The 2025 Financial Street Forum Annual Meeting will be held on Beijing Financial Street from the 27th to the 30th, and multiple topics of the forum have become the focus of attention from all parties. Among them, the governance of financial black and gray industries is not only a hot topic of concern for financial practitioners at home and abroad, but also a topic of concern for all sectors of society. At the parallel forum on "Financial Risk Prevention and Collaborative Governance in the Digital Age" held on the 28th, the Beijing Municipal People's Procuratorate, together with the Beijing Regulatory Bureau of the State Administration of Financial Supervision and Administration and China University of Political Science and Law, jointly issued the "Joint Initiative on Combating and Governing Financial Black and Gray Products", aiming to build a comprehensive prevention and control system with multi-party linkage and curb the spread of financial black and gray products. What are financial black and grey products? Ms. Li from Beijing recently received a strange phone call, stating that she could undergo "credit repair" and would need to provide her bank card, ID card, phone number, and pay a certain fee. Therefore, there was a credit card default situation before, and Ms. Li paid the fees, but not only did she not "repair" her credit report, but she was also defrauded of a large amount of funds. Ms. Li's experience is one of the manifestations of financial black and grey industries. The relevant person in charge of the Beijing Regulatory Bureau of the State Administration of Financial Supervision and Administration introduced that financial black and grey products also include improper debt collection, illegal loan intermediaries, malicious debt evasion, illegal handling of policy refunds and claims, false credit repair, illegal stock recommendations, and so on. Financial black and grey products are like "cancer" hidden in the financial system, which not only seriously infringes on the legitimate rights and interests of the people and financial institutions, but also poses a significant threat to the order of the financial market and the defense line of financial security. The reporter learned that under the wave of AI, financial black and gray industries are showing new characteristics: platform "drainage" needs to be vigilant. For example, illegal loan intermediaries are attracted by online platforms, falsifying bank statements, loan application qualifications and other materials to obtain loans and divide funds, forming a complete chain of "customer acquisition drainage implementation profit sharing". Breaking geographical restrictions through online channels. Illegal stock recommendation black and grey products attract fans across regions through live streaming platforms and other new media, first by teaching financial knowledge such as stocks, and then converting fans into "private domain customers". Financial black and gray industries have the characteristics of chain, cross regional, batch, and concealment, and require the establishment of a prevention and control system that involves judicial, regulatory, industry, platform, and public participation. The joint initiative proposes to tackle the characteristics of financial black and grey industries one by one, including collaborative information sharing, linkage and sound mechanisms, standardized protection of rights and interests, and strengthening of subject responsibilities. The joint initiative proposes to improve the standards for handling complaints and reports while ensuring the reasonable protection of the rights of the masses, to ensure that reasonable demands are handled quickly, to prevent malicious complaints from occupying resources, to focus on high-frequency issues and strengthen source governance, and to protect the legitimate rights and interests of consumers and institutions. In addition, the joint proposal also clarifies the platform's full process management and control obligations for the qualification verification, information release and risk event disposal of the settled entities, so as to eliminate the liability overhang and block the Internet communication channel of the black ash industry; Strengthen platform content review and enhance the ability to identify illegal intermediaries and online trolls; Promote algorithm traffic to be positive and increase risk warnings for black and gray content. (New Society)