PANews reported on December 22 that according to Jinshi, Xiao Gang, former chairman of the China Securities Regulatory Commission, said at the "AI+Finance" summit of the National Wealth Development Research Cooperation Platform on December 22 that artificial intelligence is a "double-edged sword". On the one hand, it has led a new round of scientific and technological revolution and industrial revolution, profoundly changing social production and life, and also profoundly changing the form and model of the financial industry. On the other hand, it has also generated various risks and challenges. From the perspective of smart finance, Xiao Gang believes that artificial intelligence has greatly improved the ability of financial institutions to identify, warn and control risks, but it has not dispersed or eliminated financial risks. Therefore, the essence of smart finance is still finance, and it must follow the basic laws of finance. In order to strengthen the governance of financial AI algorithms and models, Xiao Gang believes that an algorithm model governance framework should be established, with laws and regulations at the top level, and this framework also includes goals, organizations, tasks, and ecology.