should actively connect with major projects such as national computing hubs, data center upgrades, and edge computing deployment, providing funding through project loans, syndicate loans, leasing, and other diversified financial instruments. Given the long cycle and large capital needs of infrastructure projects, financial institutions should explore “investment-loan linkage” models, strengthen cooperation with industrial investment funds and infrastructure funds, and form a multi-layered, diversified financing support system.

The Plan highlights “intelligent, green, and integrated” as key directions for building a modern industrial system. The high energy consumption of computing infrastructure necessitates a green and sustainable development path. Financial institutions should embed green finance concepts into the entire process of infrastructure financing, innovating products such as green loans, green bonds, and carbon finance, guiding and supporting enterprises to adopt energy-saving technologies and use clean energy, promoting the green and low-carbon development of the computing industry.

Algorithms are the core of artificial intelligence and the “brain” driving digital intelligence development. The Plan emphasizes “promoting iterative innovation in models and algorithms,” which requires substantial R&D investment and continuous innovation accumulation. The financial industry should deepen understanding of the laws of algorithm innovation, providing differentiated financial support tailored to different stages such as basic research, technical breakthroughs,成果转化、应用推广。对于处于研发阶段的企业，可以通过知识产权质押融资、科技保险等产品破解融资难题；对于进入产业化阶段的企业，可以通过股权投资、上市融资、并购重组等方式支持其做大做强。

In the field of data resource development, the financial industry is both an important producer of data elements and an active participant in the data element market. The Plan emphasizes “deepening the development and utilization of data resources,” providing policy basis and development space for financial industry involvement in data element markets. Financial institutions, which accumulate vast amounts of data in daily operations, can transform these data into valuable assets through compliant governance and value mining. They should explore data asset valuation, data asset financing, and data trading innovations while ensuring data security and privacy protection, promoting the value realization of data elements. Additionally, by participating in data trading platform construction and providing settlement services, financial institutions can support the healthy development of data markets.

Practices and explorations of the financial industry in empowering digital intelligence

The Plan emphasizes “comprehensively advancing the empowerment of digital intelligence,” proposing to “fully implement the ‘Artificial Intelligence+’ initiative, strengthen the integration of artificial intelligence with technological innovation, industrial development, cultural construction, people’s livelihood, and social governance, seize the high ground of AI application, and empower thousands of industries.” This strategic deployment sets clear goals for the breadth and depth of AI application and provides guidance for the financial industry to deepen its empowerment through digital intelligence.

Financial industry plays a key role in promoting the deep integration of the real economy and digital economy. The Plan states the need to “promote deep integration of the real economy and digital economy,” requiring the industry to transcend traditional sector boundaries and foster cross-sector collaboration and innovation. In practice, financial institutions should actively build industry-finance matching platforms, embedding financial services into digital industrial ecosystems to achieve organic integration of capital flow, information flow, and goods flow. For example, in intelligent manufacturing, banks can collaborate with industrial internet platforms to develop supply chain finance products based on equipment operation data and production process data; in smart agriculture, they can connect with agricultural big data platforms to innovate insurance and credit products based on crop growth and weather data; in smart logistics, they can coordinate with logistics information platforms to optimize trade financing based on cargo tracking and warehouse data.

In enhancing government governance’s digital and intelligent level, the financial industry can also play a unique role. The Plan proposes to “improve government governance’s digital and intelligent level,” which requires deep cooperation between financial institutions and government departments in digital governance. Financial institutions, with rich experience in identity verification, risk identification, and credit assessment, can support government digitalization efforts. For example, they can cooperate with tax and market regulation departments to optimize the business environment based on enterprise credit information and transaction data; work with social security and medical insurance departments to improve public service efficiency; participate in smart city construction, providing financial infrastructure and data analysis capabilities for urban governance.

With the full promotion of the “Artificial Intelligence+” initiative, emerging industries and future industries are thriving, and new business forms and models are emerging continuously, posing new requirements for financial services. The industry should keenly capture market demand changes and develop innovative products and services tailored to the characteristics of the digital economy. For example, for AI companies with large R&D investments and long payback periods, develop intellectual property securitization and R&D loans; for data element markets, explore data asset pledge financing and data transaction guarantee insurance; for equipment renewal needs in intelligent manufacturing, develop flexible financing methods such as leasing and operational leasing.

Financial industry’s responsibility and commitment to creating a digital intelligence industry ecosystem

The Plan emphasizes “creating a healthy and orderly development ecosystem,” insisting on “promoting development and regulating management,” strengthening the construction of data infrastructure and rules, and AI governance, to foster a beneficial, safe, and fair development environment. This requirement deeply grasps the dialectical relationship between promotion and regulation, development and safety, efficiency and fairness in digital intelligence development, providing important guidance for the financial industry to participate in building such an ecosystem.

Improving the basic system for data elements is fundamental to creating a healthy and orderly development environment. The Plan calls for “improving the data element infrastructure system,” involving arrangements for data property rights, circulation and trading, revenue sharing, and security governance. As a data-intensive industry, the financial sector has urgent needs and rich experience in data system construction. Financial institutions should actively participate in research on data property rights, exploring methods and standards for data rights confirmation, valuation, and trading; promote infrastructure for data circulation, participate in data trading platform construction and operation; improve data security governance, establish and perfect data classification and protection systems, and facilitate orderly data flow and value realization under compliance.

The widespread application of digital intelligence in finance brings efficiency gains but also new risks such as rapid risk transmission, algorithmic bias, and data breaches. The industry must embrace innovation while maintaining risk awareness, establishing a risk management system compatible with digital financial development. Financial institutions should strengthen algorithm governance to ensure fairness, interpretability, and traceability; enhance data security to prevent misuse and leaks; improve cybersecurity defenses to build a dynamic, comprehensive security system; and refine business continuity management to ensure service availability and resilience in extreme situations. The Plan also calls for “improving scientific and effective regulatory mechanisms,” which raises higher standards for financial supervision. Regulators should enhance supervisory technology, improve transparency, and balance innovation with risk prevention.

Expanding international cooperation in digital intelligence is an important way to build an open and mutually beneficial development ecosystem. The Plan proposes to “expand international cooperation in digital intelligence,” aligning with the strategy of “expanding high-level opening-up and creating new opportunities for win-win cooperation.” The financial industry, with its unique advantages, can serve as a bridge connecting domestic and international markets. It should actively participate in formulating international rules for digital finance, promote cross-border data flow, digital currency, and regulatory technology cooperation; support Chinese digital enterprises “going global” by providing financial services for cross-border e-commerce, digital trade, and overseas data centers; attract high-quality international digital enterprises and capital, facilitating technological exchange and experience sharing.

In creating a healthy and orderly development ecosystem, the financial industry also bears the important responsibility of investor education and consumer protection. Digital intelligence development has profoundly transformed financial products and services, raising higher requirements for consumers’ awareness and risk perception. Financial institutions should strengthen financial literacy in digital intelligence, helping consumers understand and use smart financial services correctly; improve information disclosure to ensure consumers are fully informed about algorithm recommendations and intelligent advisory services; establish and improve complaint and dispute resolution mechanisms to protect consumers’ legitimate rights and interests.

Directions and priorities for the financial industry’s own digital and intelligent transformation

Deepening the empowerment of digital intelligence also requires the financial industry to accelerate its own digital transformation. As the main application subject of digital intelligence, financial institutions must lead in transformation to better serve the industry’s digital development. They should focus on customer needs, applying AI, big data, cloud computing, blockchain, and other technologies to reshape business processes, optimize service experience, and improve operational efficiency. The widespread deployment of intelligent customer service, investment advisory, risk control, and operations not only significantly enhances service accessibility and convenience but also accumulates valuable experience for broader application of digital intelligence.

The industry’s digital transformation should adhere to a systematic approach and promote overall progress. It is not merely about applying new technologies but involves strategic, organizational, talent, and cultural reforms. Financial institutions should develop clear digital transformation strategies, define goals and key tasks; optimize organizational structures and workflows, breaking down departmental barriers and establishing agile innovation mechanisms; strengthen talent development to cultivate versatile professionals proficient in both finance and digital technologies; foster an open, collaborative, innovative digital culture to support transformation.

自主创新也是数字化转型的关键。金融机构应加大核心技术研发投入，在分布式架构、数据库、操作系统等关键领域实现自主可控；加强与科技企业的合作创新，构建产学研用深度融合的创新体系；培育金融科技产业生态，推动金融科技产业的创新和发展。同时，金融行业应充分利用丰富的应用场景，为国产软硬件产品提供验证和迭代的机会，助力国家科技自立自强战略。

《规划纲要》强调“坚持统筹发展和安全”，这一原则同样适用于金融行业的数字化转型。数字环境下的金融风险具有新特征：传播速度更快、范围更广、隐蔽性更强；算法风险、模型风险、数据风险不断涌现；传统风险与新型风险交织、相互强化。金融机构必须建立完善的全面风险管理体系，将数字风险纳入整体风险框架；加强模型风险管理，建立模型开发、验证、部署、监测的全生命周期管理机制；提升网络安全防护能力，构建动态防御、综合防护的安全体系；完善业务连续性管理，确保在极端情况下金融服务的可用性和连续性。

“十四五”是全面建成社会主义现代化国家的关键时期，深入推进数字中国建设是这一时期的重要战略任务。未来五年，金融行业应以《规划纲要》为指导，坚持改革创新，加大技术研发和人才投入，推动数字技术与金融业务深度融合，打造具有核心竞争力的金融科技产品和服务，提升行业核心竞争力。■

（责任编辑 刘宏振）

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