2018 Finance Development Summit and 2017 China Top Finance Awarding Ceremony

2018-01-10 IMI

On January 10, the 2018 Finance Development Summit and 2017 China Top Finance Awarding Ceremony was held in Beijing. This event was organized by The Paper with special support from IMI. The Summit focused on new trends of economic development and new challenges in the financial sector, and discussed many interesting hot topics, including the Belt and Road Initiative, FinTech, inclusive finance, wealth management, economic cycles, etc. Professor Ben Shenglin, Executive Director of IMI and Founding Dean of Zhejiang University Academy of Internet Finance, said that China plays a leading role in the new finance sector, and 35% of unicorns in the world are from China, which is second only to the US. Among the largest FinTech companies in the world, Chinese ones are leading in terms of trading volume, user base and product. In China, three areas, namely Guangdong-Hong Kong-Macau with Shenzhen as the center, the Yangtze River Delta with Shanghai and Hangzhou as the leaders and Beijing-Tianjin with Beijing as the core, have already developed into world-class leading FinTech platforms. The new finance not only represents a new era of finance, but also brings new opportunities to China. The 19th CPC National Congress pointed out the economic focus would be more on quality than growth. Lu Zhengwei, chief economist of the Industrial Bank & Huafu Securities and vice president of the CIB Research, calls the 2018 macroeconomic policy as “new logics”. In his view, that is because China has entered a new era in 2018 and the 19th CPC National Congress has outlined where Chinese policies and economy should go. The macroeconomic policies will allow a larger tolerance for economic growth, and demand for controlling high leverage risks and improving efficiency. According to the financial policy, China will spend less on investment, but more on targeted poverty alleviation and pollution prevention and control. The monetary policy will stress the prevention of systemic risks, and continue to control the sum and deleverage. As a practitioner in the traditional financial sector, Mr. Huang Xiaoguang, president and CEO of ANZ Bank (China) and its president of Greater China, also thinks that we should embrace “new finance”. He points out that the tide of Fintech has come. It is imperative for banks to pay attention to the impact of technological development on the industry. Fintech is not a threat to banks, but a friend of them. Today's technology creates networks, and banks manage networks. Therefore, they must focus on and utilize technology. Wang Tong, assistant to the president of China Great Wall Asset Management Co., Ltd., recalled the 19-year development of state-owned asset management companies. He said that the company will adhere to its main business in the construction of modern economic system and focus on the disposal of non-performing assets. We will also adopt the “acquisition, disposal and restructuring” model to help companies clear and update inefficient asset market. Wang Tong pointed out that in the new era, asset companies, as a product of China's financial reform, are also exploring in various ways. They are also new finance and are seeking new developments.

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2018 Finance Development Summit and 2017 China Top Finance Awarding Ceremony

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