According to the relevant requirements of the overall plan for the construction of Hainan free trade port, Hainan free trade port should initially build a free trade port with free and convenient trade and investment, and become a high-level free trade port with strong international influence by the middle of this century. International free trade and free investment will gather a large number of assets in Hainan, and there is a strong demand for high-quality asset management services. It is necessary to build an international asset management center in Hainan and provide high-quality asset management services. At the same time, the freedom of trade and investment of the free trade port also needs a high-level and benchmarking international financial system. The construction of an international asset management center can help the free trade port finance integrate into the global financial market faster and improve its financial service capacity.
By combing the development experience of international comparable asset management centers such as Hong Kong, Singapore, Dubai and Florida, this series of research reports summarizes the same elements and characteristics of outbound foreign investment management centers, and then deeply analyzes the favorable and restrictive factors for the construction of international asset management centers in combination with the current situation of Hainan free trade island. Based on the construction experience of domestic and foreign asset management centers and combined with Hainan's own situation, this paper puts forward the construction implementation path and policy suggestions of Hainan free trade port international asset management center. This article introduces the development and experience of asset management industry in Hong Kong and Singapore.
Hong Kong's asset management business as a whole maintained a good development trend. By the end of 2020, Hong Kong's asset management scale will reach HK $21 trillion, with an average annualized compound growth of 12% from 2015 to 2020; Hong Kong has always pursued the concept of free economic governance and implemented minimal intervention in the market. Hong Kong is also the most open free port in the world. Goods entering and leaving Hong Kong are exempted from tariffs. On this basis and driven by a series of historical events, Hong Kong's industrial structure has completed the upgrading and transformation from entrepot trade to processing trade to manufacturing industry, and then to the service industry dominated by financial industry. It has steadily and gradually realized capital accumulation, and has become one of the most important financial free ports and international financial centers in the world, The establishment of its international management center status benefits from four main factors, including its strict and flexible system of strict management, a simple tax system, close ties with Chinese mainland and a complete financial infrastructure.
Singapore is one of the financial centers in Asia and plays an important role in the asset management industry in Asia and the world. In recent years, Singapore's asset management scale has increased steadily. By the end of 2019, Singapore's asset management scale reached S $4 trillion (US $2.9 trillion), with an average annual compound growth rate of 11% from 2015 to 2019. Singapore is located in the center of Southeast Asia, with an area of only 724 square kilometers, but this does not prevent Singapore from becoming an international asset and wealth management center comparable to London, New York and Hong Kong. Reviewing the development of Singapore's asset management industry, the strategic positioning of the Singapore government, a series of reform measures based on this, and Singapore's excellent business environment play a vital role in the development of its asset management industry.
Risk warning: the content of this report is based on public data and summary of academic research results. With the continuous development and change of the market, the empirical conclusions may be incomplete or invalid
