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1. Ant Group has released another blockbuster blockchain application. Can it create another "Alipay"
Prior to this, Alibaba has also repeatedly announced that it will be released today. "Disruptive product". So, what pain points can Trusple solve? What are the application prospects? What difficulties and obstacles does the promotion of Trusple currently face?
Another “Alipay”
“Same as Alipay’s original intention of launching secured transactions, Trusple also aims to solve the problem of transaction trust. The difference is that since blockchain technology is solving With outstanding features in trust in complex processes, Trusple better meets the needs of solving trust in international trade." said Jiang Guofei, Vice President of Ant Group and President of the Intelligent Technology Business Group.
Specifically, on the Trusple platform, when a buyer and seller generate a trade order, it is automatically uploaded to the chain and begins to circulate. The bank will automatically pay based on the payment terms agreed upon in the order, avoiding the traditional model. Sellers need to urge buyers to transfer money offline, and at the same time, they can also prevent the frequent malicious delay in payment time. Buyers can also obtain financial services such as account terms based on real orders on the chain, which greatly improves capital utilization and procurement efficiency.
For buyers and sellers, every successful transaction on Trusple is a deposit of "on-chain credit". When a company has financing needs, financial institutions can submit a verification request to the Trusple platform to determine the authenticity of the company's trade. In this way, on the one hand, it reduces the financial service risks of banks and other financial institutions, and at the same time, it also revitalizes the survival and operating capabilities of small and medium-sized enterprises.
It is understood that five banks, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank and Standard Chartered Bank, have become Trusple’s first partners.
How complex is traditional trade finance business? The following is the bank's letter of credit business flow chart:
As can be seen from the above, the traditional international trade financing model is not only complex in process, but also requires high service fees from banks. If there is a blockchain trade settlement platform and a trade settlement contract is developed, the exporter directly places the advance payment in the smart contract. When the exporter's goods arrive at the destination, the system verifies that the documents are qualified and then triggers the smart contract to release the money to the exporter. Not only is the process simple and the service fee is low, but more importantly, it can reduce the capital occupation cycle and improve capital efficiency.
"This is the case with Trusple currently launched by Ant Group, and Ant Chain also supports smart contracts." Li Lianxuan said.
To sum up, the difference between traditional cross-border trade and Trusple is centralization and decentralization. In the traditional trade model, banks serve as the center, providing transaction credit or financing facilities to buyers and sellers to ensure the smooth progress of transactions. The "credit" in this is the bank's third-party credit. And the districtThe trust model of the blockchain, its "credit" comes from the blockchain itself and does not require a third-party intermediary.
Facing two major obstacles
The launch of Trusple also fulfilled a long-cherished wish of Ali for 19 years.
As early as 2001, Alibaba B2B Company tried to use a model similar to an intermediary guarantee to solve the problem of mutual distrust between buyers and sellers in foreign trade transactions, but was unable to do so due to technical constraints at the time. Two years later, the emergence of Alipay solved the trust problem among C2C business users. However, because transactions between businesses are much more complex than between individuals, and payment methods and logistics methods are also very different, the plan 19 years ago has been shelved to this day. Until the emergence of blockchain provides new solutions. For this reason, Alibaba calls the launch of Trusple a major launch comparable to the birth of Alipay.
It is worth noting that although Trusple has similar functions to Alipay, both are designed to solve the trust problem between different subjects, but the solution ideas are completely opposite. Trusple aims to eliminate middle links and disintermediate, while Alipay is the largest intermediary with 1 billion users. Trusple only targets B-side users in cross-border trade, so it seems to be fine with Alipay for now. So if similar products are used in domestic C2C e-commerce scenarios in the future, it will revolutionize Alipay's life.
Alibaba’s Blockchain Layout
Blockchain is based on the characteristics of decentralization, openness and transparency, information traceability, anti-tampering, and automatic execution of smart contracts. It is a natural solution to trust issues. weapon. As The Economist said: Blockchain will become a “trust machine.” Therefore, Jack Ma said that Alibaba without blockchain would "die".
Jack Ma’s words are not alarmist. Alipay, which started as an e-commerce company, has played a key role in solving the trust issue between consumers and merchants in online transactions. It can be said that without Alipay, Alibaba would not have the e-commerce empire it has today. “Over the past decade or so, we have continued to promote the construction of trust mechanisms through technology and innovation,” Ant Group said in its IPO prospectus.
To this end, as early as 2015, Alibaba established a blockchain team and began to invest in blockchain research and development. In October 2017, Ant Financial (the predecessor of Ant Group) released the "BASIC Strategy" (blockchain, artificial intelligence, security, Internet of Things, cloud computing). In July this year, just before Ant Group applied for listing on the Science and Technology Innovation Board, Ant Blockchain was officially upgraded to "Ant Chain". Jack Ma personally named Ant Chain, which shows its status in the Alibaba ecosystem.
Today, Alibaba has implemented more than 50 blockchain application scenarios. Ant Chain is technically able to support 1 billion account sizes and can support 1 billion daily transactions, achieving 10 transactions per second. Wanbi cross-chain information processing capabilities (PPS).
In April this year,Ant’s “Open Alliance Chain” was officially launched, fully opening up its blockchain technology and application capabilities to small and medium-sized enterprises. Subsequently, the implementation of related blockchain applications further accelerated. In July, the Ant Chain all-in-one machine was released, which can save more than 90% of blockchain deployment time for government and enterprise developers; on September 18, it was opened to the public including data security computing hardware, The privacy and security "three-piece package" of 3D contract security services and data privacy computing services; Trusple is released today.
In terms of research and development, Alibaba’s blockchain patent applications have ranked first in the world for four consecutive years, and its self-developed cross-chain technology has also been recognized as an international standard.
According to the website of the Shanghai Stock Exchange, Ant Group’s Science and Technology Innovation Board IPO has entered the “submission for registration” stage. "After listing, the most important thing for Ant Group is to invest in technology. In the future, it will focus on investing in the five major technical fields of artificial intelligence, risk management, security, blockchain, computing and technical infrastructure." Ant Group CEO Hu Xiaoming said.
2. What are the blockchain companies?
——The following data sources and analysis are from the "Business Model Innovation and Investment Opportunities in China's Blockchain Industry" published by the Qianzhan Industry Research Institute In-depth analysis report".
——Original title: Analysis of the market status and development trends of China’s blockchain industry in 2019. Widespread implementation of applications to accelerate the construction of digital ChinaAnalysis of the industrial chain of the blockchain industry: There are many downstream application fields with huge development potential
From the perspective of the industrial chain, my country's blockchain industry includes upstream hardware, technology and infrastructure; midstream blockchain applications and technical services;
Downstream blockchain application fields and other links. Upstream hardware, technology and infrastructure mainly provide necessary hardware, technology and infrastructure support for blockchain applications. Among them, hardware equipment includes mining machines, mining pools, chip manufacturers, etc.; general technologies include distributed storage, decentralization transaction, data services, distributed computing and other related technologies.
Downstream application fields include the combination of applying blockchain technology with existing industries, mainly including the financial industry, logistics industry, copyright protection, medical health, industrial energy and many other fields. As an emerging technology, blockchain There are many downstream application fields and huge development potential.
Midstream blockchain applications and services include basic platform construction and the provision of technical service support. The basic platform construction is divided into general basic chains and vertical domain basic chains; technical service support includes technical support and service support. Support is similar to upstream related technologies, and is responsible for providing buyers with a series of technical support based on blockchain products such as blockchain security protection; service support includes a series of services such as digital asset trading venues, digital asset storage, and media communities.
Analysis of the industrial chain of the blockchain industry
Source: Compiled by Qianzhan Industry Research Institute
3. Ant Group shows The most down-to-earth cutting-edge technology Ant Chain is running in the fields
Xin'an Evening News Anhui Net Dawan Client News AsAs a technology company, Ant Group, the parent company of Alipay, is deeply involved in the fields of innovative technology and ecology, especially its cutting-edge technology blockchain. It gradually expands the ecology through Ant Chain and builds the trust foundation of the digital economy with the power of ecology. With the joint efforts of partners, Ant Chain has been implemented in more than 50 scenarios, with more than 100 million daily uploads, forming the largest industrial blockchain ecosystem in China.
Dangshanli launched Ant Chain, expanding new online and offline retail channels.
Blockchain can build an ecosystem
In the past, it was difficult to establish trust between many small and medium-sized enterprises, and there were data islands between industries. However, as the industrial blockchain environment further develops, the role of blockchain in solving multi-party collaboration and trust has become increasingly apparent. Its transparent, traceable and non-tamperable features have greatly reduced the cost of social trust and improved social security. operating efficiency.
Therefore, many experts and scholars compare blockchain technology to a "trust machine", such as solving the trust between people and the trust between enterprises. This also determines that the ecological value in the blockchain environment is greater. For example, after recording the real trade of a small store in the blockchain, it is given credit value, recognized by banks, and dares to provide financing services; another example is that after opening up medical documents through the blockchain, they can be shared among medical institutions. , circulation, there will no longer be repeated filming and repeated prescription of medicines. Relevant medical insurance can also directly provide services based on this real medical document, benefiting everyone.
The wave of digitalization is coming. Jing Xiandong, chairman of Ant Group, once said that it is no exaggeration to say that blockchain is the most important technology in the digital era. Without the engine of trust, it is difficult for the digital economy to truly develop. He believes that blockchain is a new infrastructure of trust in the digital economy era and will be highly relevant to everyone and every small business in the future.
Ant Group is one of the technology companies currently firmly invested in the blockchain track. Ant Chain is committed to building a new infrastructure of trust in the digital economy era.
Currently, Ant Chain has ranked first in the world in terms of number of blockchain patents for four consecutive years. Technically, it can support 1 billion account sizes, 1 billion daily transactions, and achieve 100,000 cross-chain information processing capabilities per second (PPS), with the ability to be uploaded to the chain on a large scale. Since 2019, AntChain has begun commercialization and generating revenue.
Ant always insists on letting blockchain solve practical problems and serve more people. More than 50 implementation scenarios include supply chain finance, cross-border remittances, charitable donations, government affairs and people's livelihood, and product traceability. And every scenario basically works hand in hand with industry benchmarks to allow the blockchain to truly exert its ecological and social value.
The threshold for rights protection has been lowered and judicial efficiency has been improved. In May this year, Ant Chain was used by the Guangzhou Internet Court for the first time to hear an intellectual property case, and it took only 20 minutes to complete an official case.Secretary, the key evidence is clear at a glance, and the cross-examination process takes a lot of time. Compared with traditional copyright protection, the related costs of this platform are saved by more than 95%, which greatly lowers the threshold for copyright protection.
For another example, Trusple, the international trade and financial services platform launched by Ant Chain at the Bund Conference, attracted the participation of five international banks, including BNP Paribas, Citibank, DBS Bank, Deutsche Bank, and Standard Chartered Bank. The platform is based on Ant Chain technology, which improves the payment certainty between buyers and sellers in international trade, eliminates trust barriers between transaction parties, and ensures that goods sent out can receive money in a timely manner.
Yuan Jing, a small and medium-sized businessman from Yiwu, became the first person to "eat crabs". She sold her own crystal jewelry to Mexico through Ant Chain and received the payment the next day. In the past, transactions alone took more than a week, and payment arrears often occurred.
From the perspective of solving trust, Trusple is consistent with Alipay’s idea of launching secured transactions. Trusple innovatively uses distributed secured transaction technology to establish a new international trade trust mechanism. For merchants, without transaction risks, business can be free; for banks, the credit on the chain is more trustworthy, which can reduce the risks of financial services. In addition, relying on Ant Chain technology, it can also connect more banks and small and medium-sized enterprises to expand the scope of financial services.
Make blockchain "down to earth"
For many people, blockchain, a brand-new technology, is aloof and elusive. On the one hand, it will take some time for this technology to be implemented on a large scale; on the other hand, many companies are "selling sheep before dogs", confusing the development of blockchain with virtual currency speculation, or falling into the whirlpool of conceptual hype. There is no actual technical solution implemented.
Technology exists to solve problems. There has never been a great company that became great simply because of technology. Compared with technologies such as AI and cloud computing, the development of blockchain has just begun. However, any new technology can only be accepted and known by more people if it stays close to the ground, and "down-to-earth" is also An important criterion for the healthy development of blockchain.
Jiang Guofei, vice president of Ant Group and president of the Intelligent Technology Business Group, said that blockchain is not mysterious. In the near future, blockchain will become a part of ordinary people's daily lives like mobile payment. .
Such a future is actually already on its way. More and more scenes and livelihood services that are closely related to ordinary people have the shadow of blockchain behind them.
Through Ant Chain, Dangshanli’s entire sales link is credible.
In September this year, the People’s Government of Dangshan County, Anhui Province, the Anhui Branch of the Agricultural Bank of China, and Ant Chain jointly signed a cooperation framework agreement to create the country’s first blockchain-based rural revitalization sample.Let blockchain technology take off in rural fields.
E-commerce in Dangshan is developed. Due to lack of trust, traditional e-commerce companies require cash and spot methods when purchasing agricultural products, resulting in very large working capital needs for e-commerce companies and their supply chain companies.
In this cooperation, the Dangshan County Government will join forces with Ant Chain and the Agricultural Bank of Anhui Province to develop the blockchain financial innovation center and realize the "business flow, business flow, and business flow" of the entire agricultural industry chain based on Ant Chain (business flow chain). The four streams of logistics, capital flow, and information flow are integrated into one to provide services for agricultural entities, lower the financing threshold of enterprises, and save the financing costs of enterprises. Agriculture has since been boosted by financial power.
At the same time, "China's No. 1 Blockchain Village" was simultaneously launched in Liangli Village, Dangshan.
As a specialty of Dangshan County, Anhui Province, Dangshan Su Pear ranks first among the three traditional famous pears in China. It has a history of thousands of years. But the key is that the origin of agricultural products cannot be traced, and it is difficult for consumers to distinguish authenticity. There is no truly efficient communication bridge between high-quality agricultural products and consumers.
Through Ant Chain, the entire sales link of genuine Liangli Village pears is trustworthy. Once the quality is guaranteed, the sales channels will gradually improve. In Ant Chain Village, the flow of goods, funds and information in production and transactions will occur simultaneously on the chain, forming a credible data asset for production and operation entities, which can not only bring financing and other financial services, but also improve the efficiency of working capital turnover. Allowing all parties to increase revenue and profits.
It can be seen that with the help of technology, a fully digitalized village is gradually emerging.
4. Lian Ping: Looking at the seven major opportunities for my country’s wealth management in the next 15 years from the Fifth Plenary Session of the 19th CPC Central Committee
On October 29, the 19th Central Committee of the Communist Party of China The five plenary meetings concluded successfully. Judging from the "Recommendations of the Central Committee of the Communist Party of China on Formulating the Fourteenth Five-Year Plan for National Economic and Social Development and Long-term Goals for 2035" (hereinafter referred to as the "Recommendations") adopted at the meeting, it not only comprehensively outlined the future 5- The grand blueprint for my country's national economic and social development in 2015 has pointed out clear directions and goals for the preparation of the "14th Five-Year Plan". It has also illuminated a series of dazzling development opportunities for my country's wealth management industry, which will greatly boost the Confidence of investors in the wealth management industry and market.
Opportunity 1: Wealth management industry players will usher in unprecedented development opportunities
The "Recommendations" first put forward the long-term goal of basically realizing socialist modernization by 2035, including “Economic strength, scientific and technological strength, and comprehensive national strength will rise significantly, and the economic aggregate and the income of urban and rural residents will reach a new level.” “The per capita GDP will reach the level of developed countries such as Hu Xianghuai, and the middle-income group will significantly expand.” etc. .
Currently, domestic standards for judging moderately developed countries are not uniform. Previously, some places regarded “per capita GDP reaching US$10,000” asThe standard of "moderately developed country", but this obviously does not meet the literal meaning of "moderately developed country". According to data released by the National Bureau of Statistics, my country's per capita GDP has exceeded US$10,000 in 2019. Therefore, the threshold for per capita GDP in moderately developed countries needs to be raised upwards.
From an international comparison, the per capita GDP of more developed or highly developed countries, such as the United Kingdom, France, and Japan, was more than 40,000 US dollars in 2019, and the per capita GDP of the United States was as high as 65,000 US dollars. Therefore, countries with a per capita GDP of 20,000 to 40,000 US dollars, such as the current level of the Czech Republic (23,000 US dollars), Portugal (23,000 US dollars), and South Korea (30,000 US dollars), can be roughly regarded as moderately developed countries. It is also in line with the general perception that US$20,000 is the entry level for moderately developed countries.
In the future, my country will gain a new round of growth dividends driven by technological innovation. If it continues to grow at a medium to high speed of about 5% for another 15 years, by 2035, per capita GDP is expected to reach 2 at constant prices. Ten thousand U.S. dollars. We believe that this goal is relatively feasible. Of course, if factors such as RMB appreciation are added to the mix, my country's per capita GDP may reach US$30,000 or even higher by 2035.
In addition, the "Recommendations" also put forward goals such as "significantly narrowing the gap between urban and rural regional development and residents' living standards" and "making more obvious substantive progress in the common prosperity of all people." In the next 5-15 years, a large number of emerging high-net-worth or relatively wealthy people will emerge in my country's vast urban and rural areas, causing my country's original 2 million high-net-worth people to grow rapidly. According to the aforementioned per capita GDP growth forecast, by 2035 the number of high-net-worth individuals is likely to be 2-3 times that of the current level, which means there will be 2-4 million more people than at present. The scale of investable financial assets will be based on the current 200 trillion yuan. A corresponding increase of 2 million to 400 trillion yuan. If we further take into account the equally rapid expansion of the middle class or quasi-high-net-worth individuals, it is entirely possible for our country to form an unprecedentedly large wealth management market that is second to none in the world.
Opportunity 2: The wealth management market will become more mature and standardized
In addition to the long-term goals for 2035, the "Recommendations" focus on planning the main aspects of my country's economic and social development during the "14th Five-Year Plan" period. Target. In terms of market construction, it is proposed to "adhere to equal access, fair supervision, openness and orderliness, integrity and law-abiding, and form a domestic unified market with efficient regulation and fair competition" and "implement actions to build a high-standard market system".
The introduction of new asset management regulations in 2018 will have a profound impact on my country’s wealth management market. First, it helps to promote unified standards in the wealth management industry, break rigid redemptions, accelerate the transformation of products to net value, and prevent and resolve potential financial risks in Yanmeng. Second, it will help promote the return of the wealth management industry to its roots and enhance the quality and efficiency of financial services to the real economy. Third, it will help wealth management institutions strengthen their investment research capabilities and change their past weak innovation capabilities.The type of asset allocation is relatively single. my country's wealth management market has since entered an increasingly standardized development track. At the same time, government departments and regulatory authorities have intensified their crackdown on Internet financial fraud and rectification of P2P chaos in recent years. A large number of non-licensed institutions have been cleared by the market, and the wealth management industry has accelerated its return to standardized operations. This has a great impact on Leading wealth management institutions that are licensed and operate in compliance with the law will form positive incentives and promote their efforts to improve the quality of products and services and further move towards professionalism.
The "Recommendations" propose that "the efficiency of national governance has been further improved, and socialist democracy and the rule of law have become more complete" and "the people's ideological and moral quality, scientific and cultural quality, and physical and mental health quality have been significantly improved." Under the guidance of the above development goals, investor education in the wealth management industry is expected to be greatly strengthened, residents' financial literacy and legal awareness will continue to improve, and a clean and upright legal and credit environment will be further formed. In the future, wealth management institutions and investors will clarify their respective rights and obligations within the legal framework, resolve disputes rationally, truly realize "sellers do their duty, buyers must beware", and become more mature and rational like other financial markets such as banks and stocks. stage of development.
Opportunity 3: Financial opening will bring more abundant products and services
The "Recommendations" emphasize that "forming a strong domestic market" and "persisting in the implementation of a wider range, wider areas, "Deeper opening up to the outside world" and "orderly expansion of the opening up of the service industry to the outside world" will undoubtedly help attract more leading international wealth management institutions to accelerate their deployment in the Chinese market.
In recent years, my country's wealth management industry has developed at a rapid pace. The institutional ecology has become increasingly diversified, innovative products have become increasingly abundant, and it is developing in a standardized, healthy and orderly direction. However, compared with the internationally developed wealth management market, the product and service supply in my country's wealth management market still has shortcomings such as a relatively single type and extensive service models, making it difficult to meet the differentiated and personalized needs of some high-end investors. To a certain extent, the lack of available financial instruments in my country's wealth management market is one of the reasons why financial assets account for a low proportion of total household wealth.
Since 2018, the pace of my country’s financial opening has accelerated significantly. In 2018, my country announced 15 opening measures for the banking and insurance industries, canceling or significantly relaxing the upper limit of foreign shareholding ratios, expanding the business scope of foreign financial institutions, etc.; in 2019, it further introduced two rounds of 19 opening measures to improve the The ability of my country's financial industry to serve the real economy and international competitiveness have created a good institutional and market foundation, attracting a large number of foreign banks, insurance, investment banks and other institutions to enter, which has greatly promoted the development of asset management centers in domestic cities such as Shanghai, Qingdao, and Shenzhen or Construction of wealth management center. Taking Shanghai as an example, the construction of Shanghai's international financial center is developing in depth, and it has proposed the goal of building a "global asset management center" and "Asian asset management hub" in the field of asset management and wealth management. It has attracted State Street, BNP Paribas Asset Management, Robeco Asset Management, Carlyle Investments and a large number of internationally renownedof asset management institutions and private equity investment institutions have settled in Shanghai.
The arrival of foreign-funded institutions has brought advanced business concepts and service models, which will attract domestic asset management institutions and wealth management institutions to cooperate with foreign-funded institutions in aspects such as equity, products, management and talents, and bring international Apply mature investment concepts, business strategies, incentive mechanisms and risk control systems domestically. For example, the recent joint venture between BOC Wealth Management and Amundi Financial Services Group established Huihua Financial Management, and CCB Financial Management, BlackRock, and Fullerton were approved to jointly establish a financial management company, which all reflect this trend. At the same time, many foreign asset management institutions and private equity institutions are actively applying for foreign public fund licenses after entering my country. For some domestic third-party wealth management institutions that mainly focus on fund sales, this means that their product lines will be more abundant in the future, helping to meet the cross-border, cross-industry, and cross-currency investment and financial management needs of domestic high-end customers, making The supply and demand adaptability of wealth management is more perfect.
Opportunity 4: The wealth management market for the elderly has huge space
The "Recommendations" propose that during the "14th Five-Year Plan" period, our country will "implement the national strategy of actively responding to the aging of the population" and "develop "Silver Economy" etc.
As my country continues to age, the importance of wealth management has become more prominent. From a policy perspective, in November 2019, the Central Committee of the Communist Party of China and the State Council issued the "National Mid- and Long-term Plan for Actively Responding to Population Aging", which comprehensively deployed my country's work tasks in response to population aging from 2020 to 2050. The first priority is to "consolidate "Social wealth reserves in response to the aging population", such as by improving the national income distribution system, optimizing the distribution pattern among the government, enterprises, and residents, and steadily increasing pension wealth reserves.
From the perspective of market supply and demand, driven by factors such as the incomplete pension security system and the risk of premature overdraft of family wealth brought about by the significant increase in life expectancy of the population, my country's elderly population currently has a very urgent need for wealth management. , but the supply of domestic wealth management has not yet completely matched the demand. In the future, wealth management institutions still have a lot of room for improvement in accelerating product and service innovation.
Opportunity 5: Improving the multi-level social security system creates new opportunities for the wealth management industry
The "Recommendations" propose that "improving the multi-level social security system" and "developing multi-level and multi-pillar pension services" Insurance system" "Steadyly establish a long-term care insurance system and actively develop commercial medical insurance."
After years of exploration, our country has basically formed a "three-pillar" pension system. Among them, the first pillar is the basic pension insurance system led by the government, the second pillar is the annuity system independently developed by some enterprises and government institutions, and the third pillar is mainly personal savings pension insurance and commercial pension insurance. At present, the development among the three pillars is uneven: the first pillar occupies an absolutely dominant position, covering 970 million urban and rural residents in China, accounting for 70% of my country’s total pension assets; the second pillar is progressing slowly, with participationThe main entities are mostly state-owned enterprises (enterprise annuities) and government institutions (occupational annuities). The number of participants is more than 20 million, accounting for 30% of the total pension assets. There are problems such as narrow coverage, high financial burden on institutions, and lack of willingness to continue to join. and other issues; as for the third pillar, it is still in the early stages of piloting, and its proportion is almost negligible. However, considering that the first pillar is already operating at full capacity and has a heavy drag on public finances, and that ordinary companies in the second pillar are not willing to join, the third pillar has the greatest potential and the most anticipated development prospects. This has become a problem for regulatory authorities and society. general consensus from all walks of life. On the eve of the Fifth Plenary Session of the 19th CPC Central Committee, Chairman Guo Shuqing of the China Banking and Insurance Regulatory Commission pointed out that vigorously developing the third pillar of pension security can effectively alleviate the pressure on China’s pension insurance expenditures and meet the people’s diverse pension needs; at the same time, it can also concentrate long-term stable funds. Explore cross-cycle investment models and become an important force in long-term investment and value investment in the capital market to meet the funding needs for infrastructure construction and technological innovation. Chairman Yi Huiman of the China Securities Regulatory Commission also said that he will promote and optimize the policy environment for the entry of medium and long-term funds such as third-pillar pension funds into the market. It is predicted that if my country's third pillar approaches or reaches the development level of the United States, it is likely to form an emerging market worth tens of trillions of yuan.
Relevant policy practices are also being actively promoted in recent years. In April 2018, multiple departments jointly issued the "Notice on Carrying out the Pilot of Personal Tax-Deferred Commercial Pension Insurance", which partially piloted tax-deferred pension insurance and conducted useful explorations to enrich the third pillar of pension insurance. Since 2019, the Ministry of Human Resources and Social Security, the Ministry of Finance and other departments are actively studying and formulating policy documents for the third pillar of pension insurance. They plan to adopt an account system and establish a unified information management service platform that meets the regulations of bank financial management, commercial pension insurance, funds, etc. Financial products can become the third pillar of pension insurance products. From a business practice perspective, enriching the third pillar pension products requires regulatory authorities and financial institutions to accelerate the training of qualified pension management talents and create authoritative third-party fund rating agencies.
Opportunity 6: The comprehensive health and wellness industry has broad prospects
The "Recommendations" clearly stated that during the "14th Five-Year Plan" period, it is necessary to "comprehensively promote the construction of a healthy China" and "accelerate the development of health ", elderly care" and other modern service industries, "vigorously develop traditional Chinese medicine", "promote the coordinated development of elderly care and the elderly care industry", build a "senior care service system that combines medical care and health care", etc.
Since the reform and opening up, my country’s health field has made remarkable achievements in reform and development, and people’s health level has continued to improve. At the same time, our country is also facing new challenges brought about by industrialization, urbanization, population aging, and changing disease spectrum, ecological environment, and lifestyle. It is necessary to coordinate and solve major and long-term issues related to people's health. In 2016, the Central Committee of the Communist Party of China and the State Council issued the "Healthy China 2030" Planning Outline, which comprehensively and systematically proposed to improve the physical quality of all people and strengthen public health services covering all people.Goals and measures such as health services and the development of new health service formats.
In 2020, a new coronavirus epidemic sweeping the world has profoundly revealed that all countries in the world today, whether developed or developing countries, face equally severe challenges in the face of public diseases. The epidemic further reminds our country that we must accelerate the promotion of the "Healthy China" strategy. During the "14th Five-Year Plan" period, our country will coordinate and promote tasks such as popularizing healthy living, optimizing health services, improving health security, building a healthy environment, and developing health industries. Against this background, new health industries, new business formats, and new models will accelerate their emergence and expand their reach, and the general health and wellness industry will enter a golden period of rapid development.
In this process, the demand for comprehensive health and wellness services among high-net-worth individuals will undoubtedly become stronger. This provides excellent development opportunities for wealth management institutions whose main service targets are high-net-worth individuals. On the one hand, the importance of health insurance will be further highlighted. Judging from the experience of the United States, in the past 20 years, actively managed health insurance that provides full-process health risk management services "before hospital, in hospital, and after hospital" has replaced medical services and become the core of the entire health industry chain. On the other hand, wealth management institutions are best suited to build a bridge between supply and demand between customers and advanced medical and health care resources at home and abroad, and regard them as an important part of a package of services that fully meet the diverse needs of customers.
Opportunity 7: Wealth management technology will accelerate development
According to statistics, in the "Recommendations" of the Fifth Plenary Session of the 19th CPC Central Committee, the word "innovation" was mentioned as many as 15 times . Expressions that encourage innovation or technological innovation can be seen everywhere in the article, such as "insisting on the core position of innovation in the overall situation of my country's modernization drive", "enhancing the technological innovation capabilities of enterprises, stimulating the innovation vitality of talents, and improving the scientific and technological innovation system and mechanism", "accelerating digital development", etc.
In recent years, financial technology represented by the Internet of Things, artificial intelligence, big data, blockchain, virtual reality, cloud computing, etc. has developed rapidly. The integration of technology and finance has become increasingly close. In banks, , securities firms and other industries have been widely used in scenarios, penetrating into all aspects of the front, middle and back offices. Internationally, financial technology innovations such as robo-advisory, financial planning software, portfolio management software, digital platforms, and robotic process automation have been fully demonstrated in some advanced wealth management industries. Financial technology is having a profound impact on the wealth management industry.
Although the application of financial technology is still in its infancy in the field of wealth management in my country, the future development prospects are promising. First, local governments and regulatory authorities have great determination and intensity in promoting the accelerated development of financial technology from top to bottom. In August 2019, the People's Bank of China formulated and issued the "Financial Technology Development Plan (2019-2021)", proposing that by 2021,It is necessary to establish and improve the "four beams and eight pillars" for China's financial technology development; Xiongan New Area, the Yangtze River Delta, the Guangdong-Hong Kong-Macao Greater Bay Area, etc. have also put forward the goal and vision of building a financial technology center. Second, my country's wealth management industry has the advantage of being a latecomer and catching up. It will quickly reach a level similar to that of developed countries in Europe and the United States. In some wealth management subdivisions, it may even be the first to apply certain financial technologies and become a leader in related fields. By. Judging from my country's practice in mobile payment, digital currency and other fields in recent years, related fields have been at the forefront of the world in related technology applications.
It is foreseeable that in the future, my country's wealth management industry will be powered by financial technology and provide customers with higher-quality, accurate and direct products and services through the combination of "financial advisor + wealth technology". In the future, the application of financial technology in the field of wealth management will mainly focus on scenarios such as promoting the digital transformation of the wealth management industry, improving customer service efficiency in the wealth management industry, reducing wealth management operating costs, and enhancing the adaptability of wealth management. Driven by wealth management technology, accurate, personalized and customized high-quality wealth management services that could only be enjoyed by a small number of high-net-worth and ultra-high-net-worth individuals in the past will "fly into the homes of ordinary people" and benefit a wider range of people. Quasi-high net worth or middle-class families.
"The tide is flat and the banks are wide, the wind is blowing and the sail is hanging." In the next 5-15 years, from the demand side, driven by the dividends of technological innovation, our country will accelerate its move towards the ranks of moderately developed countries, and residents' wealth accumulation and subsequent wealth management needs will continue to grow significantly. From the supply side, the market environment will become increasingly standardized, opening up to the outside world will develop in depth, financial technology will rapidly iterate, and the wealth management supply capabilities of financial institutions will be greatly improved. my country's wealth management market will surely be full of vitality, and the wealth management industry will usher in a new round of development, thus entering a new period of golden opportunities.
About the author:
Lian Ping, Chief Economist and Dean of the Research Institute of Zhixin Investment
Zhixin Investment Liu Tao, Vice President of Xin Investment Research Institute
