资产管理行业的机遇与挑战

Opportunities and Challenges for China’sAssetManagement Industry

本文简要阐述了当前我国资产管理行业发展的宏观背景,探讨了大资管时代来临所带来的机遇与挑战,并进一步分析了资本市场与资产管理行业发展相互促进的内在关系。改革开放以来,经济社会的繁荣稳定带来居民财富的快速增长,为我国资产管理行业的蓬勃发展创造了有利条件。近期频频出台的监管新政,又给资产管理行业带来了前所未有的发展机遇。金融机构业务领域全面拓宽,传统的经营边界被打破,原有的金融版图正在重构。产品销售过度依赖银行渠道的局面将得到改善,整个行业将朝着多元化方向发展。同时,资产管理行业也面临诸多新挑战。跨行业竞争态势逐步形成将使市场角逐更加激烈。大资管混业经营的趋势对金融监管提出了更高要求。监管机构需加强合作,避免监管真空和监管套利,尽快适应资产管理行业快速发展的新形势。大资管时代亟须进一步发展资本市场,与资产管理行业形成良性互动,为广大投资者提供一个公平、透明、高效的资产配置平台。

Abstract:This article looks at the macro environment of China’s asset management industry,and focuses on the major opportunities and challenges facing the industry in the so-called“pan asset management era”.It also discusses the positive interaction between the development of capital markets and the asset management industry.China’s asset management industry saw rapid growth over the years,mainly driven by China’s vibrant economy and continued rise of individual income and wealth.Recently,a series of newly issued policies that allow broader categories of financial institutions to engage in asset management business have brought both opportunities and challenges to the industry,and is expected to reshape the competitive landscape.Financial institutions may diversify their revenue sources and expand customer bases through asset management business.Meanwhile,it poses challenges to China’s sectoral financial supervisory system.Closer cooperation between supervisors is required to avoid gaps in regulation and supervision and minimize the potential for regulatory arbitrage.In addition,policymakers and supervisors should synchronize the development of capital markets and asset management industry,so as to provide a fair,transparent and effective asset allocation platform for a broad range of investors.