On the morning of November 10, 2020, Xu Feipeng, Chief of the Information Office of Department of Finance of Hubei Province, Xu Wei, Director of Beijing DasyTech and other delegates visited the IIDPF to conduct research and exchange. Professor Lu Yuanping, Executive Vice Dean, Professor Wang Jinxiu of the School of Public Finance and Taxation, Associate Professor Yang Guochao, Director of the Finance Data Centre and School of Accounting, Professor Wu Lei and Associate Professor Zhao Ying of the School of Public Finance and Taxation, and Dr. Wan Xin accompanied the research and exchange.
The subsequent exchange symposium was chaired by Executive Vice Dean Professor Lu Yuanping. At the beginning of the session, Professor Lu Yuanping gave a presentation on the development of the IIDPF and highlighted the importance of big fiscal data in policy-making and research. Immediately afterwards, Section Chief Xu Feipeng gave a presentation on the two major systems of budget management and big data platform being built by the Provincial Finance Department, presenting the current financial data model and the difficulties in data governance. Chief Xu believes that the focus of fiscal big data lies in the theoretical and logical analysis behind big data, and expressed his willingness to develop in-depth cooperation with IIDPF. Xu Wei, Director of Beijing Dasy Tech, introduced in detail the bearing functions of the Hubei Financial Data Centre project and the next step of the project, and consulted the attending experts and scholars on data analysis and auxiliary decision-making in financial budget execution, and data feeding business.
During the meeting, experts and scholars had an in-depth exchange on the direction and content of future cooperation. Professor Wang Jinxiu stressed that the issue of finance and taxation is an interdisciplinary issue, and that the construction of an integrated performance and budget management system should play the role of finance, and should combine "industry, academia, research and government". According to Professor Wang, the key to improving the integrated budget performance system lies in the sharing and effective use of data across departments. We should establish disaggregated indicators to provide reference and judgement criteria, and form a standardised template for all data and all types of applicable methods to be applied in the construction of integrated systems.
Professor Wu Lei answered Beijing Dasy Tech's questions on research methodology, correlation analysis and supporting results, suggesting that the system should be optimised at four levels: acquiring data, sorting out logic, building models and decision-making mechanisms. Professor Wu pointed out that data analysis can be done using 'data-driven' and simulation through 'simulation mechanisms' to develop decision-making mechanisms.
In conclusion, Professor Lu Yuanping pointed out in his speech that IIDPF's professional advantages in the field of finance and taxation should be utilized to provide more solid theoretical support for the construction of the integrated system of performance budget, as well as the research and application of blockchain and big data.