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Industrial Internet Key to Future Digital Economy, Says Former Chongqing Mayor

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It is reported that Huang Qifan, the former mayor of Chongqing, said at the Pearl Bay Financial Summit (2023) hosted by the China Finance 40 Forum on February …

Industrial Internet Key to Future Digital Economy, Says Former Chongqing Mayor

It is reported that Huang Qifan, the former mayor of Chongqing, said at the Pearl Bay Financial Summit (2023) hosted by the China Finance 40 Forum on February 25 that under the situation of gradually saturated consumer Internet market space, the industrial Internet is an important development direction of the future digital economy, and also a powerful grip to promote China’s economic innovation, transformation and development. Relying on technologies such as the Internet of Things, blockchain, artificial intelligence and big data, industrial digital finance has made the upstream and downstream information and data of the industrial chain fully transparent and hard to tamper with; The first-hand data of full penetration and real-time tracking of assets can be obtained; Real-time monitoring and early warning of potential risks enable financial institutions to see and manage assets, significantly reducing the risk cost of financial services, and is expected to help small and medium-sized enterprises to obtain inclusive financial services in the future, as in the field of consumer finance.

Huang Qifan: Industrial digital finance is the next blue ocean of financial technology

Interpretation of the news:


Former Chongqing Mayor, Huang Qifan, asserted during a financial summit that the industrial Internet is the future of the digital economy in China. This comes at a time when the consumer Internet market space is slowly approaching saturation, and the country’s economy is looking for alternative growth strategies.

Industrial digital finance works by utilizing technologies such as the Internet of Things, blockchain, artificial intelligence, and big data to make the upstream and downstream information and data of the industrial chain fully transparent and difficult to tamper with. It also enables real-time tracking of assets and timely monitoring and early warning of potential risks.

The transparency and real-time tracking of assets support financial institutions to manage assets better, thus significantly reducing the risk cost of financial services. This approach is similar to that of consumer finance, where small and medium-sized enterprises (SMEs) are expected to benefit from inclusive financial services.

The shift towards the industrial Internet is critical as it not only drives digitization but also supports economic growth, innovation and industrial transformation. The industrial internet is creating new means by which suppliers and manufacturers can work together to manage complex processes in real-time, allowing for greater efficiency and cost savings.

China has been a significant player in digital innovation globally. The country has invested in research and development in technology and has adopted a range of policies to create a conducive environment for digital technology development, especially in the industrial sector. For China, the industrial Internet is vital in achieving the objectives set under its Made in China 2025 initiative, which is aimed at boosting domestic production of high-end manufacturing goods.

In conclusion, Huang Qifan’s comments support the notion that the industrial Internet is critical to the future economic development of China. The digital transformation of the country’s economy requires a new approach, and the industrial Internet seems to be the answer. Its adoption promises more transparent and efficient workflows, reducing the risk cost of financial services, and supporting inclusive financial services for SMEs.

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