Delegates pose for a photo at the 7th China-ASEAN Summit Forum on Financial Cooperation and Development in Nanning, Guangxi Zhuang autonomous region, on Sept 19. [Photo/provided to chinadaily.com.cn]

"Wealth Management under the New Normal" became a hot topic at the 7th China-ASEAN Summit Forum on Financial Cooperation and Development held in Nanning, Guangxi Zhuang autonomous region on Sept 19.

Participants of the event pointed out that as the wealth management market enters a golden age, China and ASEAN countries will establish new management models within the next 10 years.

Themed "Wealth Management under the New Normal", a sub-forum organized by Sealand Securities Co raised a heated discussion on the issue. Over 100 representatives from securities, banks, investment agencies and financial institutions were on hand at the forum to discuss the production-supply-sales model of wealth management, its development trends and the improvement of relevant supporting services.

Hu Dezhong, executive vice president of Sealand Securities, said that China's wealth management market has entered a golden age. He said that financial institutions should promote customer-oriented services and make full use of their own advantages to ensure competitiveness in the market.

As the only registered securities trader based in Guangxi and a listed company with the largest market value in the province, Sealand Securities has seen changes in the wealth management industry first hand. With more than 300 investment counselors and over 1,000 financial consultants in about 80 branches, the company has established a complete business chain comprising of brokers, investment banks, listings and international stocks capable of providing constant professional services for customers of high net worth.

Li Zhengyou, deputy director of the Guangxi Financial Affairs Office said that wealth management sector has a long history and expects it to gain momentum in ASEAN countries in the next 10 years. He added that China and ASEAN countries, home to the most dynamic economic development in Asia, will enhance economic cooperation and exchanges by forming their own distinctive model for wealth management.

Li added that to further promote bilateral cooperation in wealth management, China and ASEAN countries should strengthen ties, promote economic integration and upgrade the China-ASEAN free trade agreement.

"We should actively facilitate the establishment of an Asia Infrastructure Investment Bank and deepen regional financial cooperation", said Li.

He stated that a more diversified, integrated and extensive capital market system is needed to improve wealth management between China and ASEAN countries and further integrate financial markets on both sides.

Li suggested that China and ASEAN countries should expand the regional capital market in the future to enhance soft power in finance and build a reputation in wealth management services.