On December 7, the "2023 Global Wealth Management Forum" opened in the sub-center of Beijing, with the theme of "Promoting Growth and Opening-up with High-quality Financial Development".
The guest delivered a keynote speech at the forum, photographed by reporter Zhang Rui.
At the plenary session with the theme of "Wealth Management Development Prospects under the New Trend", Cao Yuanzheng, Chairman of BOCI Research Co., Ltd., said that China's wealth management market is undergoing profound changes, which used to be product-centric and now demand-centric, which is very important.
In his view, the current Chinese economy is undergoing two very important changes.
First, China is already ahead of the high-income threshold, with a GDP per capita of more than $12,000, exceeding the global average and just a few hundred dollars short of the World Bank's standard for a high-income society last year. "More importantly, at this stage, the Engel coefficient of Chinese has dropped below 30% for the first time, which means that more money can be used for investment, financial management, and other arrangements." ”
Second, the structure of Chinese population is undergoing profound changes, last year China for the first time negative population growth, everyone began to care about their own pension problems, so pension finance has become a very important area.
Cao Yuanzheng said that the financial market in the United States is very developed, but the most important investment is the pension, China's pension penetration rate is not enough, far below the global average, so it is urgent to design financial products for the pension. In his view, this is not only a supplement to the third pillar of China's pension system, but also a very important direction for future development.
Cao Yuanzheng **Organizer.
After the plenary session, talking about the views on wealth management and the current trend, Cao Yuanzheng told the "Daily Economic News" reporter that the current economic structure of China is changing, and wealth management should re-allocate and combine assets according to the financial needs of residents. This is a portfolio issue, not a mere *** issue. "What kind of things do you need, I'll give you a combination. In fact, it has nothing to do with the ups and downs, it is a problem of the entire asset portfolio, and it is also a problem of operation and management. ”
Cao Yuanzheng told every reporter that the current financial management market is not very good, but it is not without potential, and the problem is mainly in product design, especially the lack of product design that matches the growth of middle-income groups with medium risk and medium return.
In his view, the current wealth management market is either a high-risk capital market, with relatively large fluctuations, and financial management has become a problem of choiceEither it is a deposit from a bank or other institution, and the yield is very low. "How can this be called a combination?How can this be called financial management?Deposit is not financial management, and in our view of finance, deposit is the act of saving money, saving excess money to support future consumption. ”
Cao Yuanzheng said that wealth management must be high-risk and high-return, but most Chinese residents have not reached the stage of leaning towards high-risk and high-return, so what is the financial product suitable for middle-income groups, this is a question, which should be designed according to the needs of residents.
How should we break the game about this?Cao Yuanzheng told every reporter that for example, how to manage residents' family wealth, what their needs, what their risk tolerance level is, and what their preferences are, which can be designed by wealth management institutions to make a portfolio for consumers. Therefore, wealth management is not a simple product management, not a certain **, not a certain bond, but a wealth management according to the needs of consumers.
Speaker Cao Yuanzheng is the chairman of Bank of China International Holdings *** Research Co., Ltd., senior researcher of Chongyang Institute of Financial Research of Renmin University of Chinese, this article ** December 8 Daily Economic News, welcome to pay attention to the Chongyang Sina Weibo: @人大重阳, WeChat***rdcy2013).