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Success of the 11th Salon

Source:   Updated :2015/12/26    Hits:

   
      On December 26, the 11th “Financier Club, Qingdao Jinjialing Wealth Management Salon" was held by Qingdao Wealth Management Institute, Shanghai University of Finance and Economics in Qingdao Sub-branch of Shanghai Pudong Development Bank, with the support of Financial Affairs Office of Qingdao, Consulate-General of South Korea in Qingdao and Qingdao Branch of China Council for the Promotion of International Trade. More than 180 people attended this salon, including Liu Mingjun, Vice Mayor of Qingdao People’s Government, Lee Soo-john, Consul-General of South Korea’s Consulate-General in Qingdao, Bai Guangzhao, Director of the Financial Affairs Office of Qingdao, Feng Wenqing, President of Qingdao Branch of China Council for the Promotion of International Trade, Xia Zhengqi, standing vice director of the Administrative Committee of Qingdao Jinjialing Financial Cluster, and representatives of Chinese and South Korean enterprises, banks and securities institutions in Qingdao as well as other financial institutions and enterprises.
     


      Lee Soo-john, Consul-General of South Korea’s Consulate-General in Qingdao, indicated that, as the China-Korea Free Trade Agreement came into effect, the trade volume between the two countries would expand to bring more benefits to their people. Besides, there would be new development between Qingdao and South Korea as exchange and cooperation in manufacturing industry will be extended to the financial industry and service industry. This salon will be of great significance to further discussion of the financial cooperation scheme between Qingdao and South Korea.

      


      Liu Mingjun, Vice Mayor of Qingdao People’s Government, spoke highly of the “Financier Club, Qingdao Jinjialing Wealth Management Salon” in his keynote speech. He said, “after almost one year’s development, the salon has become a high-end dialogue platform for latest financial information, frontier financial issues and exchange of current industry information.”  He said that the 11th salon had a distinct international flavor, which was the result of Sino-South Korea cooperation under the setting of Free Trade Agreement between the two countries and would serve as an interactive platform for the financial and business circles of China and South Korea.
     
      Later, Liu Mingjun introduced the construction progress of Qingdao City Wealth Management Comprehensive Financial Reform Pilot Zone. He said, since the approval of Qingdao City Wealth Management Comprehensive Financial Reform Pilot Zone, multiple innovative pilot policies had been first implemented. Especially, Qingdao had become the first city in China that carried out experimental work for domestic enterprises to borrow Renminbi funds from South Korean banks. “By the end of November, a total of 6 banks had handled 31 cross-border Renminbi loan transactions with South Korean banks. The total contract amount was RMB 2.65 billion, among which RMB 2.33 billion had been actually remitted. The average loan rate is nearly 2% lower than the benchmark interest rate in China, providing a policy channel for enterprises to borrow overseas funds at a lower cost.”
     

      In terms of domestic and foreign financial cooperation, Liu Mingjun said Qingdao Municipal Government had signed cooperation agreements with China Everbright Bank, New China Life Insurance, Development Bank of Singapore and other domestic and foreign financial institutions. “After the establishment of Qingdao Wealth Management Institute, Shanghai University of Finance and Economics, courses have been offered for masters in wealth management, and cooperation with Berkeley College in America will also be carried out soon for cultivation of Master of Financial Engineering.” He said Qingdao City had successfully established a long-term cooperation mechanism for wealth management with South Korea, the UK, Switzerland, Singapore and Hong Kong, and had absorbed a number of overseas high quality wealth management organizations.
    
      Liu Mingjun said, after the China-Korea Free Trade Agreement came into effect, unprecedented opportunities had been created for bilateral trade, financial cooperation, two-way investment, industrial development and structural adjustment between China and South Korea. As one of the cities nearest South Korea, Qingdao City would utilize its geographical advantage and serve as a model in financial cooperation with South Korea, and promote multi-level cooperation and exchange.

    


      Then, Jun Bing-rui, a professor of business administration at Kyung Hee University in South Korea and Director of “China’s Economy Research Institute” in South Korea, delivered a speech entitled “Renminbi Financial Cooperation Scheme between Shandong Province and South Korea”. 
      
      He said, the current construction of Renminbi financial center in South Korea should focus on five aspects: establishment of Korean against Renminbi OTC market in South Korea; establishment of a clearing system such as designation of a Renminbi clearing bank; granting of the RQFII (RMB Qualified Foreign Institutional Investors) with a scale of RMB 120 billion to South Korea; expansion of investment in Chinese market through QFII; reward of South Korea’s issuance of Renminbi-denominated bonds with enterprises in other countries.
      

      He said that the Renminbi market in South Korea had made great progress in a short time through the efforts in the above five aspects. However, the proportion of RMB settlement in South Korea's trade with China was not high and clearing banks had not accounted for half of the trading volume at the OTC market. Under the circumstances where there was an inadequate demand for Renminbi in South Korea, the accumulation of funds was inadequate with a lack of investment and consulting market for Renminbi funds market and financial commodity.

  


      At the end of the salon, General Manager Kim Jong-suk of DCM GROUP, NH Investment & Securities (South Korea) delivered a one-hour speech to the guests entitled “Current Situation and Development Program of the Renminbi Financial Business of South Korean Investment Banks”. 
 

     
      This February, Qingdao Wealth Management Institute, Shanghai University of Finance and Economics, held the first “Financier Club, Qingdao Jinjialing Wealth Management Salon”. So far, 11 salons have been successfully held. Chief Economist Xiang Songzuo of the Agricultural Bank of China, Counselor Tian Tao of Huawei International Advisory Committee, Ma Guangyuan, a famous independent economist and financial commentator, Shui Pi, Chief Editor of China Times and stock commentator, and Xu Hongcai, Director of Economic Research Department of China Center for International Economic Exchanges, were invited to the salons successively to give lectures on current hot economic topics, such as China’s macro economy, company management, real estate and stock market, contributing to the construction of Qingdao financial ecosphere.
      
       It is learned that the salon held on December 26 was the first international salon jointly held by Qingdao Wealth Management Institute, Shanghai University of Finance and Economics and South Korea’s Consulate-General in Qingdao. In the future, the two parties will provide high quality services for people from business and financial circles based on the high-end platform of the financier club.