On April 10, the second session of the seventh CPPCC Shenzhen Municipal Committee opened. Chen Weimin, member of the Shenzhen CPPCC, member of the Shenzhen Municipal Committee of the Revolutionary Committee of the Chinese Kuomintang and Eternal Asia Supply Chain Management Ltd(002183) Deputy board of directors, suggested at the meeting that Shenzhen should speed up the building of an international wealth management center.
Chen Weimin believes that wealth management is one of the core functions of modern finance and the “standard configuration” of international financial center cities. Over the past 40 years of reform and opening up, Chinese residents have accumulated huge wealth, and the scale of wealth management has reached 130 trillion, becoming a “new blue ocean” for all kinds of institutions and major cities. According to the strategic deployment of “building a global financial innovation center” in the Seventh Party Congress of Shenzhen and the outline of the 14th five year plan of Shenzhen, the goal of “building an international wealth management center” was put forward for the first time in the 14th five year plan for the high-quality development of Shenzhen’s financial industry. It is suggested that Shenzhen should strengthen the strategic layout, strengthen the linkage of urban areas, pay close attention to the organization and implementation, create a good ecology, and speed up the construction of a world-class wealth management highland.
He suggested that:
I. play the “policy card”: release clear policy support signals. The municipal government has formulated and issued special policies or implementation plans to support the construction of wealth management center, forming a joint force with financial enterprise support policies, financial technology policies, venture capital policies and personalized policies of various districts.
Second, play the “characteristic card”: focus on supporting the layout of cross-border financial management and intelligent financial management. Strengthen cooperation with Hong Kong and Macao and explore the development of cross-border financial and international financial services: strive for the support of central ministries and commissions, gradually deepen the pilot of “cross-border financial link” and reduce the access threshold for investors; Support the development of RMB international investment and loan funds and promote the two-way opening of cross-border investment. Strengthen financial technology empowerment: encourage the scenario application of digital RMB, blockchain and artificial intelligence in the field of asset management, and support wealth institutions to participate in financial technology innovation trials in the capital market
III. play the “service card”: build a management service system suitable for the pattern of large asset management. It is suggested that under the framework of the local coordination mechanism of the office of Shenzhen Municipal Finance Commission, we should strengthen the supervision and cooperation of bank financial management, brokerage asset management, insurance asset management, public funds and private equity, so as to avoid risk blind spots; We will also explore appropriate scenarios with the Hong Kong and Macao monetary authority, carry out “regulatory sandbox pilot”, promote the establishment of large asset management industry associations across banking, securities, insurance, funds, trusts and other industries, and comply with the new requirements of self-discipline management in the new era.
IV. play the “ecological card”: fully conserve the ecology of wealth management institutions. Give full play to the radiation and driving role of Shenzhen Stock Exchange, constantly expand investment channels such as ETF exchange, bond link and Shenzhen Hong Kong link, and gradually supplement the short board of derivatives such as stocks, stock index futures; Relying on the planning and construction of Xiangmihu new financial center and Qianhai Shenzhen Hong Kong International Financial City, we will promote the creation of a number of wealth management functional areas with brand effect, and vigorously attract all kinds of licensed financial institutions and their professional subsidiaries to settle down. We will continue to strengthen risk education for investors, further promote the project to improve residents’ financial literacy, strictly crack down on illegal securities activities and illegal fund-raising, and spare no effort to improve people’s awareness and level of risk prevention.
