Director of the Beijing Financial Bureau: Beijing will continue to deepen reform and opening up with wealth management as the starting point

The 2023 Global Wealth Management Forum was held from December 7th to 8th at the Beijing Urban Sub center. Li Wenhong, Secretary of the Party Group and Director of the Beijing Local Financial Supervision and Administration Bureau, stated at the forum that in the next step, Beijing will adhere to the positioning of the National Financial Management Center, focus on wealth management and other areas, continue to deepen financial reform and opening up, and promote high-quality development of the capital's financial industry with the highest standards.

Li Wenhong pointed out that Beijing will deepen the structural reform of the financial supply side. We will focus on five major areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, and encourage financial institutions to increase their financial services in key areas and weak links. The asset management and wealth management industries can be organically combined and developed together with these five major articles.

Li Wenhong mentioned that Beijing will continue to improve the capital market ecosystem. The 19 opinions on high-quality construction of the Beijing Stock Exchange provide many opportunities for public funds, private funds, and other investors to invest in the exchange. We hope that asset management institutions can actively participate. Beijing will encourage various professional institutional investors to participate in trading on the Beijing Stock Exchange, and promote more innovative small and medium-sized enterprises that meet the conditions to list on the Beijing Stock Exchange. Continuously deepen the pilot transfer of private equity in the secondary market, form effective linkage between the primary and secondary markets, and continuously improve the service mechanism for invested enterprises.

Li Wenhong mentioned that Beijing will expand high-level two-way financial openness. We will vigorously promote the construction of the "two zones" in the financial sector, take the lead in connecting with international high standard economic and trade rules, and explore and optimize the balance management models of QDLP and QFLP pilot projects in accordance with the 2.0 plan for Beijing to deepen the construction of the comprehensive demonstration zone for expanding the opening up of the service industry, providing more global asset allocation channels. Organize the Financial Street Forum, Wealth Management Forum, etc. well, and create a high-level international financial open exchange platform. Next year, we will also host the Sibos 2024 Financial Olympics and hope that domestic and foreign regulatory agencies will actively participate.

Li Wenhong pointed out that Beijing will build a sub center wealth management cluster with high standards. The urban sub center is an important carrier for Beijing to build a global wealth management center. We actively support high-quality wealth management institutions at home and abroad to develop in the sub center, take the lead in product and service innovation, and improve industry carrying capacity.

Li Wenhong stated that Beijing will focus on optimizing the financial development environment. Increase support and services for financial institutions to help them develop better. Continuously improving the financial consumer protection mechanism, strengthening investor education, and resolutely cracking down on various illegal financial activities.v