THE total amount of assets managed by financial institutions such as banks, funds, insurance companies and trusts is expected to exceed 30 trillion yuan (US$4.43 trillion) by 2025.

The city’s assets under management (AUM) had accounted for one-fifth of the national total as of the end of 2022. Eight Shenzhen-based institutions were on the list of the global top 500 wealth management firms, according to Shenzhen Special Zone Daily.

Shenzhen’s wealth management industry has become one of the fastest-growing areas in the city’s financial industry. Shenzhen ranked among the top three nationally in terms of management scale, product innovation capability and the number of wealth management institutions, which laid a solid foundation for the building of an international wealth management center.

Shenzhen was also among the first batch of cities in the country to pilot private pension plans.

Yu Lingqu from the China Development Institute observed that wealth management links residents’ assets with financing activities, so it plays an important role in promoting high-quality development and common prosperity.

The Shenzhen Municipal Local Financial Regulatory Bureau issued guidelines on stepping up building the city into an international wealth management center.

According to the guidelines, Shenzhen aims to cultivate at least 100 wealth management institutions of strong influence by 2025.

It also emphasizes the improvement of the wealth management system, the innovation and digital transformation of the wealth management industry, a better wealth management business environment, and Shenzhen-Hong Kong wealth management cooperation and market opening up.   (Wang Jingli)