On March 26, 2025, the World Economic Forum (WEF) collaborated with the Hong Kong Stock Exchange to host the WEF Centre for Financial and Monetary Systems 2025 Symposium in Hong Kong for the first time. The symposium, themed "Financial Services for the Intelligent Age", brought together global leaders from the public and private sectors, technology experts, and scholars to discuss global themes and major trends relevant to Asia, including emerging technologies, fintech, growth financing, and sustainability. Xiaoyan Zhang, Associate Dean and Chair Professor at Tsinghua University’s PBC School of Finance, was invited to participate in panel discussions on "Retail Investing on the Rise" and "Funding Innovation."
In the "Retail Investing on the Rise" session, Xiaoyan Zhang shared insights on China's practices in regulation, technology application, and investor education. First, she noted that social media is playing an increasingly influential role in financial markets. While information spreads rapidly on these platforms, its quality varies widely, potentially leading to market volatility or even speculative bubbles. In response, China has implemented two key measures: restricting the dissemination of unverified investment advice on social platforms and enhancing investors’ ability to evaluate information sources and make rational judgments. Second, she emphasized that long-term investing and asset allocation are fundamental principles of wealth management. Investors should set clear investment goals and mitigate market risks through diversification. For example, China’s capital markets have actively promoted Exchange Traded Funds (ETFs) in recent years, enabling investors to achieve diversification at lower costs. Third, she pointed out that fintech is reshaping investment services. AI and big data technologies can provide personalized investment advice, but their transparency and reliability still need improvement. Finally, she stressed that market stability is crucial for the healthy development of financial systems. Effective regulatory measures can help reduce extreme market fluctuations and protect investors' interests.
In the "Funding Innovation" session, Xiaoyan Zhang highlighted that in today's rapidly changing world, entrepreneurs must quickly adapt to their environments, weigh costs and benefits, and seize opportunities amid uncertainty. However, financing remains a core challenge for many businesses, requiring the development of effective business models that balance economic returns with social value. Early-stage tech projects carry high risks, and only those who truly understand markets and technology can identify promising ventures. Therefore, both government and market forces must collaborate to establish a scientific project evaluation mechanism, leveraging the multi-tiered capital market as a vital support system for technological innovation. It is essential to prioritize early-stage, small-scale, long-term, and hard-tech investments to foster the growth of high-potential innovative enterprises. By integrating policy guidance with market forces, innovation can be effectively fostered to support balanced economic, social, and environmental development.
