On March 31, 2019, China’s first “Financial Procurement Innovation Lab,” sponsoredby Central University of Finance and Economics (CUFE), JD.com, China FinancialCentralized Procurement Network (CFCPN), and relevant financial institutionsand universities, was officially inaugurated at CUFE followed by its first symposium.Liang Yong, Deputy Party Secretary of CUFE, Wang Xiaoguang, President of CFCPN,Song Chunzheng, Vice President of JD.com, and Wang Ruihua, Dean of the CUFEBusiness School, attended the inauguration ceremony and unveiled the plaque ofthe lab.

Thelab’s first symposium was held after the inauguration ceremony, where attendeeshad an in-depth discussion about standards for the financial procurementindustry and its future trends. Attendees included representatives from over 20financial institutions, such as the Financial Procurement ProfessionalCommittee under the China Society for Finance and Banking, CFCPN, the CorporateBusiness Division of JD.com, CUFE, Nanjing Audit University, China DevelopmentBank, China UnionPay, Bank of China, People’s Insurance Company of China, PingAn Insurance, China Pacific Insurance Company, China CITIC Bank, Beijing RuralCommercial Bank, Shanghai Rural Commercial Bank, China Galaxy Securities, andJinshang Bank.

Atthe symposium, well-informed of the demands of representatives from variousfinancial institutions as well as industrial pains, Professor Yan Nina of theCUFE Business School issued three major research subjects in 2019 on behalf ofthe lab, including “Blockchain-based Value-added Tax Invoice (Special) andFinancial Management Reform,” “Application and Value of Artificial Intelligencein Financial Corporate Procurement,” and “Design of a Data-driven Omni-channelIntelligent Procurement Pricing Mechanism in B2B Supply Chain.” The lab willrelease theWhite Paper on Financial Procurementin due time.