The former head of the China Securities Regulatory Commission (CSRC) has called for the greater application of digital technology to the country’s asset management sector.
Ex-CSRC chair Xiao Gang (肖钢) said that digitisation of the Chinese asset management sector would play a key role in enhancing its competitiveness.
“In recent years, China’s asset management sector has seen steady development, and as of the end of last year had 134 trillion yuan in assets under management to reach a new historic high,” Xiao said on 20 August at the China Wealth Management 50 Forum.
“Asset managers have also achieved rapid growth, with 30 already joining the ranks fo the world’s top 500.
“If China’s asset managers wish to further catch up to the global asset management giants, a very important area will be digital transformation. Digital transformation has already become the key to competitiveness.”
Xiao also identified two other future trends in China’s asset management sector – greater concentration and more diversified development.
“The growth of asset managers will eventually concentrate in head offices, and concentration levels will increase,” Xiao said. “At the same time however, this does not exclude the diversified development of small and medium-sized asset managers.”