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Team of Tsinghua PBCSF Released White Paper on China’s Fintech

Time: 2021-11-29 08:25 Print

Jointly with the World Economic Forum, a team of faculty and students from Tsinghua PBCSF released a white paper themed "How digital wealth management contributes to economic recovery – the China experience ", recently. The article aims to share the China's experience in how digital finance facilitates China's economic recovery in the post-pandemic era. It is co-authored by doctoral candidate Ge Huimin, postdoctoral research fellow Wu Huihang, and Professor Zhang Xiaoyan.


(Cover page and internal page of the white paper)

The Chinese government attaches great importance to the development of digital economy. Especially since the outbreak of COVID-19, digital technology and digital economy have played important roles in supporting China to fight the pandemic while resuming production and normal life. Based on the data of micro-investors, the research paper found that the rapid growth of digital financial services in China in the post-pandemic era had positive impacts on residents' income and investment. The article shared valuable Chinese stories on how to use FinTech to cope with the covid-19 pandemic.

In 2020, many offline wealth management businesses were forced to open digital transformation areas, and the digital wealth management industry began to undergo tremendous changes. An increasing number of traditional financial institutions began to seek cooperation with financial technology companies to help them build modern, scalable and customer-centric digital platforms. Such cooperation is mutually beneficial for traditional financial institutions and financial technology companies.

A recent study conducted on the macro-asset management industry and micro-digital wealth management users in China before and after the COVID-19 pandemic provides an opportunity to understand how: 

– Chinese asset management institutions chose to embrace internet technology in the digital economy to expand their participant and strengthen their services.

– Chinese individual investors’ participation in digital wealth management services has significantly increased after the COVID-19 outbreak. 

– Such participation in digital wealth management has improved the returns and risk-adjusted returns of their accounts, which is conducive to the wealth accumulation of Chinese individual investors.

Residents' investment behaviors are crucial to a country's economic growth. However, after the outbreak of COVID-19, asset management agencies have failed to provide effective offline financial services for residents, impedding residential investments. As digital financial services are non-contact, convenient, inclusive, low-cost, and transparent, more and more countries have regarded them as an important development direction to increase residents' investment and promote economic recovery after the pandemic. The Chinese digital wealth management example provides important lessons applicable to other global jurisdictions emerging from the pandemic.

Introduction of World Economic Forum

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas.

Profile of Authors


Wu Huihang is a postdoctoral fellow at Tsinghua PBCSF. His main research areas are asset pricing, machine learning and FinTech. He has published academic papers in Small Business Economics, International Review of Finance, Emerging Markets Finance and Trade, Economic Research Journal, and The Journal of Quantitative & Technical Economics


Ge Huimin is a doctoral student at Tsinghua PBCSF. She has won the "National Scholarship" and "Tsinghua University Postgraduate Scholarship" and other honors. Her main research areas are asset pricing, text analysis and FinTech. 


Zhang Xiaoyan, is Xinyuan Chair Professor of Finance and Associate Dean at Tsinghua PBCSF, Deputy Chair at the National Institute of Financial Research, Tsinghua University, Deputy Chair at the Institute for FinTech Research, Tsinghua University, and Director of XIN Real Estate FinTech Research Center. Her main research areas are international finance, empirical asset pricing, applied econometrics, and FinTech. 

Read More:

Global Future Council on Responsive Financial Systems.pdf