The head of one of China’s big state-owned banks expects President Xi Jinping’s recent call for a “common prosperity” drive to have a major impact upon the asset management sector.
“The struggle for common prosperity will provide a new direction for asset management,” said Liu Jin (刘金), president of the Bank of China (BOC), on 13 October at the 2021 Shanghai Global Asset Management Summit (2021上海全球资产管理高峰论坛).
“Since the start of the year President Xi has repeatedly emphasised expediting common prosperity for the whole people, and pointed out that common prosperity is the intrinsic requirement of socialism, and the common longing of the people.
“This is not only an economic issue, but also relates to major policy issues of the party’s foundations for governance.
“This provides new, higher demands for the wealth management sector, and will at the same time create even greater opportunities for development.”