Fundamental Scientific Questions in the Institutional Mechanisms of the Five Key Areas of Finance

The 2023 Central Financial Work Conference highlighted the importance of five key areas of finance—technology finance，green finance，inclusive finance，pension finance，and digital finance—as the core components of building a strong financial system. At its essence，finance functions as a market mechanism. Advancing these five key areas requires moving beyond the traditional “risk-return” paradigm and innovatively designing mechanisms that endogenize the social functions of financial services，thereby incorporating social benefits such as technological innovation，green development，and common prosperity into the institutional framework. This paper，drawing on major national priorities and the frontiers of academic research，proposes the basic principles and a preliminary theoretical framework for institutional development in these five areas. It systematically reviews the practical challenges and institutional issues in each of the five areas and identifies the corresponding fundamental scientific questions. Given the complexity of the financial system，institutional design across these areas constitutes a systems-level project involving wide-ranging and demanding scientific challenges. Advancing research in these areas will support the development of a new financial system that integrates market efficiency with social value.