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ICBC Successfully Hosts Parallel Forum “Financial Opening and Market” of Financial Street Forum Annual Conference

On October 22, 2020, the parallel forum “Financial Opening and Market” of Financial Street Forum Annual Conference 2020, hosted by Industrial and Commercial Bank of China (ICBC), was successfully held in Beijing. Lu Yingchuan, Deputy Mayor of Beijing, Gu Shu, President of ICBC, and other officials attended the forum, and Liao Lin, Vice President of ICBC, presided over the forum. The participants had an in-depth discussion on the topic of “financial market opening and changes in asset management competition and cooperation”.

When addressing the forum, Gu Shu said China was accelerating its construction of a new development pattern that takes the domestic market as the mainstay while letting domestic and foreign markets boost each other., in which promoting and implementing a higher level of financial opening would be a key element. Asset management, as the frontier of China’s financial opening, will be led into a new era by a higher level of financial opening. He pointed out that new era requires new characteristics and new attitude. ICBC, together with the other banks and financial institutions, would resolutely implement the financial opening deployment of the state, and fully take advantage of the cross-border, cross-industry and cross-boundary competition and cooperation pattern of asset management, to promote the development of asset management business and make more achievements on serving the real economy with finance.

First, ICBC will continue to promote financing through cross-border competition and cooperation. ICBC will further strengthen its cooperation with foreign financial institutions and enhance its global asset allocation capabilities with a more open attitude. It will utilize its advantages as a latecomer, learning from its competitors on policy building, risk control, business model, investment methods, etc., to gradually cultivate a team of talents with international vision, global thinking and excellent professionalism. ICBC will also strengthen its in-depth study of the international economic and financial markets, laws, regulations, supervisory rules, market rules and so on, to improve its ability to study, judge international market trends, proactively making deployment.

Second, ICBC will continue to boost development through cross-industry competition and cooperation. The asset management industry is featured by serving the full cycle and all aspects of business operations. Asset management institutions with different genes and advantages play different roles in various stages and links during the growth of a business. Therefore, cross-industry cooperation means more than cross-industry competition. At present, ICBC has formed a full-spectrum, around-the-clock, and all-channel asset management service system, covering commercial banks, ICBC Wealth Management, ICBC Credit Suisse Asset Management, ICBC-AXA and ICBC Investment, etc.. With the advancement of separated supervision and professional operations, ICBC is also willing to take advantage of its capital, channel resources and cooperative capabilities to develop into an important platform for its counterparts to exchange resources, share information and achieve multiple capabilities, so as to meet the financing needs at different levels of risk appetite and to enhance the efficiency of value creation.

Third, ICBC will continue to promote transformation with cross-boundary competition and cooperation. Financial institutions should accelerate the opening of resources, interfaces and platforms, and work together to create an empowered financial ecology in the era of digital economy, so as to provide specialized and customized asset allocation portfolio solutions for customers, and platform-based and comprehensive asset management service solutions for businesses. ICBC is currently exploring on these fronts. For example, ICBC independently developed the “AI Investment” service, which enriches investors’ uni-dimensional investment habits into a three-dimensional investment concept consisting of time axis, space allocation and risk hedging, acting as a navigation system for individual customers’ wealth management.

During the dialogue and Q&A in the forum, experts from the asset management industry had an in-depth discussion on how to gain and utilize the dividends of financial market opening to achieve a higher level of competition-cooperation development.

Founded in 2012, the Financial Street Forum has been held for 8 consecutive sessions. As a strategic partner of the Forum, ICBC has actively participated in the preparation, carefully organized and hosted parallel forums, and contributed its wisdom and strength to promote high-level financial opening and to serve the construction of a national financial management center.