On May 26-28, 2023, with the theme of "Quantitative Finance and Insurance in the New Journey of Chinese-style Modernization", the Fifth Annual Conference of Quantitative Finance and Insurance Branch of China Association of Selective Law and Economic Mathematics was successfully held in Nanhu Campus of Zhongnan University of Economics and Law. The annual conference was hosted by the Quantitative Finance and Insurance Branch of China Society of Selective Law and Economic Mathematics, Zhongnan University of Economics and Law, and hosted by the School of Finance, Zhongnan University of Economics and Law, and the Innovation and Introduction Base of Digital Technology and Modern Finance. It was also the Collaborative Innovation Center of Industrial Upgrading and Regional Finance in Hubei Province. Financial Innovation, Resource Allocation and Risk Management, National Natural Science Foundation, Research Center for Financial Engineering and Risk Management, Sun Yat-sen University, and Business School of Southern University of Science and Technology. The annual conference received "Journal of Management Science", "System Engineering Theory and Practice", "Journal of Econometrics", "Journal of Zhongnan University of Economics and Law", "China Finance Review International", "Financial Innovation" and "Finance Research" Letters and other journals as well as Gordon Education, Anhui Zhixinyun Education Technology Co., LTD.

This academic event attracted more than 500 universities from home and abroad, such as University of Chinese Academy of Sciences, Peking University, Tsinghua University, Fudan University, Nanjing University, Shanghai Jiaotong University, Wuhan University, Sun Yat-sen University, Renmin University of China, Xiamen University, Nankai University, Tianjin University, Beijing University of Aeronautics and Astronautics, Xi 'an Jiaotong University, Southeast University, Huazhong University of Science and Technology, Shandong University Tongji University, Sichuan University, Beijing Normal University, East China Normal University, Northwest University, Hunan University, Shanghai University of Finance and Economics, Central University of Finance and Economics, University of International Business and Economics, Southwestern University of Finance and Economics, Southern University of Science and Technology, Zhongnan University of Economics and Law, Chinese University of Hong Kong, Hong Kong Polytechnic University, Columbia University, National University of Singapore, Northeastern University, University of Southampton (in no particular order) academics, students and experts in the industry.

The opening ceremony of the annual meeting and the presentation site

On the morning of May 27th, the opening ceremony of the Annual Conference was held in the Academic Lecture Hall of Wenquan Building, Central South University of Finance and Economics. Prof.Mingshan Zhou, Member of the Standing Committee of the Party Committee and Vice President of Zhongnan University of Economics and Law, delivered a speech on behalf of the conference sponsor, Zhongnan University of Economics and Law. He extended a warm welcome to all the distinguished leaders, experts and scholars, briefly introduced the development history of Zhongnan University of Economics and Law, and sincerely hoped that the Branch of Quantitative Finance and Insurance and other colleges and universities could offer suggestions and valuable suggestions for the development of various undertakings of Zhongnan University of Economics and Law, so as to strengthen cooperation and common development. Zhongfei Li, Chairman, represented the Quantitative Finance and Insurance Branch of the China Society of Selective Law and Economic Mathematics, co-organizers: the Research Group on Financial Innovation, Resource Allocation and Risk Management Innovation of the National Natural Science Foundation of China, the Research Center for Financial Engineering and Risk Management of Sun Yat-sen University, the Key Research Base of Humanities and Social Sciences in Guangdong Province, and the Business School of Southern University of Science and Technology. I would like to extend my warm welcome and heartfelt thanks to all the delegates. The opening ceremony was presided over by Professor Minggui Yu, Dean of School of Finance, Zhongnan University of Economics and Law, co-director of Digital Technology and Modern Financial Discipline Innovation and Introduction Base.

Professor Mingshan Zhou, Member of the Standing Committee and Vice President of Zhongnan University of Economics and Law, delivered a speech

Chairman Zhongfei Li delivered a speech

Prof. Minggui Yu, Dean of School of Finance, Zhongnan University of Economics and Law, Co-director of Digital Technology and Modern Financial Discipline Innovation and Introduction Base, presided over the seminar

The opening ceremony was followed by the conference report. Prof. Shouyang Wang, Academician of the Academy of Sciences of Developing Countries and Professor of the University of Chinese Academy of Sciences, delivered a conference report entitled "ChatGPT+ Finance: Eight Research Directions and Issues Worthy of Special Attention". Academician Wang reviewed the development history of ChatGPT, analyzed the application and development prospect of ChatGPT in the financial field, and discussed the impact on the financial industry and risk regulation and other issues. The chairman of the conference, Professor Zhongfei Li of Southern University of Science and Technology, delivered a report on the conference entitled "Forecasting Cryptocurrency Returns with Machine Learning". Professor Li's team used machine learning models to predict the long-term returns of 3,703 cryptocurrencies, showing that cryptocurrencies are closer to assets than currencies. As an asset, cryptocurrencies are not inefficient, and the cost of production does not determine their price. Professor Xunyu Zhou from Columbia University delivered an online conference report entitled Reinforcement Learning in Continuous Time and Data-Driven Markowitz Strategies. Professor Zhou presented recent developments in reinforcement learning theory in continuous time and state Spaces and possible continuous action Spaces, including exploratory formulation, policy evaluation, policy gradient and on/off policy q learning, and the application of data-driven mean-variance portfolio selection. Zuoyi Liu, Deputy Director of the Management Science Department of the National Natural Science Foundation of China attended the meeting online and delivered a speech.

Shouyang Wang, Academician of Academy of Sciences of Developing Countries and Researcher of Chinese Academy of Sciences, delivered a report at the conference

The chairman of the conference, Professor Zhongfei Li from Southern University of Science and Technology, delivered the conference report

Columbia University Professor Xunyu Zhou delivered the conference report

Zuoyi Liu, Deputy Director of the Management Science Department of the National Natural Science Foundation of China, delivered the conference report

On the afternoon of May 27 and the morning of May 28, the annual meeting held a number of special presentations. In the special session of Econometric Modeling and Forecasting, a major project of National Natural Science Foundation of China, Prof. Yuezhou CAI, Institute of Quantitative and Technical Economics, Chinese Academy of Social Sciences; Prof. Qingfu Liu, Fudan University; Prof. Jinyuan Chang, Southwestern University of Finance and Economics; Prof.  Guangzhong Li, Sun Yat-sen University; Prof. Xianbo Zhou, Sun Yat-sen University; Prof. Yunhao  Dai, Huazhong University of Science and Technology; and Prof.Di Luo , University of Southampton, UK, delivered special presentations. Professor Zhongfei Li from Southern University of Science and Technology will host the special session.

In the forum for Editors of academic journals, Prof. Wenfeng Wu, Executive Editor of China Finance Review International; Prof. Xiong Xiong, Editorial Director of Journal of Management Science; Prof. Lin Li, Editorial Director of Systems Engineering Theory and Practice and Journal of Econometrics Professor Lin Zhao, Executive editor of Innovation, and Professor Mingming  Chang, executive deputy editor of Journal of Zhongnan University of Economics and Law, introduced the journal respectively. Professor Yongbin Lv from Zhongnan University of Economics and Law hosted the special session.

Academic journal editor-in-chief forum site

In the seven Distinguished Scholars Forum sessions, Professor Ying Fang of Xiamen University, Professor Chenxu Li of Peking University, Professor Jinyan Hu of Qingdao University, Professor Ninghua Zhong of Tongji University, Professor Xiaoxing Liu of Southeast University, Professor Wenfeng Wu of Shanghai Jiaotong University, Professor Honghai Yu of Nanjing University, Professor Xiaoneng Zhu  of Shanghai University of Finance and Economics, Professor Xiong Xiong of Tianjin University, Professor Zhaojun Yang of Southern University of Science and Technology, Professor Jianqiu Bai of Northeastern University (Online), Presentations were made by Prof. Yao Lu from Tsinghua University, Prof. Qunzi Zhang from Shandong University, Prof. Ye Guo from Xiamen University, Prof. Hongfeng Peng from Shandong University of Finance and Economics, Prof. Zihui Yang from Southern University of Science and Technology, Prof. Fuwei Jiang  from Central University of Finance and Economics, Prof. Yudong Wang  from Nanjing University of Science and Technology. Prof. Mingshan Zhou from Zhongnan University of Economics and Law, Prof. Qinghua Song  from Zhongnan University of Economics and Law, Prof. Yong Fang from University of Chinese Academy of Sciences, Prof. Zhiping Chen from Xi 'an Jiaotong University, Prof. Ping Li from Beijing University of Aeronautics and Astronautics, Prof. Hongquan Zhu from Southwest Jiaotong University and Prof. Zhidong Liu from Central University of Finance and Economics presided over the special sessions.

On the afternoon of May 27 and 28, the annual conference held 29 parallel sub-forums, 203 paper presentations, and academic exchanges between scholars from more than 120 universities at home and abroad. These studies covered the latest developments in corporate finance, asset pricing, financial machine learning, risk management, behavioral finance, life insurance actuarial, fintech, investment decision and derivatives, carbon finance, capital markets, investment portfolio, non-life insurance actuarial, ESG, option pricing, green finance and other fields, which caused active discussions and full communication among participants.

On the evening of May 27, the Executive Council of the Quantitative Finance and Insurance Branch was held. Professor Yan Zeng, Secretary General of the branch, delivered the 2022 annual work report. Executive director after full discussion, selected 8 excellent papers.

Quantitative Finance and Insurance Branch Executive Council site

At 5 PM on May 28, the annual conference will be held until the closing ceremony. The main agenda of the closing ceremony includes: the bid unit of the 2025 Annual conference, the awarding of the 5th (2023) annual conference excellent papers, the 5th (2023) annual conference leadership summary speech, the 5th (2023) annual conference chairman summary speech. According to the vote of participants, the Annual meeting of Quantitative Finance and Insurance Branch 2025 will be held in Yunnan University of Finance and Economics. Yan Zeng, Secretary-General of the conference and Professor of Sun Yat-sen University, presided over the closing ceremony.

List of outstanding papers

(in no particular order)

Awarded the 5th Annual Conference (2023) excellent papers

Thus, the fifth (2023) Annual Conference of Quantitative Finance and Insurance Branch of China Superior Selection Law Planning Law and Economic Mathematics Research Society came to a successful conclusion. The annual meeting was held in a combination of offline and online. More than 500 people attended the annual meeting offline, 203 papers were selected and 8 excellent papers were evaluated. The opening ceremony and the conference report were broadcasted live on the platform of theory, and the cumulative broadcast volume exceeded 10,000 people on that day. All the participants said that the annual report was wonderful, the paper presentation was full of flowers, the exchange was full, and the meeting benefited a lot. It provided a high-quality academic exchange platform for scholars in the field of quantitative finance and insurance.