In order to learn and implement the spirit of the Central Financial Work Conference, accelerate the construction of a financial power, and promote high-quality financial development in the new era and new journey, on November 23, the asset company of China Life Group held in BeijingFinancial Power Building and Asset Management High-Quality Development Forumwhich brings together the Insurance Asset Management Industry Association, leading domestic bank financial management, insurance asset management, public funds, securities companies, banking and insurance peers and leading global financial institutions.Nearly 400 representatives. The forum is based on accelerating the construction of a financial power, jointly discusses the new mission and new picture of China’s asset management industry in the new era and new journey, and jointly draws a blueprint for the high-quality development of asset management.
Speech by the organizer
central financial work conference
Raise the flag for high-quality financial development
Cai Xiliang, Deputy Secretary of the Party Committee and President of China Life Group, and Wang Junhui, President of the Insurance Asset Management Association of China, delivered speeches respectively.
Cai Xiliang pointed out that General Secretary Xi Jinping outlined a grand blueprint for building a financial power at the Central Financial Work Conference, emphasizing the need to unswervingly follow the path of financial development with Chinese characteristics, use high-quality financial development to assist the construction of a powerful country and the great cause of national rejuvenation, and contribute to the financial industry. Raising the flag for development is the guide to action for asset management. In the new era and new journey, insurance asset management must focus on its main business and better serve China-style modernization.
One isServe the overall interests of the country and fulfill our purpose and mission. Effectively leverage the advantages of insurance funds such as large scale, long cycle, stable sources, and flexible use, adhere to the concepts of rational investment, value investment, and long-term investment, and guide more funds to serve the country’s major strategies, key areas, and weak links.
two isTake root in the main insurance business and improve professional capabilities. With excellent investment capabilities and stable investment performance, we will create conditions and provide assistance for the optimization of the insurance liability side structure.
The third isGive full play to unique advantages and expand development space. Adhering to the people-centered value orientation, we will continue to innovate wealth management and pension asset management products with stable returns and controllable risks that are more suitable for the needs of ordinary families, and expand growth space in the blue ocean of serving common prosperity and building the three pillars of pension.
Four isDeepen open cooperation and create a better future together. As the country further expands high-level financial opening up, it insists on attaching equal importance to “bringing in” and “going out”, and it is necessary to strengthen exchanges and cooperation with international counterparts to seek mutual benefit and win-win results.
The fifth isKeep the bottom line on risks and promote a culture of integrity. Firmly grasp the political and people-oriented nature of financial work, firmly grasp the eternal theme of risk prevention and control, strengthen compliance operations, strengthen industry self-discipline, vigorously promote the excellent traditional Chinese culture, and adhere to honesty and trustworthiness, making profits with justice, stability and prudence, We must adhere to integrity and innovation, comply with laws and regulations, and strive to take the lead and set an example in shaping a clean financial culture.
Wang Junhui pointed out that the Central Financial Work Conference emphasized that finance should provide high-quality services for economic and social development, which provides a fundamental basis for the high-quality development of the asset management industry. The insurance asset management industry must always adhere to its original aspirations, follow the rules and internal development logic of the asset management industry, consolidate its roots, cultivate its talents, maintain integrity, innovate, and improve its capabilities.
One isFocus on serving the real economy and explore sources of high-quality development. Actively leverage the advantages and role of long-term funds and patient capital to effectively strengthen investment support in areas such as technological innovation, advanced manufacturing, green development and inclusive finance.
two isAdhere to the long-term investment philosophy and lay a solid foundation for high-quality development. Based on a long-term perspective, start with fundamental analysis to find assets with real investment value, focus on improving the resilience and quality of the investment portfolio, and better play the important role of “stabilizer” and “ballast stone”.
The third isBuild distinctive and differentiated development advantages and hone the power of high-quality development. On the basis of consolidating the unique advantages such as asset and liability management, major asset allocation, and absolute return investment, we will build core capabilities for differentiated and characteristic development, carry out characteristic operations, and jointly promote the formation of a rich and diverse industry ecology.
Four isKeep the bottom line of risk compliance and assume the responsibility for high-quality development. Enhance the initiative and foresight of risk management, and respond prudently to changes in the external situation and various risk factors. Implement the requirements for strong supervision and strict supervision, proactively improve the level of compliance management, and effectively enhance the endogenous motivation for compliance operations.
The fifth isAccelerate digital transformation and activate the ability of high-quality development. Let digitalization be more empowered in various fields such as research, decision-making, trading, risk management and control, and effectively improve investment capabilities and investment efficiency.
global macro environment
Changes have a profound impact on the asset allocation pattern
Focusing on the theme of “Current Global Asset Allocation Trends and Prospects”, Wang Zhongmin, former vice chairman of the National Social Security Foundation, Debra Hazelton, chairman of Anbao Group, Nicholas Gartside, chief investment officer of Munich Re Group, Andrew Schlossberg, President and CEO of Invesco Group, and Christian Mueller-Glissmann, Head of Asset Allocation Research at Goldman Sachs Group, based on a global perspective, delivered live or via video Keynote Speech.
Wang Zhongmin pointed out that for some time, global market stocks, bonds, and exchanges have resonated at the same frequency, and the traditional asset allocation logic has been continuously broken. The asset management industry must strive to explore new ideas and methods for asset allocation in the new era. On the one hand, it must anchor the risk-free rate of return and seize the trend opportunities that may be brought about by the shift in monetary policy; on the other hand, it must actively expand the asset map. , giving national strategic assets a sufficient valuation level and reasonable market positioning under the new situation.
Hua Yuwen pointed out that global climate change, fiscal stimulus from major developed economies, the aging of the global population, and the digital transformation of technology. These four major trend factors have a profound impact on the asset management industry. It is expected that the global economy will experience a period of sustained high inflation. and periods of high interest rates. Facing the new investment environment, asset management institutions with strong active investment management capabilities, achievements in the field of ESG investment, and the ability to seize new market opportunities brought by technology and aging will benefit from it.
Nicholas Gartside believes that the interest rate hike cycle of major Western economies is coming to an end and global economic growth is slowing down, but inflationary pressures still exist and interest rates will most likely remain high. China maintains independent monetary and fiscal policies, which provides strong support for economic growth.
Andrew Schlossberg pointed out that consumption-led economies represented by the United States have shown some resilience this year, but Europe, the United Kingdom and some emerging markets have not yet escaped the risk of recession. Economic uncertainty coupled with tightening financial conditions has caused a significant increase in the proportion of investors’ cash asset allocation. Looking forward, China will benefit from loose monetary policy and active fiscal policy, and its economic performance will be stronger. Investors should adhere to long-term investment and diversified investment, and actively explore new opportunities in the capital market after the interest rate hike cycle eases.
Christian Müller-Griesmann said that in recent years, global inflationary shocks, the shrinkage of the labor force and the productivity gains brought about by artificial intelligence have led to the continued weakening of the link between growth, inflation and policy, which has had a profound impact on the global economy. Looking forward to next year, the global economy will gradually improve. As the interest rate hike cycle of global central banks comes to an end and market sentiment continues to recover, traditional assets such as stocks and bonds will usher in new investment opportunities.
Seize opportunities to develop your expertise
Jointly build a new ecosystem for high-quality development of the asset management industry
around”Opportunities and challenges for high-quality development in the asset management industry” Yu Yong, Vice President of China Life Asset Management, had a dialogue and exchange with Song Funing, President of Bank of China Wealth Management, Yang Li, Vice President of PICC Asset Management, Zhan Yuyin, Chairman of E Fund, Yang Xiaosong, President of Southern Asset Management, and Liu Man, General Manager of CITIC Securities Asset Management .
Song Funing believes that in the future, opportunities and risks will coexist for the development of the asset management industry. Whether in terms of product layout, asset class expansion or industry research, it must adhere to the inherent unity of innovation-driven and prudential principles. Based on customer needs and risk preferences, we must achieve a balance between profitability, security and liquidity, and better protect the rights and interests of investors and customers.
Yang Li believes that the insurance asset management industry is currently facing the dual challenges of rigid cost constraints on the liability side and the pursuit of absolute returns on the investment side. It needs to continue to strengthen core capability building, stabilize asset allocation capabilities, do a good job in tactical asset allocation, and focus on macro trends. , the “four in one” that emphasizes comparison at the meso level, verification at the micro level, and response to events. Continue to give full play to the role of fixed-income investment as a ballast, focus on building a core framework for equity investment and the ability to create alternative investment products, and give full play to the linkage role of primary and secondary markets to enhance the ability to acquire high-quality assets and invest.
Zhan Yuyin believes that the “eight insistences” proposed by the Central Financial Work Conference have shaped the basic framework for the development of the financial industry. Among them, adhering to the fundamental purpose of financial services to the real economy is a profound understanding of the development laws of the financial industry and reflects the original intention and mission of the financial industry. In the future, the asset management industry must closely focus on the “eight insistences”, continuously enhance its ability and level of serving the real economy, and strive to achieve a virtuous cycle of finance and economy.
Yang Xiaosong believes that the development of digital technology has helped a single asset management institution manage larger assets. Facing the topic of digital transformation, Southern Fund actively explores, taking investment research and technology as its core competitiveness, cloud native technology as its foundation, business middle office and data center as its support, and asset management system and smart office platform as its foundation. Carrier, through platform construction, scene construction, ecological construction and reshaping, promote the company’s transformation into a digital and intelligent asset management company.
Liu Man believes that the domestic asset management market has many institutional participants, each with different professional characteristics and resource endowments. Banking and insurance asset management has obvious advantages on the capital side, and securities firms and fund asset management have advantages on the investment side, including channels, products, and investments. There are also differences in aspects such as research and risk control. On the one hand, various asset management institutions must make full use of their own advantages to establish differentiated business models and core competitiveness; on the other hand, they must learn from each other’s strengths and complement each other’s weaknesses, and strive to promote the formation of an orderly competition and cooperation ecosystem in the asset management industry.
Develop with high quality in the industry
Help build a financial power
High-quality development is the primary task of building a modern socialist country in an all-round way and is the core essence for the asset management industry to follow the path of financial development with Chinese characteristics. In order to accelerate the construction of a powerful financial country and comprehensively enhance the core competitiveness of the asset management industry, China Life Asset Company and 80 peer institutions issued the “Joint Declaration on High-Quality Development of the Asset Management Industry” at the forum, advocating “creating value with professionalism and promoting common development with integrity”. “Win, build a solid foundation with stability, achieve development with responsibility, and lead the future with openness”, promote the asset management industry to serve the real economy with higher efficiency, serve the people’s better life with more practical measures, and more proactively integrate into the overall economic and social development. The country and the times strive to improve the quality and efficiency of development, enhance development momentum, and contribute the strength of the asset management industry to the construction of a financial power.
Yu Yong, vice president of China Life Asset Management, said at the forum that standing at a new starting point in building a financial power, China’s asset management industry will be guided by national strategies, oriented by people’s well-being, and use stronger resource allocation efficiency to help the economy. Quality development, comprehensively releasing the majestic power of the construction of a modern service industry system. Use more professional value discovery capabilities to help high-quality companies grow and jointly build a dynamic and resilient capital market ecosystem. Use better products and services to help promote common prosperity and fully stimulate the wealth effect of increasing residents’ property income. Use more determined reform efforts to improve marketization, specialization, and internationalization, comprehensively enhance the core competitiveness of becoming a world-class asset management company, and jointly start a new journey of high-quality development of China’s asset management industry.
This forum is based on the construction of a strong financial country, focusing on the high-quality development of asset management as an era proposition, and conducts in-depth discussions around major issues such as global economic and financial market hot spots, asset allocation trends, and asset management industry development challenges and opportunities. It is not only the focus of the asset management industry. This important event also reflects the strong responsibility of China Life Asset Company to play a leading role in promoting high-quality development of the industry and promoting international exchanges and cooperation.
On November 23, 20 years ago, China Life Asset Company was registered and established, becoming one of the first domestic insurance asset management institutions with professional, standardized and market-oriented operations. Over the past 20 years, with the medium-to-high-speed growth of my country’s economy, the increasing disposable income of residents, and the continuous improvement of capital market functions, China Life Asset Company has relied on its advanced asset allocation concepts, diversified investment capabilities, strong comprehensive risk management system, and efficient With technological operation capabilities, excellent talent development strategies and a good corporate brand image, the scale of assets under management has grown from less than 500 billion yuan to over 5 trillion yuan, and from China Life Group’s internal fund utilization platform to an all-rounder ranked 31st in the global asset management industry The growth and development of China Life Asset Management Company, an asset management institution, is a microcosm of China’s asset management industry growing from small to large, from large to strong, and constantly leaping forward.
Facing the future, China Life Asset Management will thoroughly study and implement the spirit of the Central Financial Work Conference, unswervingly follow the path of financial development with Chinese characteristics, deeply grasp the political and people-oriented nature of financial work, continue to play a leading role in the industry, and strive to build a world-class asset management company. institutions, contributing wisdom and strength to accelerating the construction of a financial power and building a modern financial system with Chinese characteristics.