The 2018 Hangzhou Bay Forum is held in Hangzhou, Zhejiang province, on Oct 18. [Photo/hangzhou.com.cn]

The significance of financial technology came into sharp focus on Oct 18, as the 2018 Hangzhou Bay Forum opened in Hangzhou, Zhejiang province.

With the theme of "Fintech- the link to a smart future", the forum brought together a gathering of influential figures and renowned experts in the international politics and business community, to explore the economic development of China and the world as a whole, as well as the latest trends in financial technology.

China has emerged as a major player in the financial industry through investment in big data, cloud computing and financial technology, according to former French prime minister Dominique de Villepin.

"Digital economy is the driving force for the development of finance and the economy as a whole," he said, adding that China, the United States and Europe should bolster cooperation in financial technology and seek a consensus in monetary policies and other financial matters.

Villepin noted that financial technology, which provides people with stable and fast transactions, has great potential in optimizing data analysis and enhancing users' experiences in the banking service industry.

However, Christopher Pissarides, a Nobel Laureate in Economic Science, pointed out that 15 percent of the employed could be influenced by the application of artificial intelligence (AI) technologies in the next 20 years.

"It doesn't mean every job will be replaced by AI in the future, but the labor market will witness a structural shift.”

At present, Hangzhou is striving to take the lead in the national digital economy by focusing on four areas, including the research and development of new technologies, the establishment of an inclusive financial system, further opening up of financial technology and improving financial technology to better serve the construction of a digital city, according to Zhou Jiangyong, Party secretary of Hangzhou.

In 2017, the added value of the financial industry in Hangzhou reached 105.4 billion yuan ($15.21 billion), ranking 7th nationwide.

Dominique de Villepin, former French prime minister makes a keynote speech at the 2018 Hangzhou Bay Forum in Hangzhou, Zhejiang province, on Oct 18. [Photo/hangzhou.com.cn]