Chasing Modernity: Finance and Technology

Key Terms:

Modernity is a vague term that sparks various debates and controversies around it. The term can be associated with the historical development of modernization processes; a state resulting from technological movement and the working of global capital; a set of institutions and technologies; a set of norms and practices created after the birth of technology; an unfinished social and intellectual project; and the intersection of social change and technology that has led to various dynamic shifts. Considering modernity, technology plays an indispensable role. In simple terms, technology refers to innovations, practical tools, or the application of scientific knowledge that can change courses of action in different industries.

According to the World Bank, financial development is a set of instruments, institutions, markets or legislative and regulatory frameworks that will lead to increased enabling of the movement of money through credit. Financial development is fundamental to reducing the "costs,” and accelerates money transactions across borders, virtually and physically. In addition, financial contracts, markets and intermediaries have emerged as important tools for financial markets in this process of reducing the costs of obtaining information, entering into a contract and executing a transaction. Different financial contracts, markets, and intermediaries have been driven by various types and combinations of information, enforcement, and transaction costs and various legal, regulatory, and tax regimes throughout history.

Why we should concern ourselves with technology and finance in the pursuit of modernity is an open question, but it is a necessary one to ask. Through exploring different aspects and intersections of these two fields, this committee expects to give insights into China’s national and global governance. This can relate to its technological movement and financial development from international relations and security to socio-economic improvement. Especially after the COVID-19 pandemic, China was expected to observe slower economic growth as a result of strict mobility and economic disruptions due to COVID-19. Meanwhile, the pandemic could affect the transition to Sustainable Development Goals. With that premise, this committee hopes to provide opinions to solve those issues through the lens of financial development and technological innovation.

Research Questions:

1. Which ways are better: top-down or bottom-up approaches for technological innovation?

2. What will be China's appropriate approach to AI governance?

3. How does China’s AI governance impact the world’s geopolitical and geo-economic landscape?

4. What fiscal and investment policies support a "low-carbon economy"?

5. What challenges will China's transition to a sustainable and environmentally friendly economy bring to traditional industries?

6. What are the causes and benefits of the Chinese transition to renewable energy?

7. What are the implications of it for the geopolitical order?

8. Can structural reforms that promote the consumption transition, address social inequalities, and boost innovation and productivity growth - including technologies critical to achieving China's dual-carbon goals - help China achieve a more balanced, inclusive and sustainable growth trajectory?

9. What is China’s vision for green financing?