(Yicai Global) April 30 -- New financial technologies will improve China's economic efficiency by  lowering financing thresholds for different social groups, but  regulators and individuals must pay attention to risk control, according  to economists at a fintech conference in Shanghai.

Fintech innovation will  make up for the past shortcomings of finance, such as transaction costs  and scaling problems, Yang Tao, deputy director of the National  Institution for Finance & Development, said at the Ninth China  Financial Science and Technology Summit. Regulators should strengthen  risk management and strive to achieve sustainable financial inclusion in  the society, Yang added.

Authorities, market  players and the public must improve their risk awareness, said An Qilei,  deputy chairman of a social financing committee at the Society of  Public Finance of China.

Innovation may take forms  of digital banking. Banks will make progress toward more open and smart  platforms, said Chen Wen, general manager at IBM Banking and Financing  Markets Solutions China.

Singapore-based Global  Logistic Properties and other 20 domestic and foreign companies received  awards at the two-day conference.

Editor: Emmi Laine