Recently, the Opinions on Promoting the Building of a Global Wealth Management Center in Beijing (hereinafter referred to as the "Opinions") was issued. Beijing Municipality will seize the major opportunity of the development of the "Two Zones" to serve the building of the national financial management center, and promote the well-regulated and sound development of wealth management industry, ultimately to build a global wealth management center with international competitiveness.

The Opinions lists "six aspects to build" and 20 main tasks. The "six aspects to build" are: improving the system of wealth management institutions to build a sophisticated wealth management ecosystem; innovating wealth management products and services to build a robust wealth management market; strengthening the financial infrastructure development to build a multi-level market system; enhancing the level of opening-up to build a system for the two-way opening of financial industry; optimizing the environment for industry development to build a world-class business environment; and supporting the high-quality development of Beijing's Municipal Administrative Center to build a new model for global wealth management.

The 20 main tasks include: promoting the development of high-quality wealth management institutions that comply with regulations, making wealth management tools more diversified, innovating asset management products, strengthening the financial infrastructure development, serving the development of the Beijing Stock Exchange, supporting foreign-invested institutions in expanding their development space, continuing to deepen pilots of opening-up and innovation, advancing the interconnectivity of domestic and foreign markets, increasing international exchanges and cooperation, enhancing the influence of the wealth management industry in Beijing's Municipal Administrative Center and so forth.

The Opinions proposes that a number of quality wealth management institutions and a batch of talent will be cultivated, the types of wealth management products will be enriched, service capabilities of wealth management will be continuously optimized, and the level of wealth management development will be significantly improved by 2023; and a global wealth management center with a sound rule of law system, a well-regulated and orderly market, and significant international influence will be basically built by 2025.

(Source: People's Daily Online)