China Wealth Forum 2018 Inaugurated in Qingdao

On July 7, the 2018 Qingdao – China Wealth Forum, themed “Exploring New Models of Openness and Regulation”, was inaugurated at Crowne Plaza Qingdao Ocean Spring Resort. During the two-day event, participants discussed openness and innovation in the financial sector as well as financial regulations and financial services in the real economy, providing a diversified and open market of ideas for the wealth management industry.

Shandong province deputy party secretary and governor Gong Gong wrote an open letter to the forum which was read aloud by Shandong province vice governor Sun Jiye at the opening ceremony. China Insurance Regulatory Commission (CIRC) vice chairmen Zhou Liang and Liang Tao, China Securities Regulatory Commission (CSRC) vice chairman Fang Xinghai, and State Council Development Research Center vice director Wang Yiming delivered keynote speeches. Qingdao municipality party secretary and mayor Meng Fanli delivered speeches at the opening ceremony. US Federal Reserve former chairman Alan Greenspan engaged in conversation with attendees via a live video hookup.

Gong said in his letter that Shandong province is now taking reforms and opening-up activities to the next stage, and that the course of development in the province is even more fast-paced and dynamic than before. The province is implementing Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era and the guiding principles of the 19th CPC National Congress in earnest, in a move to better promote changes in the quality, efficiency and dynamism of the economy and achieve development that is observably at a higher level in terms of quality, in adherence to the new development concept. Most notably, President Xi Jinping delivered an important speech at the Shanghai Cooperation Organisation Qingdao Summit during which he indicated the direction for the development of the province. The directions outlined by President Xi are seen as ones that promise to open up many opportunities. To leverage the opportunities, Shandong is well posoitioned for further development. The province warmly welcomes entrepreneurs from China and abroad who are prepared to make investments and set up operations here, share development opportunities and create a better future together.

Mr. Meng said in his speech that Qingdao is faithfully acting on the deliverables mentioned in President Xi Jinping’s keynote speech in his visit to Shandong. He further mentioned that the spirit of the President’s words is reflected through the successful hosting of the Shanghai Cooperation Organisation Qingdao Summit — with a focus on innovation and hard work and the aim of taking all work to a new level. Based on the overall concept of supporting the development of the real economy, preventing financial risks, widening opening-up efforts and accelerating the development of the financial industry, especially the wealth management sector, we are doing our utmost to complete the necessary preparatory financial work, create a proper financial ecology, accelerate the transformation of Qingdaointo an international wealth management hub, while raising the bar and delivering according to the new “bar” on what is expected in terms of the financial industry’s opening-up and development.

Many celebrities, including leaders from national financial supervision authorities, heads of leading domestic and foreign financial institutions and wealth management firms, experts and thought leaders from educational and scientific research organizations, heads of provincial and municipal government agencies with oversight responsibilities in the financial sector as well as representatives from several Chinese cities, attended the forum.

The forum, hosted by the Qingdao Municipal Government and organized by Caijing magazine and caijing.com.cn, held six plenary sessions and five summit forums. The event is designed to promote the healthy development of China’swealth management industry and support the real economy, with the goal of establishing an authoritative and prospective international communications platform for the wealth management industry to drive communications and discussions across the industry. During the forum, several thematic events, including a road show presentation of how traditional energy companies are handling the transformation into new energy companies, which was hosted by Qingdao Financial Affairs Office and China Securities Regulatory Commission, Qingdao branch, were held. Meanwhile, Renmin University of China released the latest China Wealth Management Development Index Report.

On July 6, Mr. Meng met the guests attending the 2018 Qingdao – China Wealth Forum at Crowne Plaza Qingdao Ocean Spring Resort.

Deputy mayor Liu Jianjun also attended the event.