digital technology: the "new engine" for high-quality development...
title: digital technology: the "new engine" for high-quality development of foreign exchange administration
china attaches great importance to the role of digital technology in economic and social development. general secretary xi jinping pointed out in the congratulatory letter of the world internet conference in 2021，"digital technology is being fully integrated into all fields and the whole process of economy，politics，culture，society and ecological civilization construction with new ideas，new forms and new models，having extensive and profound impacts on the production and life of humankind." over the past 40 years of reform and opening up，foreign exchange technology has provided strong support and momentum for serving the real economy，preventing financial risks，and deepening reforms on all fronts in the foreign exchange field，with the advancement from computerization and informatization to networking and digitization and the development of digital technology from non-existence to existence and from existence to excellence.
the development of digital technology has brought new opportunities and challenges to foreign exchange administration. on the one hand，it is urgently necessary to take advantage of the digital technology to grasp the development opportunities emerging in the foreign exchange field. in recent years，as cross-border financial activities have generated recordable and interactive data，information，and knowledge with the method of digitalization，data has become a new means of production and a key production factor. foreign exchange administration can collect more comprehensive and detailed cross-border financial data through technical means for all traces of regulatory data. the development of data information processing technologies such as big data and artificial intelligence has greatly improved the timeliness，automation and intelligence of data processing. applying these technologies to foreign exchange administration can boost foreign exchange supervision and service efficiency. on the other hand，there is an urgent need to develop digital technology to give the power and improve the efficiency to address new difficulties and challenges in the foreign exchange field. in the complex and ever-changing global landscape，uncertainties and instabilities increased obviously. the volatility of cross-border capital flows increased due to the higher efficiency of cross-border capital flows; the development and application of science and technology in the cross-border financial field has made traditional financial risks and technological risks intertwined，and foreign exchange products and services present cross-regional，cross-market，and cross-industry characteristics，which brings impact on the traditional foreign exchange regulatory system. as financial technology has entered the paperless and electronic era，the cross-border capital flows become more convenient，posing challenges to the original，traditional regulatory models，including business review，evidence collection.
