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First US-China innovation and credit conference held in San Francisco

By Han Shasha (People's Daily Online)    13:06, February 01, 2016
First US-China innovation and credit conference held in San Francisco
Business leaders from China and America discuss online payment at the Continuum SF Innovation and Credit Conference. (People's Daily Online/Han Shasha)

San Francisco, Jan. 28, --- Over 500 attendees including governmental officials, experts and business leaders from China and the United States discussed bilateral cooperation and opportunities at the first cross-Pacific innovation and credit conference in San Francisco on Wednesday and Thursday.

Ed Lee, mayor of San Francisco said in his keynote speech that "As the mayor of San Francisco, I love innovation, and I love lots of credit as well. If work properly, it can make a city like San Francisco predominant in leading the rest of the world to get things done."

America has a well developed and mature market of internet finance based on close supervision, sound credit system and effective risk management. Compared to this, the rapid growth of internet financing and its popularity among Chinese people faces many problems, such as insufficient supervision, incomplete personal credit system, and opaque data, which resulted in cheating and swindling. Many online platform operators even absconded with clients’ money, which casts a shadow over the whole industry.

Shi He, COO of Ping An Puhui, a full subsidiary of China's Ping An Group, said that the momentum of the Internet finance in China has outstripped that in the United States. "China has huge potential and that's the advantage." "He also noted that "We need to borrow America's sophisticated credit system and risk management, combined with new technology, to explore and build up a credit and risk management system that suitable to the Chinese market."

Pengfeng Shi, CEO of Wangdai Zhijia, Carmen Hearn, senior director of product at Experian, Lingyun Gu, CEO of Ice Kredit and other panelists also discussed the opportunity for Sino-US collaboration in the credit reporting.

According to Linquan Luo, Chinese Consul General in San Francisco, as of the end of 2015, there have been 214 registered Chinese companies landing their business in San Francisco. With more and more Chinese companies going global, frequent business exchanges enable Chinese companies to learn and bring back advanced ideas and system, thus promoting the development of the Internet financing industry.

Innovation lies at the heart of the San Francisco Bay Area's economy, and this area is considered to be the world’s leading center for innovation, particularly in technology. That's why innovation is also an important theme at the conference. Ron Conway, founder of SV Angel and Investor in Salesforce, addressed to the audience "why innovation in San Francisco has been successful." He said that one of the distinctive elements of the Bay Area’s success is venture capital. Venture funding, as well as the funding of very young companies by angel investors, has fueled much of the technology commercialization in the region. The booklet of Continuum SF read that San Francisco produces more patents than any other city in the United States and attracts 48% of the nation's total venture capital investments.

Continuum SF Innovation and Credit Conference is initiated by the mayor of San Francisco Ed Lee and co-organized by ChinaSF and SyncUS International.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Editor:Kong Defang,Bianji)

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