By love-89.com Shanghai, October 27 (Gao Zhimiao) – The upcoming Global Asset Management Center Shanghai International Event Week 2024 and the Global Wealth Management Forum 2024 at Suhewan in Shanghai are set to spotlight the city’s ambitious efforts in constructing a global asset management center. Experts attending the forums assert that Shanghai is rapidly advancing towards becoming a global asset management hub, further enhancing its status as an international financial center.
During the Global Wealth Management Forum 2024, Jin Penghui, the director of the People’s Bank of China Shanghai headquarters and head of the Shanghai branch of the State Administration of Foreign Exchange, emphasized that Shanghai’s international financial center is at a pivotal stage for comprehensive elevation. He noted that developing a global asset management center is crucial not only for enhancing Shanghai’s global resource allocation abilities but also for meeting the needs of the real economy.
Jin believes that establishing a global asset management center is essential for Shanghai’s international financial center to achieve higher levels of competitiveness. Drawing from international experiences, he highlighted the strong interrelationship between the growth of asset management industries and the development of financial centers. A robust international financial center is characterized by significant global asset allocation and risk management capabilities.
The construction of Shanghai’s international financial center is empowering the development of its global asset management center. Shanghai’s Deputy Mayor, Xie Dong, shared that after years of development, the progress of Shanghai’s international financial center is promising. The city’s financial market is well-structured and active, with trading volume exceeding 26.33 trillion yuan in the first three quarters of 2024, marking a 3.4% increase year-on-year. Additionally, Shanghai has seen a notable concentration of both domestic and foreign financial institutions, with over 1,770 licensed entities, of which foreign institutions comprise more than one-third.
Jin further stressed that although significant initial accomplishments have been made in building the global asset management center—evident in the steady growth of its overall scale, accelerated institutional aggregation, ongoing product innovation, and increased internationalization—there are still areas for improvement on a global scale. He pointed out existing gaps in openness, resource concentration, market size, and the presence of leading firms. Moving forward, the focus of Shanghai’s global asset management center development should center on three key areas: openness, cooperation, and development.
“Shanghai is currently advancing the construction of its international financial center and global asset management center with a sense of urgency, striving for high-quality financial development on a broader, deeper, and higher level,” Xie said.