Fintech to energize real economy, cut risks

Financial technology, or fintech, should be given full play to energize the real economy and rein in potential risks, according to officials, executives and experts attending the 4th World Internet Conference in Wuzhen, Zhejiang province.

Serving the real economy is the "direction and operating guide" of the financial industry, said Liu Guoqiang, assistant governor of the People's Bank of China, the central bank.

Profits from the financial industry could falter, burst into bubbles and even collapse, if the sector fails to provide services that are high-quality, efficient and cost-effective to businesses, he told a fintech panel during the three-day conference that ended on Tuesday.