Beijing releases 20 measures to help build a global wealth management center

On May 27, 2022, the Beijing Local Financial Supervision and Administration Bureau, the Business Management Department of the People's Bank of China, the Beijing Banking and Insurance Regulatory Bureau, and the Beijing Securities Regulatory Bureau jointly issued the "Opinions on Promoting the Construction of Beijing's Global Wealth Management Center" (hereinafter referred to as the "Opinions"). "), aiming to comprehensively improve the development level of the wealth management industry and accelerate the construction of a global wealth management center.

The "Opinions" put forward "six builds" and 20 main tasks. The "six builds" are: improve the wealth management institution system and create a sound wealth management development ecology; innovate wealth management products and services to create an active wealth management market; strengthen financial infrastructure construction and create a multi-level market system; enhance opening to the outside world Level, create a financial two-way open system; optimize the industry development environment, create a world-class business environment; support the high-quality development of urban sub-centers, and create a new highland for global wealth management. The 20 main tasks include: promoting the development of high-quality and compliant wealth management institutions, enriching wealth management tools, innovating asset management products, strengthening financial infrastructure construction, serving the development of the Beijing Stock Exchange, supporting foreign institutions to expand development space, and continuing to deepen the pilot program of opening up and innovation , promote the interconnection of domestic and foreign markets, strengthen international exchanges and cooperation, and enhance the influence of the wealth management industry in Beijing's urban sub-center.

The Beijing market is large and has great potential for development, with a large supply and demand for asset management. In 2021, Beijing's per capita disposable income will exceed 75,000 yuan, ranking among the top in the country, and residents' asset allocation needs are strong. Beijing has a large number of financial talents with a high degree of internationalization. The recognition of international professional qualifications in the financial fields such as securities and funds has taken the lead in the country to achieve breakthroughs. The convenience of high-end foreign talents to work in Beijing has been significantly improved. All these have laid a solid foundation for the development of the wealth management industry.

In September 2020, General Secretary Xi Jinping announced at the Global Service Trade Summit of the China International Fair for Trade in Services that he would support Beijing to build a comprehensive demonstration zone for the expansion and opening up of the national service industry, and to establish a free-for-all with technological innovation, service industry openness, and digital economy as the main features. trade pilot zone. Subsequently, the State Council approved the "Overall Plan for China (Beijing) Pilot Free Trade Zone", which clearly proposed "to help build urban sub-centers with high standards, encourage financial institutions to carry out global asset allocation, and build global wealth management centers". In August 2021, the State Council issued the "Opinions on Supporting the High-Quality Development of Beijing's Sub-centers", proposing that it will rely on the national service industry to expand the comprehensive demonstration zone for opening up and the China (Beijing) Free Trade Pilot Zone to accelerate the construction of a global wealth management center.

The issuance of the "Opinions" is an important measure for Beijing to implement the strategic decisions of the Party Central Committee and the State Council, fully implement the new development concept, serve and integrate into the new development pattern, coordinate epidemic prevention and control and economic and social development, and improve the level of opening up. It will help improve the global resource allocation capability and wealth management level of financial institutions in Beijing, better serve the needs of the development of the real economy, and better meet the needs of residents for diversified asset allocation. The goal of the "Opinions" is that by 2023, a group of high-quality wealth management institutions and talents will be cultivated, the types of wealth management products will continue to be enriched, the wealth management service capabilities will continue to be optimized, and the level of wealth management development will be significantly improved; by 2025, the rule of law in wealth management will be basically established. A global wealth management center with a sound system, a standardized and orderly market, and a large international influence.

In the next step, Beijing will seize the major opportunity of the "two districts" construction, serve the construction of the national financial management center, strengthen the linkage of various departments, promote the standardized and healthy development of the wealth management industry, and build a global wealth management center with international competitiveness.