Author: Ruan Jianhong, Director General of the Statistics and Analysis Department of the People’s Bank of China (PBC)
Abstract: President Xi Jinping pointed out in the Notes to the Recommendations for the 13th Five-Year Plan that “we should coordinate the compilation of comprehensive statistics on the financial sector, and through the full-scale collection of financial sector data, strengthen financial macro-management and maintain financial stability.” The meteoric rise of big data technologies in recent years has provided powerful tools for compiling and analyzing financial statistics. Bringing major improvements to the efficiency, accuracy, and relevance of the compilation and analysis of financial statistics, these technologies help enhance the framework of financial statistics. Earnestly implementing President Xi Jinping’s call for compiling comprehensive financial sector statistics, the PBC extensively reviewed how developed countries wield large sets of financial data to serve macro-management objectives, and approached the task of data governance thoroughly by starting from the underlying data. Big data techniques are used to analyze macro-economic and financial situations to more effectively support macro-management and prevent and control systemic risks. The PBC has made some achievements in this endeavor, including preliminarily resolving the difficulties associated with information gathering and use.
Keywords: comprehensive financial sector statistics, big data
On Using Big Financial Data for Macro-management——Explorations and Practices.pdf
