Peking University Guanghua School of Management Liu Xiaolei: equity financing has to go, the digital era is approaching, there is still Chinese data | P.O.D new bonus potential Summit

In November 28th, 2018 P.O.D New BlockTrend new potential block chain summit jointly sponsored by Odaily and the daily planet 36Kr group held in Beijing. Peking University Guanghua School of Management meeting Liu Xiaolei published “the block chain and the digital economy” keynote speech. She believes that the past is equity financing in Hongkong financial center, the bank as the main financial model. The future is a digital economic era.

Liu Xiaolei said that the past economic growth mode has encountered a bottleneck, the future technological progress or increase productivity, or improve the efficiency of resource allocation. But technology is a long process, we can expect to improve the efficiency of resource allocation block chain technology. Liu Xiaolei believes in this new turning point, the data will be used as a new industrial elements will enter the production process, and China still have data dividend advantage.

She is more optimistic about the block chain technology in terms of data, but said there is still in the primary stage, it also can not afford to support our vision. That may still be in the short term the main chain development alliance.

The following is the speech text:

Liu Xiaolei: first of all thank the organizers for giving me this opportunity to share with you here. I just come back from Hongkong yesterday, because yesterday Hongkong there is a CCTV financial talk show, reviewed 40 years of reform and opening up financial, especially with the financial integration of the Hongkong side. It is very interesting, a review of the past in the future today yesterday.

In my eyes, I think the past is equity financing, to the financial center including banks as the main body of such a financial model. I think in the future we want to enter a digital economy, or digital Chinese. This reaction in our nineteen report is very clear. Internet plus the past five years has made great achievements in the future, we want to enter a digital Chinese such a stage.

In this trend, I think the blockchain is a very new field, the whole industry is in the dark: should choose what kind of business model; how to promote? We are recently there are many papers out of academia, including myself and the accounting department also wrote an article in the academic papers, if you are interested can pay attention to our public number (gsm_blockchain_lab). There is a virtual assets supervision sandbox also want to how to regulate the industry, but there are still in the process of learning, so I share with you here is my point in the learning process and learning experience.

Our economy from the beginning of the demographic dividend, is now the transition to the dividend data. This is our reform and opening up 40th anniversary over the past 40 years, we actually made the so-called economic miracle, China miracle, the academic circles to study why? Probably there is consensus on two points: one is investment, another is our demographic dividend. But this kind of growth model has encountered a bottleneck, we have been faced with overcapacity and the problem of population aging. What about the future? Nineteen we also proposed to improve the total factor productivity, namely or technological progress, or improve the efficiency of resource allocation, technological progress is relatively easy to understand the new technology, but when there is no way to short-term technology progress, if the effective allocation of resources such as bank loans are loans to state-owned or private enterprises, are loans to new energy vehicles or hybrid, can also solve the problem.

My view is that our data as a new factor of production will enter the production process. This is a new feature of the digital economy era. In this new turning point I think Chinese actually have an advantage, because our country is in fact a massive data, in such a transition, I think our country is from the process of transition to the era of the demographic dividend bonus data era, it still has the advantage.

What is the role of the transformation in the central block chain? The data is AI times of the crude oil, the block chain can make the data become assets, has become a prerequisite of data assets is needed data can be right, you have to know who can enter the data of production factors to use. In the right hand chain block data have a brilliant future.

Second digital assets, assets when it comes easy after digital in the above transactions, which contributes to the efficient allocation of resources, to guide capital investment is the future of the industry, the industry to. This is our country’s leaders often say give full play to the effective role of the market in the allocation of resources, if we can first digital assets, then the circulation in the market and pricing, we can achieve better allocation of resources.

But the data used in the process of actually faces many challenges, such as China there are some big data companies being investigated because of illegal data sharing problems. The block chain can be done to allow individuals to protect the privacy of the share in the conditions, such as the blockchain zero knowledge proof technology can protect data privacy in a considerable extent.

The guests also talked about the blockchain innovation opportunities: an innovation is a very important accounting method, accounting why distributed. One is the formation of the recording process, we see is the quarterly and annual reports for a period of time the results of operations. But the blockchain big books it is not only a result, you can see the whole process of the formation of the transaction. This makes the record get good control. This not only Chinese, so foreign.

 Peking University Guanghua School of Management Liu Xiaolei: equity financing has to go, the digital era is approaching, there is still Chinese data | P.O.D new bonus potential Summit There is a map is actually a recent foreign data, it is a kind of Bank of America, European banks in the interbank transaction data to do, we will find it very strange. This line is the end of the season, found at the end of the season the European and American banks will not trade, other time in trading, but not the trend of Bank of america. Why is this so? Because of the financial crisis in 2008 to enter the United States to strengthen the banking supervision, it requires that the bank loan to deposit ratio to meet every day. But the Bank of Japan and the European bank does not require every standard, the standard will report quarterly.

When you meet every day every day, darling, when the bank will only require quarterly compliance at the end of the season in the table to meet, to get the market to loan to other transactions. That is to say, as long as the time when we see a result, that it is the middle of the process there will be a lot of manipulation, so in fact I think that often block chain should embrace regulation, one of my point of view is the fact that regulation should embrace the blockchain, because of the block chain in supervision technology is actually have a brilliant future. If the regulation we now can see a lot of transaction process, is advantageous for regulatory, supervision is actually should embrace the blockchain.

We are also recently with the regulatory authorities in writing a report on science and technology supervision, supervision of how our new technology now to better use the blockchain technology supervision. Another advantage is that the public ledger when multiple information together, it is much easier to shunt.

There is a block chain of ownership, is the problem of digital assets. After it has statistics, digital asset pricing, conducive to the transfer of assets. Now the Internet of things and intelligent hardware development, makes the data using the mobile phone chain becomes very likely.

We then went to Qingdao to visit a university alumni founded the tire company, I was very surprised that the tire can be built to collect data, but the price is very cheap, it is intelligent hardware technology makes this possible data collection.

I personally feel that third is actually a block chain innovation is the largest new organizational model, we will often discuss, Alibaba is a China company? China said the Internet is very powerful, you said that the Alibaba is China company? Early investment in the VC, PE are not Chinese fund, now it is listed in the United States, the vast majority of shareholders are not Chinese, what you said is the Alibaba Chinese company? Indeed, if we view it from the shareholders do not China majority shareholders do. But we from participation in the people’s point of view, Ali, Taobao and Taobao employees in the people who buy things, including the subject of taxation is Chinese, that is to say if we participate this point of view it is indeed a Chinese company. But in the framework of Ali such a limited liability company, people involved in not shareholders, so you buy a lot of things in the money and Ali Ali is not for you, never mind with you. In fact, the more you buy him more money, the owner of Taobao is the same to Ali to pay a lot of money.

Block chain is what new mode, it is the people involved in the project, or the participation of community people is also the owner of the community. Not to mention the domestic project, such as the foreign project is to share the hard disk storage, your hard disk space or you put this hardware store in other drive. I was the project participants at the same time I also this is all of the project, if the project is Token Token, the future value will give me up benefits, so in the blockchain this community, and all of his participants was the project, which is the new organization mode, the company is no longer in the past.

 Peking University Guanghua School of Management Liu Xiaolei: equity financing has to go, the digital era is approaching, there is still Chinese data | P.O.D new bonus potential Summit

Why the company will have this problem, we have a lot of theoretical research, we have numerous academic studies are the organization structure in the company, the company how to do, how to do investment company financing, how to do supervision, the company has entrusted agent. What is this pattern for a limited company and now the listed company, the company goal is to maximize the value of the company, it should make money, it will make money to shareholders which is its main purpose. Any deviation from this purpose we call it the principal-agent problem is wrong, you have any deviation from this objective is wrong.

But from the blockchain community, the community because it does not have a subject, or should not be for the purpose of making money. What is the goal of the community? In a closed door discussion on an industry friend asked me, you said that the community should be what? I personally think that the community is just like a nation, do you think a country is doing what? Obviously, money should not be a national goal, right. Although we want to collect tax, but the tax should not be the ultimate goal of the country, because the tax up again to spend it, through the transfer payment to spend it. The goal of the state should be what? The country’s goal should be to maximize the interests of each of its citizens. This should also be the target of community chain block. I want to become bigger and stronger in our community, and do not want to make money, of course, money may also be a process.

If we compare from the block chain community and country perspective, the central organization is autocratic or authoritarian countries, like bitcoin POW mechanism we understand directly for direct democracy, it is very good for democracy. It is not good that the efficiency is very low, we all know bitcoin expansion, is that it may not be of high efficiency. People become a consensus that POS this mechanism is rich and more money, and DPOS is the ruling elite. Because all the governance efficiency is too low. But we also criticized this model tends to monopoly, elite itself also has its own problems.

This is the case in which Baidu pictures is right, right is the key to the court will not be recognized. But thankfully we have a Hangzhou Internet court case, this is a network of students in their preservation Guanghua company to do. Block chain preservation of evidence is recognized by the court and the Internet, in the Supreme People’s Court on our September on the Internet, the court case was further confirmed that this is actually a judicial confirmation, for the development of our whole industry chain block is a positive role.

I actually feel about digital assets, not so easy to imagine. Because in different industries will have different methods on the chain, I have seen a lot of agricultural traceability project think was not reliable. Because online and offline docking is not so easy. For example, traceability of agricultural products, you can not go to the origin, because the cost is too high, not every Kiwi are posted on a chip. So the selection is mostly in the local source distribution is on the chain, in the agricultural land market. I think every industry has its own unique method of chain entities, the needs of different industries in different areas of people together to explore what kind of model will be better.

Tencent to do the blockchain + invoice as we all know, this is done with a general ticket, I think the general ticket contribution is not large, the future application in larger chain block is a value-added tax, I need to transfer the whole record.

 Peking University Guanghua School of Management Liu Xiaolei: equity financing has to go, the digital era is approaching, there is still Chinese data | P.O.D new bonus potential Summit

This is the case of Fcoin, we are more clearly, this example is in fact and not like imagination of so good. I think the mechanism of setting up community Token is a key, we also have some academic teachers and colleagues to do some exploration and academic articles in this regard.

The time is not to say. I think the blockchain very promising but the current technology is not carrying the lofty vision. Now as the beginning of 90s to discuss mobile phone navigation technology at the time, actually not carrying this vision, of course, with the development of technology and the progress of the day will come, we come to this day. But now I understand the blockchain technology is not so mature, so we are now a lot of application or not, I think in the short term may still be in the development of alliance of the main chain, including the national environment. For our academic environment we are very interested in research in this field combined with you to explore and combined with the application of a better. A few days ago, we actually do a “blockchain @ Guanghua” the first phase of the training include some large coffee industry and invite guests to exchange and discussion, I think that we need to work together to promote the industry, we will engage in the second period in April next year, we also welcome attention to the public, Guanghua block chain (laboratory gsm_blockchain_lab), we focus on the future training project, to share with you today here, thank you.


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