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«How Chinese Innovation and Capital Market Liberalisation are Changing the Global Investment Landscape China is at the heart of the global economy and ...»

-- [ Page 1 ] --

How Chinese Innovation and Capital Market Liberalisation

are Changing the Global Investment Landscape

China is at the heart of the global economy and of investment markets. As the second largest economy in the world and the

largest trading nation, China is the primary source of demand for many global companies. China is also home to the second

largest capital market in the world behind the US. The lack of integration of these capital markets is a global economic

anomaly. The internationalization of China’s capital markets - led by internationalization of the RMB - will prove to be one of the most profound structural changes and sources of growth in the global economy this century.

Capital market liberalization is a long road and there will be many challenges along the way. However, this should not diminish the inevitable path and the immense opportunity that integration of two mammoth capital markets will create. Not only is China realigning its economy to benefit from its burgeoning middle class, but it is seeking to move up the value chain and to harvest the benefits of innovation and disruptive technology.

As we look ahead, the economic policies and performance of the Chinese economy will be a primary driver of prosperity and investment opportunities not just in Asia but around the world. Part of this natural maturing will be continued growth in China’s domestic pension market and asset management industry. The next phase is for Chinese pensions to broaden their global investments and for domestic asset management firms to attract global clients.

China’s rise is set in the global context of economic uncertainty and, arguably, the most challenging investment environment we have faced for a generation. The global economy is in uncharted waters, which translates into an investment outlook of lower returns, greater disparity in returns across asset classes, and higher volatility.

How are investors responding?

Some institutional investors have lowered, or are considering lowering, their return objectives and are counselling their stakeholders to expect, and prepare, for lower returns. Others are allocating more to alternative assets and accepting more risk in their portfolios, even if begrudgingly, as necessary to maintain an acceptable level of return. Others, again, are exploring opportunities to be more agile or dynamic (or are allowing their fund managers to be unconstrained by benchmarks or asset classes) in the hopes of achieving returns without taking on more risk at the portfolio level. In a small number of cases, some investors have done all three. The relative merits of each of these strategies will become clearer through time, however the challenge for investors is to act today.

Through these challenges, Asian investors are seeing an imperative to continue to grow in sophistication, and are increasingly asserting themselves as important stakeholders globally, across both Private and Public market investments.

It is against this backdrop that the Asia New Active Investment Symposium will be held in Shanghai – a global financial centre – addressing a host of investment, macroeconomic and geopolitical topics relevant to institutional investors.

–  –  –

Advisory Board When choosing the topics to be included in the program for the Symposium Institutional Investor continuously speaks to investors from across Asia to ensure the sessions are topical and exactly tailored to delegates’ interests.

The following investors have kindly given advice and helped to put together the program:

 Wallace Yu, Head of Multi-Asset Group, China Investment Corporation, Beijing  Jin Ru Dai, Senior Deputy Manager, China Reinsurance Corporation, Beijing  Leo Lee, Director, Foreign Investment Division, Bureau of Labor Funds Taiwan, Taipei  Sophia Cheng, Chief Investment Officer, Cathay Financial Holding, Taipei  Chiew Kit Tham, Managing Director, Government of Singapore Investment Corporation, Singapore  Hideto Yamamoto, Senior Vice President & Chief Investment Officer, Aflac Global Investments, Tokyo  Tsuneo Taguchi, Managing Director & Director of Investment, The Pension Fund of JTB, Tokyo  Wan Kamaruzaman Bin Wan Ahmad, Chief Executive Officer, Retirement Fund Incorporated KWAP, Kuala Lumpur

–  –  –

Preliminary Agenda as of 20 May, 2016 Wednesday 22 June, 2016 All sessions will be held in Diplomats Hall, Level 2 unless specified.

8:00 am Registration & Continental Breakfast Writer’s Hall, Level 2 9:00 am Symposium Welcome & App Tutorial

Symposium Chair:

Peter Horn, Managing Director, Centre for Investor Education & Chief Executive Officer, Institutional Investor, Asia Pacific 9:20 am

CHAPTER 1: CAPITAL MARKET LIBERALISATION – SEPARATING MYTH FROM REALITY

Keynote Presentation with Q&A In years to come, economic historians will write about China’s capital market liberalization as one of the greatest economic events of the 21st century. Nonetheless, it is to be expected that this long road will be paved with many risks and uncertainties among the successes. Beijing’s first step to internationalizing the renminbi (RMB) by promoting its role in foreign trade settlement (transactional) can be regarded as successful thus far. The next step involves deepening internationalization by capturing the RMB’s status as a reserve currency (from central banks and the foreign private sector) and then as an investment currency in international portfolios. This session will explore the policy framework guiding liberalization and the investment opportunities it creates.





Keynote Speaker:

Dr. Bin Qi, Director-General of International Affairs, China Securities Regulatory Commission (CSRC) Dr. Bin Qi is the Director-General of the Department of International Affairs at the China Securities Regulatory Commission. His team is currently leading the CSRC's efforts to further open up China’s capital markets. Specifically, they are also responsible for supervising overseas listings of Chinese companies in addition to CSRC cross-border regulatory cooperation and bilateral strategic dialogues with international counterparts.

Previously, Dr. Qi worked as the Director-General of the CSRC’s Research Center for eight years and was responsible for research projects that led to new policies and reform initiatives. Dr. Qi also founded the CSRC think-tank entitled the Beijing Institute of Securities and Futures (BISF) and is the lead author of "China Capital Markets Development Report"(2008), which provided an overall development roadmap for China's capital markets through 2020.

Sub-issues:

 Recent developments within China’s capital markets  Internationalization of the RMB and QFII quotas  Policy and regulatory initiatives that will strengthen China’s capital markets  Monetary policy and private sector reform

Investment considerations:

 Investment opportunities within China’s capital markets  MSI China stock market rebalancing 10:05 am Morning Tea Writer’s Hall, Level 2

–  –  –

10:20 am

CHAPTER 2: CHINA’S GROWING INFLUENCE ON GLOBAL FINANCIAL MARKETS

Presentations and Table Discussion with Q&A Three decades of rapid growth and structural change have transformed China into an upper-middle-income country and global economic powerhouse. China’s transformations over this period wielded increasing influence over the development path of other countries, either directly through bilateral trade and financial flows or indirectly through growth spillovers and terms of trade effects. Looking ahead, as China embarks on a new phase in its development journey—a phase characterized by slower but higherquality growth—the economic landscape facing the developing world is expected to be redefined yet again. As China changes, so will its interactions with the outside world. China is expected to remain both a market and a competitor, but its changes are likely to lead to new opportunities for many and new challenges for some.

Presenters:

Wallace Yu, Head of Multi-Asset Group, China Investment Corporation Professor Chi Fulin, President, China Institute for Reform and Development; Vice chairman, Chinese Research Society for Economic System Reform Peter Berezin, Chief Strategist, Global Investments, BCA Research

Sub-issues:

 Recent developments within China’s capital markets  How quickly can liberalization move and what are the next steps?

 Impact on trade relationships – where are trade contracts being quoted in RMB?

 The RMB’s recognition as a reserve currency - who is holding it and why?

Investment considerations:

 New opportunities opening up for fixed income and credit investors  Specific Chinese industries and sectors to benefit and those most at risk from growth expectations  Implications for global capital flows and international capital markets 11:35 am

CHAPTER 3: STRUCTURAL TRENDS EFFECTING THE CHINESE PENSION SYSTEM

Presentation and Table Discussion with Q&A China has made great strides in expanding pension coverage for its population over the last fifteen years. Before 1997, state-owned enterprises (SOEs) provided their workers with so-called legacy pensions without regular contributions. Since 1997, China has established a contributory pension system, which covers a large portion of urban workers. More recently, China has established a pension scheme for rural workers which is also growing significantly.

Yet these pension programs face major and urgent challenges. Some of these challenges are the result of underlying economic and demographic trends in China. Other challenges derive from the design of the Chinese pension system, particularly its decentralized administration.

Presenters:

Geoff Su, President, Changjiang Pension Insurance Chris Powers, Manager, Z-Ben Advisors

Sub-issues:

 Development of the Chinese pension system  Reviewing State Council’s guidelines and how they impact pension fund allocations  Dissecting the process for reallocation of China pension capital and what it means for global capital flows

Investment considerations:

 The opening the A-share market to foreign institutional investors  Chinese institutions now receiving more freedom to diversify asset allocation

–  –  –

12:40 pm Lunch Council Hall, Level 2 2:00 pm

CHAPTER 4: CONTEMPORARY INVESTMENT OPPORTUNITIES AND CHALLENGES

Presentations and Table Discussion with Q&A Investors are increasingly measuring an investment’s merit by its ability to help them meet their financial goals — whether that be to generate an income stream, preserve capital or grow assets within a certain risk profile. Investors are meeting this challenge by creating strategies that set their sights beyond benchmarks, instead aiming for the outcomes — the real results — that matter most. Removing constraints reduces anchoring and shifts the investment focus to absolute performance. As a result, what tools do investors need in a more unconstrained investment framework? And, how do they approach portfolio construction in a world of low prospective returns and heightened cyclical risks?

Presenters:

Ernesto Prado, Chief Investment Officer, Ayaltis Debra Ng, Partner, Albourne Partners Walter Braegger, Partner, Sanostro

Sub-issues:

 Assessing the drivers of hedge fund returns: how they differ from those of core assets  Macro and micro opportunity arising across the US and Europe in 2016  Comparing risks and returns of various hedge fund strategies  Approaches to enhancing portfolio diversification  Exploiting return opportunities while constraining portfolio risk

Investment considerations:

 Constructing the right platform for achieving a hedge fund exposure  A practitioners perspective on implementing an unconstrained strategy  Risk management techniques that are flexible and efficient  Effectively managing liquidity and fee budgets 3:25 pm Afternoon Tea Writer’s Hall, Level 2 3:45 pm

CHAPTER 5: REIMAGINING REAL ASSETS AMID TRANSFORMATIVE CHANGE

Presentation and Table Discussion with Q&A Since pension funds commenced investing in real assets some 20 years ago, the asset class has emerged as an important investment due to its many appealing characteristics, including diversification; longer duration income streams; and inflation protection. However, infrastructure remains a young asset class and the experience, to date, has been one of mixed success. This session will examine how the most sophisticated investors have successfully built platforms to invest in real estate and infrastructure.

China is expected to invest an estimated USD400 billion a year offshore (much of it across Asia) as it continues to open up its capital markets and liberalize trade in the RMB. The Asian Infrastructure Investment Bank (AIIB) has a capital base of USD100 billion (equivalent to about half the capital of the World Bank) and will emerge to play a key role in facilitating the development of infrastructure and productive sectors across Asia.

–  –  –

Presenter:

Ross Israel, Global Head of Infrastructure, QIC Daniel Hui, Managing Director, China-ASEAN Capital Advisory Company

Sub-issues:

 Megatrends affecting the infrastructure investment landscape  Global supply pipeline for core infrastructure  The role and impact of the Asian Infrastructure Investment Bank (AIIB)  The opportunity to invest across both equity and debt  Evaluating different investment structures  Focus on asset management and benchmark structure, limitations and risks  Managing ESG considerations

Investment considerations:

 How global investors have built platforms to invest  How to build portfolios through investment in funds, direct investment and co-investing  Building effective internal teams (skill mix, effective outsourcing – what, when and how)  Is now an attractive entry point on the capital market cycle?



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