On the morning of July 17, ZIBS Dean BEN Shenglin and Vice Dean QU Haidong attended the opening ceremony of the summer camp, and DAI Xinzhu, Academic Director of the iMF program, presided over the event.
At the beginning, the dean gave an opening speech and extended a warm welcome to the participating students. He then explored the topic "Era of Digital Economy: Fintech Ethics and Sustainable Development". Mr. Ben said that ZIBS is in continuous pursuit of globalization, digitalization, and ecologicalization, with a focus on talent training for cutting-edge technologies and ecosystems in the era of digital economy.
Chinese enterprises will face more challenges as globalization and deglobalization confront each other, sustainable development deepens, and digitalization and intelligentialization spread. The development momentum of the digital economy is irresistible. It has a profound impact on society as a key force to reshape global factors of production, economic structure and competition landscape. Although fintech improves the convenience and diversity of financial services, it produces many negative effects. Therefore, fintech activities must comply with fintech ethics which serves as a concept of value and moral rule. Fintech ethics is facing four main challenges: algorithmic discrimination, digital divide, abuse of digital rights, and sustainable development. Lastly, the dean said that we must work together to achieve sustainable development of the digital economy. He expressed his hope that more aspiring people will join ZIBS to connect the world and shape the future together.
Vice Dean QU Haidong made an all-round interpretation of macro and micro matters. After talking about the history and development strategy of Zhejiang University, he shifted to the orientation and status of the International Campus and the education philosophy and characteristics of ZIBS. Then he gave a detailed introduction to the research focus, training characteristics, curriculum, teaching staff, internship and employment, Chinese and foreign students, and international exchanges under the iMF program. Mr. QU also answered questions of general concern to help the students gain a deeper understanding of the characteristics and advantages of the program.
At the end of the ceremony, HONG Zhenzhen from the iMF program team and WANG Xiaoqi, an alumna of the iMF Class of 2022, took the students on an online tour of the campus titled One Day at ZIBS. The tour started from the academy, covering classrooms, the library, gymnasiums, canteens, and Hainaju and depicting a day rich in activities like daily life, study, exercise and entertainment. The tour also passed the landmark buildings of the International Campus such as the Bell Tower and the Qiushi Lecture Hall, as well as the new ZIBS Building which will be opened in October this year. In the livestreaming interaction, the campers followed the camera and experienced a day of a ZIBSer in the International Campus online.
Four special-topic lectures were given at the camp. YANG Chen, Assistant Professor of the Chinese University of Hong Kong, ZIBS Professor WEN Wu and Associate Professor YAN Cui, and Bruce Alter, former Managing Director and Head of Global Transaction Services at DBS Bank (China), shared their thoughts with the students.
Topic 1
Fintech Technology and Modeling
YANG Chen, Assistant Professor of the Chinese University of Hong Kong
YANG Chen introduced the basic structure of the blockchain and the application of cryptography in it, and then cited ledgers as an example to explain the application of the blockchain in centralized ledgers and distributed ledgers. To address the core issue of double payment in distributed ledgers, he talked about the importance of the consensus mechanism in distributed blockchain technology and compared three consensus mechanisms: Proof of Work (PoW), Proof of Stake (PoS), and Proof of Authority (PoA). He then explored the potential relationship between computational science and economic theory and consensus mechanisms. Finally, using the concept of smart contract on the blockchain, he displayed the basic structural framework of smart contract codes and discussed the application of smart contracts in financial services, regulation technology, smart cities, and insurance technology, as well as the relationship between smart contract design and engineering.
Topic 2
Digital RMB and New Digital Financial Infrastructure
ZIBS Professor WEN Wu
WEN Wu described the evolution of currency with multiple examples and introduced the concept of digital currency as a combination of currency and communication technology and its conceived application scenarios. He pointed out that research on digital finance started many years ago and that ZIBS has been actively exploring and paying great attention to this area. He then identified the problems that digital currencies may encounter in their development and the solutions. He pointed to the central bank's important role in the development of digital currencies and cross-border transactions and the great benefit that the digital RMB will bring to daily business transactions and lives.
He believed that global trade should not be settled in the legal tender of any country because the legal tender is only a reflection of a country's economic aggregate and a tool to maintain the country's financial stability. He proposed the concept of legal digital goods property and pointed out that it can promote fair global trade. WEN Wu extended a welcome to students who are interested in digital currency and financial technology to join the exploration.
Topic 3
Development and Future of Foreign-funded Banks in China
ZIBS Associate Professor YAN Cui
YAN Cui gave the students an overview of the development of foreign-funded banks in China, pointed out the challenges faced by them, and envisioned their future development and orientation (a useful supplement to the domestic business of Chinese-funded enterprises and an important partner for their overseas business; coordination between domestic and overseas branches and between investment banks and commercial banks; technology empowerment). He held that although Chinese banks are already among the top in the world in terms of total assets, they should still draw on the experiences of foreign-funded banks with an open heart. The recent incident that took place in Henan's rural banks and the nationwide real estate loan suspension have exposed the weaknesses of Chinese banks. Chinese banks can also draw on the experiences of foreign-funded banks in China in their bid to "go global". Finally, he provided valuable advice for the students on issues such as internship and employment in foreign-funded banks.
Topic 4
China & Digitalization Today - Basic Observations
Bruce Alter, former Managing Director and Head of Global Transaction Services at DBS Bank (China)
Based on his 30 years of experiences and observations in the banking industry, Bruce Alter shared his thoughts on the digital transformation of Chinese enterprises. Citing Tencent, Baidu, and Alibaba as examples, he looked back at the evolution of e-commerce and the retail industry, as well as the explosive growth of the digitalization of financial institutions and fintech companies in the past few years. He believed that China's major social, cultural and economic developments have given the country a strong momentum in global technology. The potential for growth is substantial, he said in retrospect. At the end of the lecture, Bruce Alter made a conclusion about the use of much-debated technology products such as digital RMB, cryptocurrency, Metaverse and collectibles in China. As a foreigner who has lived and worked in China for more than 10 years and can speak fluent Chinese, Bruce Alter looks forward to communicating with young Chinese students.
During the professional interview on July 18, the second day of the summer camp, the students showed their academic achievements, professional ability and comprehensive strength. Based on comprehensive reviews and the results of the professional interview, the organizing committee of t
The 2022 ZIBS Summer Camp for Outstanding College Students has been successfully concluded. Although the pandemic prevented the students from visiting Zhejiang University International Campus in person, they had a unique experience by gathering together to talk about finance on the cloud this summer. It is hoped that the students have gained a lot in the summer camp and deepened their understanding of ZIBS and the iMF program. Let's meet again in the future.
iMF program consulting
Tel: 0571-8757 2606
Email: zibs-imf@intl.zju.edu.cn
