At the "carbon-neutral economy" forum in Wudaokou, Tsinghua University today, Xiao Gang, former chairman of the China Securities Regulatory Commission, pointed out that the dual-carbon target has affected the financial system in many aspects and brought about major changes to the business model of the financial industry. it has a long-term and systematic impact on financial asset pricing, valuation, information disclosure and risk management. At the same time, we also need to be wary of the possible risks posed by the dual-carbon target. According to some estimates, the rate of bad bank loans may rise to 11%, and the default rate of bonds may increase fourfold.