Digitalization of Control and Supervisory Activities of Financial Market Participants in China

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Abstract

Recently, the People's Republic of China has become the world leader in development of digital economy. The information technologies are being widely implemented both in business and government agencies. This makes it possible to create and develop large-scale national systems for collecting and processing a large volume of diverse information on the activities of financial market participants. The purpose of this paper is to study the specifics of the application of digital technologies by the Chinese authorities to improve their control activities in the financial and budgetary sphere. Using the methods of analysis, synthesis, interpretation and generalization of information and data from scientific articles, official Internet resources of state authorities, analytical reports and media publications, the features of digitalization of financial monitoring, audit and supervision in China are identified. The main participants of the internal state financial control and their areas of responsibility are shown. The key concepts and projects for digitalization of audit and supervision functions are provided, such as: the Internet Plus concept, the Golden Audit project, project of implementation of the system of monitoring of financial risks, early notification and warning of their occurrence, both of control bodies and controlled entities. The latest trends and areas of application of technologies based on artificial intelligence and big data, including the active use of chatbots, machine learning methods and natural language processing tools are noted. The actions that China is taking to reduce risks, and improve the efficiency of financial market participants, both organizational and in terms of regulatory and legal support.

About the authors

O. I Dolganova

Financial University under the Government of the Russian Federation

Author for correspondence.
Email: oidolganova@fa.ru
ORCID iD: 0000-0001-6060-5421

Ph.D. (Economics), Associate Professor of Department of Financial Technologies, Leading Research Fellow of Institute for Financial Studies, Faculty of Finance

Moscow, 125167, Russian Federation

D. A Kozyrev

Financial University under the Government of the Russian Federation

Email: 211289@edu.fa.ru
ORCID iD: 0009-0002-8803-4581

Research intern of Institute for Financial Studies, Faculty of Finance

Moscow, 125167, Russian Federation

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