Xiao Gang: We need to further improve the digital economy industry ecosystem and accelerate the establishment of a governance closed loop for generative AI financial applications.

Xiao Gang, former chairman of the China Securities Regulatory Commission, stated at the 2025 Tsinghua Wudaokou Global Financial Forum on May 18 that in the first quarter of this year, China's digital economy continued to maintain a good development momentum. The core industries of the digital economy have shown good growth momentum, with growth rates remaining above 10%. In terms of regional distribution and total number of companies, the eastern region is leading the way. In the first quarter of this year, A-share listed companies in the core industries of the digital economy in the eastern region contributed more than 90% of the country's revenue and net profits. Xiao Gang analyzed that this year, in the field of digital finance, most financial institutions have started to access large models like DeepSeek. After DeepSeek promotes AI empowerment, many small and medium-sized financial institutions have the conditions and capabilities to apply AI large models, leading to significant changes in the entire financial industry. Through continuous application of various AI large models represented by DeepSeek, financial institutions have further innovated the ecosystem of digital finance development, improving financial efficiency and customer experience. In terms of the future development of the digital economy and digital finance, Xiao Gang suggested that further promote the deep integration of the digital economy and the real economy. First, it is necessary to further improve the digital economic industry ecosystem, nurture a cooperative ecosystem of "technology-industry-finance" that operates in a virtuous cycle, and further remove some constraints on digital economic consumption; second, accelerate the construction of a governance loop for the development of generative AI financial applications, refine the implementation details of financial scenarios, and focus on the risk governance of AI technology misuse; third, build a high-quality financial data market, explore and improve a series of theoretical bases and practical paths for data element ownership, pricing, valuation, transaction circulation, and entry.