On February 8, the People's Bank of China, the General Administration of Market Supervision, the China Banking and Insurance Regulatory Commission and the China Securities Regulatory Commission issued the "14th Five-Year Plan for Financial Standardization" (hereinafter referred to as the "Plan"). On the main objectives, the "Plan" put forward, by 2025, and the modern financial system in line with the standard system basically built, financial standardization of economic benefits, social benefits, quality benefits and ecological benefits fully apparent, standardization to support the high-quality development of the financial industry, the status and role of the more prominent.

The Plan highlights the standardization of the financial industry to lead the construction of a digital ecosystem, and puts forward the development of legal tender standards, steadily advancing the construction of financial technology standards, and systematically improving the financial data element standards and other six aspects.

Steadily promote the development of legal tender standards

In terms of steadily promoting the development of legal tender standards, the Plan proposes the construction of six major standards for digital currencies, including information security, application standards, technical security, data specifications and terminal acceptance, etc. For example, the Plan explicitly points out that it will take into account the security and trustworthy infrastructure, issuance system and storage system, the issuance system and the storage system, the financial and technological standards, and systematically improve financial data element standards. For example, the Plan clearly states that comprehensive consideration will be given to the security and trustworthiness of the infrastructure, issuance system and storage system, registration center, payment transaction communication module, terminal application, etc., to explore the establishment of a perfect legal tender digital currency infrastructure standards.

At present, China's digital RMB (central bank digital currency) pilot has been steadily advancing, Shenzhen, Suzhou, Xiong'an New Area, Chengdu, Shanghai, Hainan, Changsha, Xi'an and other places have carried out a digital RMB pilot, which effectively verified the technical design of the digital RMB business and the stability of the system, the ease of use of the product and the applicability of the scene. The latest disclosure data show that as of December 31, 2021, the digital RMB pilot scene has exceeded 8,085,100, with a cumulative total of 261 million personal wallets opened, and a transaction amount of 87.565 billion yuan.

It is worth mentioning that the digital RMB Winter Olympics scene pilot is also advancing steadily, and has successfully landed 355,000 Winter Olympics scenes, realizing the Winter Olympics security red line outside the transportation and travel, catering and accommodation, shopping and consumption, tourism and sightseeing, medical care and health care, communication services, ticketing and entertainment of the seven major categories of scenes.

Steady advancement of financial technology standard construction

In terms of steady advancement of financial technology standard construction, the Plan proposes to strengthen the development and effective application of standards for cloud computing, blockchain, big data, artificial intelligence, biometrics, and Internet of Things (IoT), and to lead the standardized and healthy development of financial technology. In-depth implementation of financial technology development index evaluation standards will provide support for self-regulatory organizations to release development indices in real time. The company also promotes the construction of a standardized system for ethical governance in the financial sector.

In addition, the Plan also proposes to accelerate the implementation of correspondence data standards in the construction of financial technology standards, and promote the steady development of correspondence digitalization. "Correspondence is the main instruments involved in financial business, a wide variety of huge numbers, taking up a lot of human costs, especially in the banking industry, a large number of business needs based on correspondence or constantly generate new correspondence, the establishment of this standard will strongly promote the standardization of correspondence electronic, automated processing products or programs, accelerate the expansion of the application of the industry as a whole, and promote the establishment of intra-industry correspondence data exchange platform, which is conducive to banks to reduce costs and improve efficiency." Zheng Lei, chief economist of Baoxin Finance, believes.

Systematic improvement of financial data element standards

In the systematic improvement of financial data element standards, the "Plan" pointed out that we should coordinate the development and utilization of financial data, public **** security, commercial secrets and personal privacy protection, and accelerate the improvement of the property rights of financial data resources, transaction circulation, cross-border transmission and security protection and other standards and norms.

At the same time, the financial big data standard system will be improved, exploring the development of financial big data collection, cleaning, storage, mining, analysis, visualization algorithms and other technological innovation supporting standards. The development of financial data quality, desensitization, classification and other standards. Formulate standards for financial data application modeling, metadata and algorithm evaluation. Formulate standards for business data such as customer interaction behavior data collection in the banking industry.

The Ministry of Industry and Information Technology, member of the Information and Communication Economy Expert Committee, South Central University of Finance and Law, Executive Director of the Institute of Digital Economy, Pan Hailin, believes that the improvement of the data element standards is mainly to open up the circulation channels of the data elements, to promote the development of banks to the open bank, to break the monopoly of the data, to promote the flow of data, the data element circulation transactions into the norms, the circulation of the data elements of the various links to formulate The standardization of data elements has been standardized to ensure the security of data while promoting the circulation of data elements. And through the standardization of data elements, make data more convenient to trade, and promote the flow of data elements to the demand side.

(Editor Li Bo Cai Shandan)