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On September 8, during the dialogue between Chinese and foreign scholars at the wealth management industry forum of the Bund Conference, Zhu Ning, Vice Dean of Shanghai Advanced School of Finance, Shanghai Jiaotong University, and Robert Schiller, Nobel Laureate in Economics and Professor of Stirling Economics at Yale University, had a dialogue around "China's wealth management industry practice".
"How to better serve the vast number of residents and the real economy is a very important task for every institution and individual in the wealth management industry." Zhu Ning pointed out that the development of the real economy, the progress of science and technology, and financial innovation have brought more investment options to consumers and investors and provided better investment services. But at the same time, with China's super rapid economic development in the past, the entire wealth management industry has both unique opportunities and special stage challenges.
Schiller also expressed concern about China's wealth management practices. He believes that China and the United States are at a similar stage, both adopting advanced financial technology, combining behavioral finance and psychological research, paying attention to investor psychology and guiding rational investment.
Referring to the new changes brought by new technologies to the wealth management industry, Zhu Ning believed that "the biggest advantage of China's wealth management industry is the perfect combination of digital technology and financial industry services."
Schiller focused on the current hot AI technology. "It is right to invest in companies that are currently carrying out really important work in the field of AI." But he also reminded that investment risks in AI should be viewed rationally. "AI is a powerful new force, and it will take several years for us to really understand its final impact. The stock market should not overreact to this."
The two scholars discussed how to solve the risks brought by new technologies in the wealth management industry. Schiller believes that people must consider the risk of speculative bubbles.
"I think one thing we can do is to strengthen investor education, so that some people have more risk management perspectives, not just to invest by luck." Schiller pointed out that many people do not understand the financial market, central bank, stock market trends. He hopes to provide advice and help to people who are keen on investment, pay attention to technology and actively think about venture capital, so that they will not be confused.
