Meeting for global financial cooperation

Jing'an hosted the Global Asset Management Forum and the Shanghai Suhewan Conference this month.

Experts, scholars, and insiders from the asset management industry met to debate "The Role of Finance Recovery and Global Cooperation" in a plenary session, six subforums, four closed meetings, and one high-level dialogue.

Former Chinese finance minister Lou Jiwei, Shanghai government Deputy Secretary General Wang Ping, and Jing'an Director Wang Hua all spoke during the plenary session.

A number of well-known people gave speeches. They included Shang Fulin, former chairman of the China Securities Regulatory Commission and the China Banking Regulatory Commission; Anthony Neoh, former chairman of the Hong Kong Securities and Futures Commission; and Leslie Massdorp, vice president of the New Development Bank.

Executives from global financial institutes also shared their perspectives on sustainable development, asset management trends, the influence of the current international crisis on the global economy, and other themes and concerns.

Nathan Urquhart, president of Coatue Management; Tobias C. Press, CEO of Allianz Global Investors; Sir Douglas Flint, chairman of Aberdeen; Nicolas Moreau, CEO of HSBC Global Asset Management; and Lee Yuan Siong, CEO and president of AIA Group, were among those present.

The Shanghai Guoyan Wealth Management Research Institute was also established at the meeting. Based in Jing'an, it will serve as the Global Asset Management Forum's Shanghai headquarters, working to further connect Shanghai to the worldwide asset management community.

Jing'an has a long history of serving as Shanghai's main financial hub.

Some of China's most prominent banks, including Shanghai Commercial and Savings Bank, China & South Sea Bank, Continental Bank, and Kincheng Bank, as well as the Shanghai Chamber of Commerce, were located in the district around a century ago.

Many "firsts" in the People's Republic of China's finance industry emerged in Jing'an when China implemented its reform and opening-up policy, including the first stock release, the first securities trading counter, and the first joint-stock securities and financial institution.

The growth rate of the added value of the district's finance industry reached 8.4 percent in the first half of 2023, ranking top in the city.

Finance is Jing'an's second-pillar industry, with the proportion of added value in the district's GDP increasing from 20.5 percent in 2018 to 24.2 percent in the first half of 2023.

Jing'an is now home to approximately 500 financial firms, including securities, asset management, futures, insurance, banking, foundations, and many others. Guotai Junan Securities, Ping An Asset Management, and SAIC Finance are among the major players.

The district has been working hard to become a part of the global banking community.

For example, eight of the top 10 private equity companies on the PEI300 list, including TPG, Blackstone, and the Carlyle Group, have offices in Jing'an.

Sumitomo Mitsui DS Private Fund Management (Shanghai) was registered as a Private Securities Investment Fund Manager (PFM) with the Asset Management Association of China this year, becoming China's first wholly-foreign-owned securities private equity fund.

True Light Capital, an independent wholly-owned subsidiary of Temasek Holdings, is also based in Jing'an and completed its maiden fundraising of US$3.3 billion.

Also, under the qualified domestic limited partnership (QDLP) program, Blackstone registered a fund management unit with the Asset Management Association of China. KKR is considering opening a branch in Jing'an.

Jing'an will focus on asset management, private securities, and private equity to complement Shanghai's other two financial hubs, Lujiazui and the Bund, and will aim to promote Shanghai's development as a global financial center.

Suhewan, or Suhe Bay, a waterfront area along Suzhou Creek, plays a vital role in boosting the finance sector and is poised to become a "finance bay" with a cluster of headquarters of prominent financial companies.

Dongsiwenli, the largest shikumen neighborhood along Suzhou Creek, is undergoing a substantial transformation to become a new cultural and commercial landmark. Top private equity firms from home and abroad are likely to establish offices in historical buildings.

Jing'an Global Asset Management Tower is in the planning stages, with the goal of becoming a new iconic building in Shanghai and providing tailor-made offices to financial companies.

Suhe Bay is also working to become a world-class waterfront area, comparable to the Seine in Paris, the Thames in London, and the Hudson in New York.

In September, a project called "Our Water" was launched to establish a dialogue between Shanghai and other cities with unique waterfront areas. The goal was to enhance cultural exchanges and seek more cooperation.

The first city was Paris, where discussions took place around the Seine and Suhe Bay.

According to PwC research, the two waterfront areas have cultural and industrial similarities.

Statistics show that Suhe Bay generated 9.764 billion yuan (US$1.3 billion) in tax revenue in 2022. By the end of July 2023, its tax revenue had increased by 22.22 percent year over year.