New action plan to advance China's digital finance sector by 2027

It focuses on digitalising financial institutions and leveraging data and technology.

China is poised to significantly advance its digital finance sector, driven by government support and growing investor interest.

A new action plan, jointly released by the People's Bank of China and six other departments, aims to establish a highly adaptive financial system by 2027. This plan focuses on digitalising financial institutions, leveraging data and technology, and improving financial services in key sectors.

Key strategies include modernising financial institutions with advanced technologies like robotic process automation.

Additionally, the plan aims to utilise big data and artificial intelligence (AI) to enhance green finance, inclusive finance, and eldercare services. 

Other strategies include employing industrial internet and AI to facilitate industrial transformation, trade, and small and medium-sized enterprise development. It also aims to prioritise a secure and efficient payment environment.

Experts believe these initiatives will enhance the efficiency and quality of financial services, contributing to the overall development of China's real economy.