The Industrial Internet as the Future of Digital Economy

02/25/2023 06:23 • AI & Tech Insights • 158 views

It is reported that Huang Qifan, the former mayor of Chongqing, said at the Pearl Bay Financial Summit (2023) hosted by the China Finance 40 Forum on February 25 that under the situation of gradually saturated consumer Internet market space, the industrial Internet is an important development direction of the future digital economy, and also a powerful grip to promote China’s economic innovation, transformation and development. Relying on technologies such as the Internet of Things, blockchain, artificial intelligence and big data, industrial digital finance has made the upstream and downstream information and data of the industrial chain fully transparent and hard to tamper with; The first-hand data of full penetration and real-time tracking of assets can be obtained; Real-time monitoring and early warning of potential risks enable financial institutions to see and manage assets, significantly reducing the risk cost of financial services, and is expected to help small and medium-sized enterprises to obtain inclusive financial services in the future, as in the field of consumer finance.

Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

Interpretation of the news:

At the recent Pearl Bay Financial Summit hosted by the China Finance 40 Forum, Huang Qifan, the former mayor of Chongqing, stated that the industrial Internet is poised to become a crucial development direction for the future digital economy. According to him, this new sector will also serve as an important tool for promoting China’s economic innovation, transformation, and development.

As the consumer Internet market grows increasingly saturated, the industrial sector is quickly becoming the focus of many financial institutions seeking new opportunities for growth. Huang Qifan believes that the industrial Internet, powered by the Internet of Things, blockchain, artificial intelligence, and big data, will play an important role in making the upstream and downstream data of the industrial chain more transparent and difficult to tamper with. This increased data transparency will provide financial institutions with first-hand information about assets, real-time monitoring of risks, and early warning systems, ultimately reducing the risk cost of their services.

One crucial aspect of the industrial Internet is its potential to provide inclusive financial services to small and medium-sized enterprises. Huang Qifan notes that such inclusive services have already made significant inroads in the consumer finance sector; however, they have yet to be fully realized in the industrial sector. He predicts that the transparency and accessibility of the industrial Internet will enable these businesses to receive greater access to capital and other financial services in the coming years.

In conclusion, Huang Qifan’s speech underscores the growing importance of the industrial Internet as a critical development direction for China’s digital economy. As the consumer Internet market approaches saturation, financial institutions will increasingly focus on providing services and opportunities within the industrial sector. The industrial Internet’s emphasis on data transparency, real-time monitoring, and risk reduction, as well as its potential to provide inclusive financial services, make it an important tool for promoting China’s economic innovation and transformation.

In summary, the industrial Internet will help China’s digital economy grow and succeed in the future, offering new opportunities and services to both large and small businesses.

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The Industrial Internet as the Future of Digital Economy

Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

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