On April 25th, General Secretary Xi Jinping pointed out at the 20th collective study of the Bureau of the CPC Central Committee: "As a strategic technology that leads the new round of technological revolution and industrial transformation, artificial intelligence has profoundly changed the way humans produce and live The Party Central Committee attaches great importance to the development of artificial intelligence. In recent years, it has perfected the top-level design, strengthened the work deployment, and the overall and systematic leap of China's comprehensive strength in artificial intelligence." Artificial intelligence has typical general technology characteristics and strong spillover driving effect, which can play a role in all economic activities, and the financial field is one of them. In recent years, the innovative application of artificial intelligence in the financial field has played an important role in improving the quality efficiency of financial services. To comprehensively promote the empowerment application of artificial intelligence in the financial field, it is necessary to deeply study and implement the important exposition of General Secretary Xi Jinping on artificial intelligence and financial development.
Multiple works in the first volume of "Selected Economic Writings of Xi Jinping" have made profound discussions on financial. For example, "Serving the Real Economy and Preventing Financial Risks" points out: "We should be rooted in serving the real economy and carry out financial innovation meet the needs of consumers and investors"; "Providing High-Quality Financial Services for Economic and Social Development" points out: "In order to provide high-quality financial services the financial system should focus on doing a good job in five major articles: science and technology finance, green finance, inclusive finance, pension finance, and digital finance"; "W on the Road of Financial Development with Chinese Characteristics" points out that in view of the problems existing in China's financial system, "we should deepen the structural reform of financial supply side, straighten out the relationship between indirect financing and direct financing, equity financing and debt financing, optimize the structure of the financial system, improve financial infrastructure, and the quality and efficiency of financial services"; and so on. These important expositions have pointed out the direction for improving the quality and efficiency of financial services.

To high-quality financial services for economic and social development, strengthening financial innovation is an important means. Artificial intelligence is a new field of human development and provides an important support for promoting financial and improving the quality and efficiency of financial services. General Secretary Xi Jinping pointed out: "China has a wealth of data resources, a complete industrial system, a broad range of scenarios, and a huge market space. We should promote the deep integration of artificial intelligence technology innovation and industrial innovation.

At present, the overall development of artificial intelligence in China has entered the first echelon in the world and the application scenarios in the financial field are very extensive. From front-end marketing to back-end operation and then to analysis and decision-making, the application of artificial intelligence runs through the entire chain of financial services. Among them, the more important application scenarios include: providing customer service that can achieve quick and effective communication based on natural language through large- information processing; using big data analysis and machine learning technology to identify abnormal transactions and potential fraud; based on personal data and behavior patterns, credit evaluation and prediction of borrowers; using and data analysis to provide personalized investment advice for investors; and so on. Overall, through better processing of financial data, predicting market trends, optimizing customer services and managing financial risks, innovative application of artificial intelligence in the financial field provides an important support for improving the quality of financial services, and plays a role in expanding the scale, improving efficiency, improving user experience reducing costs, and reducing contact and controlling risks.
For example, big technology credit is one of the relatively mature financial innovation businesses in China, and its core is to the behavior of potential borrowers and make high-quality credit decisions through credit risk assessment based on big data and artificial intelligence algorithms. This is of great significance for promoting the solution to the of difficult and expensive financing for private enterprises, especially for small and medium-sized enterprises. In practice, some private enterprises are relatively weak in the financial market due to information asymmetry and risk resistance, and they have poor financing accessibility and availability, which is manifested as difficult financing. For private enterprises that can obtain financing, financial institutions add risk compensation to the loan rate in order to cover the risk, which leads to expensive financing. Big technology credit can effectively overcome the information asymmetry between banks and enterprises, promote the development of digital inclusive finance, a big technology credit platform can provide credit services to tens of millions or even hundreds of millions of individual consumers or small and medium-sized enterprises at the same time.
For, the innovative application of artificial intelligence in the financial field will change the formation and transmission mechanism of financial risks. In the traditional financial system, many small and medium-sized enterprises obtain credit with collateral, which will form a positive feedback mechanism between the price of collateral and the supply of bank credit, that is, the higher the price of collateral, the more supply. This will further push up the price of collateral, and vice versa. This is obviously not conducive to maintaining financial stability, and some scholars use the term "financial" to describe this process. Some studies have found that when credit institutions use big data and artificial intelligence algorithms instead of collateral to make credit decisions, the so-called "financial accelerator mechanism will no longer work, which is conducive to maintaining financial stability. This enlightens us that while paying attention to the improvement of the quality and efficiency of financial services by intelligence, we should also pay attention to the role of artificial intelligence in preventing and resolving financial risks.
At the same time, it is worth noting that AI is still rapidly developing and iterating, and its application the financial sector is still in its infancy, with many business models yet to mature. For example, in the field of intelligent investment consultants, which the market has high expectations for there are relatively few successful cases. This also shows that the innovative application of AI in the financial sector is a long-term process, and it is not advisable to be too impatient
The innovative application of AI in the financial sector has also raised concerns about the potential for new financial risks. For example, data breaches can lead to data security issues, giving criminals an opportunity to strike; if there is not enough transparency in the algorithm, and a "black box algorithm" appears, it can easily lead to financial decisions deviating from original intention; there are moral and ethical issues, including the algorithm reflecting human biases in data processing and decision-making, leading to unfair results; different institutions using similar algorithms can easily to risk concentration, which may lead to "herd effects" and "synchronous resonance", and even trigger systemic risks. These issues are worth closely monitoring by financial regulatory authorities
As the application of AI in the financial sector becomes increasingly widespread, financial regulation must keep pace with the times and effectively prevent financial risks. First, we need to strengthen the building of financial supervision. We need to increase investment in human and intellectual resources, fully understand the financial risk points, and do a good job in prediction and prevention. Second, need to strengthen the supervision of technology. In the future, technology may become a source of financial risk. Therefore, on the basis of strengthening institutional supervision, behavioural supervision, functional, penetrating supervision and continuous supervision, we can strengthen the supervision of technology, and conduct technical risk assessments of financial transactions, businesses, products and institutions. Third, we need to an algorithm review system. In view of phenomena such as "algorithm black box", we need to establish an algorithm review system to improve the interpretability and transparency of algorithms. Fourth we can try to introduce a "regulatory sandbox". Faced with uncertain but potentially highly efficient AI financial innovations, regulatory authorities can cooperate with innovative institutions to create a relatively and scientifically reasonable regulatory environment, with innovative institutions focusing on business models and regulatory authorities focusing on risk control, to achieve a balance between regulation and innovation.
At present, China accelerating the construction of a financial power. In this process, we must strengthen the duty of finance to serve the real economy, and adhere to the bottom line of not allowing systemic financial to occur. As one of the countries with relatively leading AI research and application in the world, China has the ability to become a leader in the innovative application of AI in the financial, and to promote the high-quality development of finance under the premise of a reasonable balance between efficiency and stability, so that it can make the due contribution to the construction of strong country and the great cause of national rejuvenation.(outlook new era)