BEIJING, July 26, 2024 /PRNewswire/ -- On 25th July, China International Capital Corporation Limited (CICC) successfully held the 2024 CICC GBA Wealth Management Forum in Hong Kong. Themed "Developing New Quality Productive Forces, Driving New Momentum in Wealth", the forum gathered a multitude of distinguished representatives from various sectors within the Guangdong-Hong Kong-Macao Greater Bay Area (the Greater Bay Area). They engaged in in-depth and comprehensive discussions on new trends, opportunities, and challenges in wealth management within the region. The discussions covered topics such as economic development, investment strategies, technological innovation, and the growth of family offices, contributing wisdom to regional financial cooperation and innovation.
Guangdong, Hong Kong and Macao representatives explore the global market
Chen Liang, Chairman of the Board of Directors and Chairman of the Management Committee of CICC delivered the opening remarks to start the forum. In his remarks, Chen Liang warmly welcomed the guests and elaborated on the unique position of the Greater Bay Area in building a new pattern of high-level opening-up and the significance of this forum in promoting regional financial cooperation and advancing the development of wealth management innovation. Chen Liang noted that with the growing demand for household wealth management and the development of cross-boundary wealth management, the Greater Bay Area is expected to embrace a new period of vigorous development of the wealth management industry, with vast market opportunities waiting to be unlocked.
Representative of Guangdong Financial Supervisory Authority also attended the forum. Joseph Chan Ho-lim, Under Secretary for Financial Services and the Treasury of the Government of Hong Kong SAR, and Kevin Ho King-lun, President of the Industry and Commerce Association of Macau presented a profound analysis of the global economic situation and the economic development of the Greater Bay Area from the perspectives of the roles and functional positioning of Hong Kong and Macao.
Joseph Chan Ho-lim shared the development of Hong Kong's financial business and the trend of wealth management in the Greater Bay Area in his speech. He pointed out that Hong Kong is a leading international financial center in Asia, as well as the largest hedge fund center and cross-boundary wealth management center in the region, with a vibrant financial services industry. With the strategic drive of the Greater Bay Area, Hong Kong's wealth management business is poised to embrace new golden opportunities. Hong Kong will continue to play its pivotal role as a global asset management center. Under the new development pattern of the nation, it will pool global capital, connect the markets of Mainland and the rest of the world, and help cities in the Greater Bay Area to leverage their respective advantages. He encouraged more enterprises to establish a presence in Hong Kong to seize the vast opportunities brought by the development of the Greater Bay Area. This will contribute to the country's efforts to promote new quality productive forces and achieve higher levels of high-quality development.
Kevin Ho King-lun focused on the current development status of the Greater Bay Area and looked forward to the new opportunities it faces in various fields such as technological innovation, financial innovation, digital economy, green and low-carbon development, regional integration, and international cooperation in the speech. He emphasized the need to further deepen regional collaboration, continuously optimize the business environment, intensify talent cultivation, and promote the optimization and upgrading of industrial and supply chains. He called for seizing the critical period of the Greater Bay Area's development, working together to advance, and jointly pushing the Greater Bay Area to become a dynamic and internationally competitive top-tier bay area and a world-class urban cluster.
Liu Gang, Strategist and Managing Director of CICC, delivered a keynote speech titled "Macroeconomic Outlook: Global Markets and Asset Prospects for the Second Half of 2024 —Stagflation, Recovery, or Recession". He combined the policy pace and market dynamics of different regions worldwide to provide an outlook, offering investors valuable market insights. He analyzed the challenges and opportunities under the long-term structural transformation and proposed three ideas to deal with these challenges: high-end technology upgrades, mid-end manufacturing with advantages, consumption going global, and expanding domestic demand.
Industry experts analyze regional developments and wealth management trend
Rocky Tung, Director and Head of Policy Research for the Financial Services Development Council of Hong Kong, Yuk-fai Fong, Associate Dean of Business and Management Professor Academic Director of Hong Kong University of Science and Technology, Lian Shaodong, Chairman, Chief Executive Officer of Bosera Funds and President of the Chinese Asset Management Association of Hong Kong, and Yu Jun, Dean of Faculty of Business Administration and Chair Professor in Finance and Economics at the University of Macau, engaged in a roundtable discussion on "Prospects for the Guangdong-Hong Kong-Macao Greater Bay Area and the Future of Investment". Under the moderation of Zhao Yang, Managing Director of the CICC Global Institute, the distinguished guests delved into key topics such as the economic outlook of the Greater Bay Area, investment strategies, and how to maintain competitiveness in the process of globalization.
Rocky Tung provided a comprehensive analysis from a policy research perspective, delving into the dynamics of the global asset management market. He shed light on the strategic position, trajectory, and fundamental strengths of Hong Kong's asset management and wealth management sectors. Lian Shaodong explored the means, channels, and paths of future cooperation between Hong Kong SAR and the Chinese mainland in capital circulation, as well as the new opportunities that exist in Hong Kong's connection with the global capital market. Yu Jun, basing on the analysis of regional economic development trends, elaborated on the role played by Macao in the economic development of the Greater Bay Area and its comparative advantages. Yuk-fai Fong, as an expert in business strategy, shared forward-looking views on the industries in the blue ocean of the Greater Bay Area.
During this forum, a series of parallel sessions were held around heated topics in wealth management such as global investment layout, family offices, new directions for enterprises going overseas, and fintech development.
Panelists from CSOP Asset Management, BlackRock, Nomura Investment Management Hong Kong, and J.P. Morgan Asset Management, with the theme of "Seeking Certainty in Uncertainty: Building a Resilient Global Investment Layout", initiated in-depth discussions about global asset class performance outlook and allocation strategies. They shared insightful forecasts of asset classes including stocks, bonds, currencies etc. in worldwide markets that have drawn attention of investors.
The panel discussion on 'The Future of Family Offices: New Heights in Asia' brought together experts from various fields. Guests from PwC, Hong Kong Academy for Wealth Legacy, Adream Foundation, and Keywise Investments provided comprehensive references for entrepreneurs looking to establish family offices. These references covered development trends, investment directions, philanthropy, tax planning, and more, offering information, knowledge, experience, and case studies.
During the heated discussions around "New Directions for Going Overseas: Linking Global Resources", representatives from CICC delved into the regional markets of Middle East, Southeast Asia, Japan and South Korea, shared their experience and insights of how to leverage the advantages of the corresponding regions to build a collaborative and efficient global resource integration network.
Guests from ChinaAMC (HK), Finloop Finance Technology, HASHKEY Capital and FINSMART elaborated on "New Definition of Financial Technology: Enabling Inclusive Growth of the Real Economy" from various angles of digital transformation of financial institutions etc. They expanded the broad perspective of building digital competitiveness in the new era of wealth management.
The successful holding of the 2024 CICC GBA Wealth Management Forum not only established a platform integrating voices from various sectors and gathering wisdom from different places, providing important reference for the development of the wealth management industry in the Greater Bay Area, but also brought new ideas and insights for cooperation and development related to wealth management business within the Greater Bay Area. Looking forward, CICC will continue to leverage its professional advantages and service capabilities in wealth management, actively join hands with partners from vast industries to promote cooperation and innovation, create a more multidimensional pattern and value for customers, and contribute more to the economic prosperity and development of the Greater Bay Area.
About China International Capital Corporation Limited (CICC):
China International Capital Corporation Limited (CICC) was founded in 1995. Our extensive network and cross-border business practices have enabled us to offer high-quality, value-added financial services to a diversified client base. This includes a full-service and balanced business model that offers investment banking, equities, FICC (Fixed Income, Currencies and Commodities), asset management, private equity and wealth management services, all of which draw on our comprehensive research and technology capability. Headquartered in Beijing, the Group has over 200 securities business offices in China, and established subsidiaries or branches in seven international financial centers, including Hong Kong of the PRC, New York, London, Singapore, San Francisco, Frankfurt and Tokyo. As an investment bank with Chinese roots and an international reach, we are committed to providing first-rate financial services to both our Chinese and global clients to help them achieve their goals.
source: China International Capital Corporation Limited
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