Press Conference of China Wealth Management Development Index

2017-11-09 IMI

On November 9, 2017, Renmin University of China held a Press Conference of China Wealth Management Development Index in Jinjialing Financial District, Qingdao City. Wan Jianzhong, Deputy Secretary General of Qingdao Municipal Government, attended the conference and delivered a speech. Bai Guangshao, director of the Qingdao Municipal Office of Finance, Zhuang Yumin, head of the research team of China Wealth Management Development Index and dean of the School of Finance of Renmin University of China attended the conference. Produced by the School of Finance and the Wealth Management Research Center of RUC, the Report of China Wealth Management Development Index is a comprehensive, systematic analysis from the index perspective for the first time. The report, based on scientific, forward-looking and international principles, tries to objectively and quantitatively reflect the overall level and dynamic characteristics of the wealth management sector in recent years. Index in the report comprises four types: global macro index, China’s Index, regional index and the prospect of wealth management index. It builds index from the development of global wealth management, the scale, products, institutions, reputation and talent pool of China's wealth management sector, and regional development of index. The research indicates as follows: Firstly, global private wealth management continues to scale up. Wealth management in developed regions such as North America and Western Europe not only boasts a large scale but also enjoys a relatively better environment. Due to the rapid economic growth and the continuous accumulation of private wealth in Asia, Africa, the Middle East and other regions, the growth rate of the wealth management scale has surpassed the developed areas, but the sector environment needs to be improved. Secondly, the scale of China’s wealth management sector and the number of its products has shown a rapid growth over the past three years as a whole. However, the differentiation of various industries tends to be clear. In terms of industry scale, the fund sector recorded the fastest growth and the largest increase. In terms of the number of products, the securities and fund industries increased year by year while the banking industry declined slowly. The concentration of China's wealth management institutions has declined slightly over the past three years. Among them, the banking and insurance industries continued to decline, while the trust and securities industries rose slightly and the fund industry showed a downward trend. However, the decline was not obvious. Thirdly, the wealth management institutions gradually gained better social reputation year by year. However, comparing cross-sectional data, traditional commercial banks, insurance companies and other institutions have a higher social awareness and better reputation. However, emerging private equity funds, third parties’ wealth management agency's reputation is still relatively low. Fourth, the number of professionals in this industry has steadily risen. However, the situation of lacking high-end talent has not been eased in essence, and building a qualified team remains an arduous task. Fifthly, analyzing the development of regional wealth management industries in four municipalities directly under the Central Government and 15 sub-provincial cities in China, it can be seen that Shanghai, Shenzhen, Beijing, Qingdao and Hangzhou are among the highest in the sample cities. However, in terms of sub-indicators, cities have different emphases and different forms of competitive differentiation have gradually taken shape. Sixthly, from the forward-looking index analysis, we can see that the potential for wealth management in China is still huge. Although the growth of banks and trust industries will relatively decelerate, wealth management companies in charge of securities, funds and insurance will have a bright future. In terms of regional development, wealth management in Beijing, Shanghai and Shenzhen will take the lead in the future. The development of wealth management in Qingdao and other cities shows a good momentum. Qingdao, as the only comprehensive financial reform pilot zone in China with wealth management as the focus, has accelerated the pace of supporting financial institutions and professional wealth management institutions in recent years. Various wealth management factor markets have been successively put into operation. Various wealth management forums have exerted more and more influence. Qingdao is speeding up to build Jinjialing financial district with a total area of 23.7 square kilometers, which will provide a good platform and environment for economy growth. It also has rapidly expanded its financial industry featuring wealth management. Nowadays, the pilot zone has become increasingly prominent in promoting financial growth and supporting the transformation and upgrading of the real economy. Therefore, founding China's wealth management development index plays an important role in objectively reflecting the status quo of China's wealth management industry, deeply analyzing and grasping the trend of global wealth management, and have critical value in theory and practice when China is deepening the financial reform and opening up, as well as innovating its own wealth management industry.

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Press Conference of China Wealth Management Development Index

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