Seminar on China Wealth Management Jinjialing Index (2018)
2019-01-05 IMI
Zhuang Yumin, Dean of the School of Finance of Renmin University of China, and Wang Jinling, deputy director of the Qingdao Finance Office, delivered speeches respectively, introducing the background of the compilation of China's wealth management Jinjialing Index and the development of Qingdao's wealth management financial reform pilot zone. Zhao Xijun, deputy dean of the School of Finance of Renmin University of China, Feng Bo, former general manager of Dalian Commodity Exchange, Sun Lujun, deputy general manager of Guoxin Fund Management Co., Ltd., Liu Lina, Director of the Asset Management Department of China Banking Regulatory Commission, Kong Qinglong, general manager of the private banking division of China Minsheng Bank, Song Yongming, deputy general manager of Minsheng Plus Fund, Li Lin, chief economist and asset allocation research director of Yixin Wealth, and Zhou Wenyuan, managing director and chief researcher of GuotaiJunan Securities Co., Ltd., Qian Zongxin, Dai Wensheng, Gang Jianhua and He Lin, Members of the China Fortune Management Jinjialing Index Report Group attended the seminar. The seminar was hosted by Song Ke, Assistant Dean of the School of Finance of Renmin University of China and Deputy Director of IMI.
At the seminar, the research results of the wealth management Jinjialing Index, jointly carried out by Renmin University of China and Qingdao Jinjialing Financial Cluster Management Committee, were officially released. Qian Zongxin, deputy director of the Wealth Management Research Center of Renmin University of China, introduced the preparation method, specific content and main conclusions of the China Wealth Management Jinjialing Index (2018). The index system covers the four categories of global wealth management development macro index, China wealth management industry development index, regional wealth management index and wealth management forward-looking index. The index relates to the development of global wealth management, China's wealth management industry scale, products, institutions, reputation, talents and regional development of China's wealth management. On the basis, the index made forward-looking predictions on the future development of China's wealth management industry. Studies suggest that:
As seen from the development of the global wealth management industry, the overall scale continues to rise, with emerging markets represented by the Asia-Pacific region growing at a faster rate and the structure evolving toward developed markets. The North American market enjoys large volume and stable growth, and has advantages in terms of market environment. In terms of the development of China's wealth management industry, the scale of wealth management and products are booming, but the trends of various industries are diverging. The wealth management institutions are becoming less concentrated, and differentiation among industries is obvious as well. The reputation of wealth management institutions is increasing year by year, among which in terms of social recognition and reputation, traditional commercial banks and insurance companies are still relatively high compared to that of the emerging private equity funds and third-party wealth management institutions. The number of wealth management talents is growing steadily, but there is still a lack of high-end talent.
Regarding regional wealth management development, among the four municipalities and 15 sub-provincial cities, Beijing, Shanghai, Guangzhou, Shenzhen and Qingdao ranked the top five in the wealth management composite index; however, the advantages between cities are different, presenting a differentiated competitive situation. Judging from the forward-looking analysis of wealth management, China enjoys huge development potential of wealth management. As for industry development, the wealth management of the banking industry has always developed steadily and has great potential. The trust industry rebounded in 2017, and has a bright future. The development of the securities industry and the fund industry may encounter bottlenecks, and the overall industry prospect of the insurance industry is promising. From a regional perspective, Beijing, Shanghai, and Shenzhen will continue to be the pacemaker in China for a long time.
As the core area and a pilot zone of Qingdao's wealth management financial reform, Qingdao Jinjialing Financial District, with the aim of building a global wealth management highland, formulated its development plan as “Firmly grasp the construction of the carrier and promote scale expansion, optimize the financial ecology and strictly control financial risks, and build a scientific and technological financial system” a three-pronged idea. Regarding its positioning, the district aims to build a wealth management hub, financial technology pioneer zone and financial security demonstration zone. It also plans to implement the Jinjialing Financial District three-year action plan, building a beautiful financial city, eco-city, future city, and also strives to strengthen the leading position of Jinjialing Financial District in China's wealth management development.
During the roundtable discussion, the guests had a heated discussion on the content of the report and the development of the wealth management industry, affirmed the depth and breadth of the report, and proposed further improvement suggestions on the method and content of the index, and expressed their expectations on the development of the industry and the research of this topic.
