The construction of the Shanghai International Asset Management Center, what is the opportunity and challenge?

Southern Finance All Media Reporter Wu Shuang Shanghai report

On August 29th, the China European House International Institute of International Financial Research sponsored the "2022 Global Asset Management Center Evaluation Index Release and the Second China -Europe Asset Management Forum" released the "2022 Global Asset Management Center Evaluation Index Report" (hereinafter referred to as the "Report") At the same time, many experts from supervision, industry, and academic circles shared their views and suggestions for the "Global Asset Management Center Construction" in Shanghai.

Shanghai Gathering Factor, helps the Ecological Construction of the Asset Management Center

Jin Penghui, deputy director of the Shanghai Headquarters of the People's Bank of China and the president of Shanghai Branch, pointed out at the meeting that the People's Bank of China and the Foreign Exchange Bureau have always attached great importance to the construction of the Shanghai Asset Management Center. Give strong support. For example, multiple important financial infrastructure is set in Shanghai to provide a good platform for high -efficiency allocation of financial assets. Support Shanghai to take the lead in conducting QFLP and QDLP pilots to attract a large number of internationally renowned asset management institutions to develop in Shanghai.

He emphasized that at the end of last year, the transition period of the new asset management regulations ended with a stable officer, and the asset management industry entered a new stage of quality upgrade and upgrading. my country's economy is stable and good, and the long -term good fundamentals have not changed. The demand for the preservation and appreciation of the wealth and value of residents has increased. The international status of RMB has continued to increase, which has provided strong support for the long -term development of the asset management industry.

Lujiazui is a key area for the construction of Shanghai International Financial Center. Xiao Jian, director of the Lujiazui Management Bureau of the Shanghai Free Trade Zone Management Committee, pointed out that at present, Lujiazui has gathered 12 national element markets and financial infrastructure, more than 6,000 Chinese and foreign finance Institutions and more than 3,000 financial talents have nearly 60%of licensed financial institutions in the city, and have contributed 50%of the added value of the financial industry. Lujiazui has become one of the areas where domestic financial institutions are the most aggressive, the most complete financial system, and the richest professional talents.

The scale of asset management increases rapidly

Wang Hong, the dean of the China -Europe International Business School and the director of the Central Academy of International Financial Research of the China European Home, believes that capital and industry linkage can only be done well in the Chinese market. Whether it is the aerospace industry, transportation industry, or the western gas, algorithm index, and infrastructure, they have made great progress.

Li Wen, chairman of Huitianfu Fund, believes that the asset management industry is currently dominated by North America, and the Asia -Pacific region has developed rapidly. He introduced that the scale of North American asset management represented by the United States accounted for half of the rivers and mountains, reaching 54 trillion US dollars. At the same time, the Asia -Pacific region, including China, is becoming the fastest development of the asset management industry. 17%.

He concluded that after more than 30 years of sustainable development, Shanghai has basically built an international financial center that has basically established the economic strength of my country and the internationalization of RMB internationalization and international status. Features and advantages. Including the full gathering of asset management institutions; the element market is highly complete; the development of direct financing is strongly developed and the degree of internationalization is high; fintech has accelerated.

Zhao Xinzhang, an executive vice president of the China European House International Institute of Finance and professor of finance and accounting at the China Academy of International Business and Industry, also pointed out that this year, whether it is an epidemic in the world or the high inflation and interest rate hikes faced by many countries, including the influence of geopolitics, it will be on the world. The entire asset management industry has caused a significant impact, so overall perspective should be said that the growth rate of global asset management has become weak.

However, the funds continued to flow into the Shanghai market. Therefore, the number of open funds in Shanghai in the first half of the year increased by 19%year -on -year, and the scale of net assets increased by 20%. This increase was first in the world. In addition, Shanghai's alternative assets are also very strong, which has doubled compared with the same period last year.

The gap with New York and London lies in the supply side and business side

The "2022 Global Asset Management Center Evaluation Index Report" shows that New York still leads the Global Asset Management Center with an absolute advantage. London, Boston, Singapore, Hong Kong followed closely behind, Chicago tied with Shanghai sixth, Paris, Toronto, and Los Angeles entered the top ten Essence

In interpretation of the "Report", Zhao Xinzheng said that there is still a very obvious gap between Shanghai and the real world's top asset management center. First of all, compared with New York and London, the gap between supply and business is obvious in terms of scale. Whether the stock market value, the balance of the bond market, and the futures options of Shanghai, Shanghai is only one -half to one -fifth of New York; the capital scale of the capital institutions of the head asset management is only one -five to eight minutes in New York. one.

Secondly, compared with Singapore and Hong Kong, shortcomings are mainly concentrated on alternative asset business. For example, REITs, Singapore has developed for 20 years, and the market value of REITs is 17 times Shanghai.

In addition, Jiang Jianqing, the dean of the China -Euolu International Finance Research Institute and the former chairman of the Industrial and Commercial Bank of China, also pointed out that compared with New York, the influential head institution was short. The top 50 major asset management in the world still lacks the figures of Chinese companies. Although there are branches opened in China, the top 50 headquarters is not available. From the perspective of asset management institutions, Shanghai's insurance and public offering are strong, but banks, trusts, and securities companies are weak.

He believes that, under the strong drive of financial innovation such as new asset management regulations, gathering social wealth, and financial innovation such as science and technology finance, the asset management industry is facing unprecedented historical development opportunities. It is urgent to implement structural reforms to promote reasonable structure and complete functions. , Standardize, transparent, stable and efficient, open and inclusive asset management system. In addition, the development of asset management will reshape China's financial structure. Jiang Jianqing said, "The global financial industry has obtained the development path of meager profit through the original high capital consumption and heavy assets, which is undoubtedly unsustainable. New competitive pattern and new product brands will focus more on long -term stability of asset management institutions. In return, professional ability, integrity level, transparency, and digital service quality ".

Jiang Jianqing pointed out that risk management is a problem with asset management. The era of just redness has passed. Simple risks to avoid the needs of the Chinese asset management market. It is necessary to calmly care about the balance, benefits and liquidity of the asset portfolio, pay more attention to the investment cycle, overcome the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habits and the investment habit and The relationship between net worth transformation.

How to make up for a short board

Jiang Jianqing also pointed out some issues in the development of China's asset management industry. "Although China's asset management industry has a large development prospect, we must have a clear understanding of our actual level. At present, we are still relatively extensive in the field of asset management. Whether it is legislative, policies, and supervision, there is a lot of room for progress. In addition, the market risks are obvious, the risk pricing mechanism is still distorted, the customer demand has intensified, and there are many problems in the management of some asset management institutions. "

He suggested that we must pay attention to the research and investor education in the frontier field and some segments, improve investment research capabilities and mature investment team cultivation, and pay attention to strengthening the professional ability, professional ethics and professional behavior standards for asset management institutions.

For the construction of the Shanghai Global Asset Management Center, Li Wen made six suggestions. The first is to adhere to responsibility, keep in mind the original mission of the asset management industry, including actively practicing the responsibility of serving customers, and taking the interests of investors as the core, so as to achieve common progress in industry development and the interests of investors; The foundation of the asset management industry; the third is to adhere to innovation -driven and strengthen the development advantage of the asset management industry; the fourth is to adhere to the development pattern of opening up and broaden the development pattern of the capital industry; the fifth is to adhere to long -termism and build the core competitiveness of the asset management industry; Sixth, insist on win -win cooperation and build an ecosystem of the asset management industry.

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