News

December 08, 2021

SAIF Professor Jun Pan Made Editor at the Review of Finance

Recently, Professor Jun Pan (Chair Professor at SAIF) joined the Review of Finance (a leading international journal in the field of finance) as the journal editor for a three-year term starting in January 2022. The Review of Finance (RF), founded by the European Finance Association (EFA), is a renowned global journal that publishes the most cutting-edge and influential academic financial research. It is also the only top international journal that places China's finance at the same level of significance as world finance. As China's influence on the world economy and finance grows, the RF made an important strategic decision — to enhance its research focus on China's financial markets. This coincided with Professor Jun Pan's main research after she resigned from MIT and returned to China in 2019. RF provided a great avenue for the frontier academic financial research in China to spread around the world and it also creates a window for the world to better understand China's economy and finance. After returning to China, Professor Jun Pan focused her research upon finance in China, including Fintech, and China's debenture market. She finished many papers, in collaboration with her Ph.D. students and young professors at SAIF. It was because of Professor Pan's strong academic research reputation and her continuous voice for China's finance on the world stage that she stood out in this global selection of journal editors. Professor Pan has always attached great importance to the research on China's economy and finance. She hoped to take this opportunity to increase the voice of Chinese scholars on the international stage — enabling more overseas scholars to gain access to research on China's economy and finance. Prior to joining SAIF in 2019, Professor Jun Pan was the School of Management Distinguished Professor of Finance and Professor of Finance at the MIT Sloan School of Management, and she was also a research associate at the National Bureau of Economic Research. Her work has appeared in Econometrica, Journal of Finance，Review of Financial Studies,Journal of Financial Economics, among other leading academic journals and she once worked as the subeditor at the Review of Finance. She has also won many honors and achievements, including: Best Paper at the China International Conference in Finance (2021), The Stephen A. Ross Prize in Financial Economics (2015), First Prize in the Chicago Quantitative Alliance Annual Academic Competition (2003), the Distinguished Alumni Award at Western Illinois University (2001), the Lieberman Fellowship at Stanford University (1998-99), the Jaedicke Award Scholar at Stanford University (1996-97), and the Luise Meyer-Schutzmeister Award for American Women in Science (1995).

December 07, 2021

Shanghai Municipal SASAC and SAIF Sign 2021 Strategic Agreement

On November 2nd, the signing ceremony for the strategic cooperation framework agreement between the Shanghai Municipal State-owned Assets Supervision and Administration Commission (Shanghai SASAC) and SAIF was held. Professor Guangshao Tu (Adjunct Professor at SJTU and Executive Director of the SAIF Board) and Dinghui Bai (Secretary of the Shanghai SASAC Committee) attended the ceremony and gave speeches. Jie Kang (Deputy Director of Shanghai SASAC) and Professor Chun Chang (Professor of Finance, Huifu Chair Professor, Executive Dean at SAIF) signed the strategic cooperation agreement on behalf of both sides. Chiefs of relevant departments for both sides also attended the signing ceremony. Tinghui Bai said that this strategic cooperation would set a good example for the SASAC and state-owned enterprises to introduce professional foreign talent, achieve sustainable development of talent, and comprehensively promote resource sharing and complementary advantages. Professor Tu said that Shanghai Municipal SASAC had made inspiring achievements in reform, development and innovation. SAIF is an international finance institute established to cultivate professional talent and set up research platforms for the Shanghai International Finance Center by the Shanghai Municipal Government. He hoped that both sides could further deepen cooperation on cultivating talent, issue research, and establishing platforms.

December 06, 2021

SAIF and BOC FINTECH Signed 2021 Strategic Cooperation Agreement

On November 18th, the signing ceremony for the strategic cooperation agreement between SAIF and the Bank of China Financial Technology Company Limited (BOC FINTECH) was held at SAIF. Professor Jiang Wang (Chair of the Academic Council at SAIF; Mizuho Financial Group Professor at Sloan School of Management, MIT), Professor Chun Chang (Executive Dean, Professor of Finance, Huifu Chair Professor at SAIF), Professor Xianglin Li (Professor of Practice, MF Program Academic Co-Director, Associate Director of CAFR), Xiaochun Liu（Associate Director of CAFR), Guiwei Xing (Chairman of BOC FINTECH), Puyu Shi (Vice President of BOC FINTECH), Chaoyang Guo (General Manager of Financial Business Department and Innovation Research Center at BOC Fintech), and representatives from BOC FINTECH attended the ceremony. Both sides discussed details and future cooperation points during the ceremony. The ceremony was presided over by Professor Xiaochun Liu. Professor Chun Chang delivered a welcome speech and expressed thanks to all the guests present from BOC FINTECH. He believed that with the rapid development of cutting-edge technology, fintech and digital transformation are both opportunities and challenges for the finance industry. An in-depth discussion on how to integrate academic research and practice is therefore necessary. He emphasized that the strategic cooperation between SAIF and BOC FINTECH would provide leading business management experience for the digital transformation of financial institutions and the development of the fintech industry, and also contribute to the reform and development of China’s finance industry. GuiWei Xing delivered a speech on behalf of BOC FINTECH, saying that as a pioneer of domestic banking financial technology development, BOC FINTECH had always adhered to the precept of "Take technology as the core, use innovation as the engine". BOC FINTECH has also improved the quality and efficiency of financial services by constructing radiating capacity for financial technology services in major regions. He believed that, as the top domestic finance school, SAIF had a world-class faculty team. Although established for only 13 years, SAIF was already a leader in Asia and was world-renowned in academic research and talent cultivation. Xing expressed that, in the future, both sides would cooperate comprehensively with both macro policy and applied practice. Afterwards, Professor Chun Chang and Puyu Shi signed the strategic cooperation agreement on behalf of both sides, as witnessed by Professor Jiang Wang and Guiwei Xing. During the discussion session, the two sides focused on future cooperation opportunities, including: research platform co-construction, study base projects, and joint talent cultivation.

December 02, 2021

PBC (Shanghai) and SJTU Promote Shanghai as an International Finance Center

On October 25th, 2021, the People's Bank of China Shanghai Head Office (PBC Shanghai) and Shanghai Jiao Tong University (SJTU) renewed the strategic cooperation agreement to provide strong intellectual support for the construction of Shanghai as an International Finance Center. Hui Sun (Member of the CPC PBC Shanghai Committee, Deputy Director at PBC Shanghai), Weiming Wang (Deputy Secretary of the CPC SJTU Committee, Vice President at SJTU) and other leaders and experts from SJTU and PBC Shanghai attended the signing ceremony. Hui Sun delivered a welcome speech on behalf of the PBC Shanghai head office. He pointed out that PBC Shanghai had attached great importance to research over the years, and had achieved fruitful results through cooperation with SJTU. He hoped that both sides would make joint efforts on building Shanghai as an International Finance Center, promote green finance reform and innovation, and enhance the monitoring of international economic and financial risks. Professor Weiming Wang delivered a speech on behalf of SJTU. He pointed out that SJTU has been developing steadily towards becoming a comprehensive, innovative, and international university with the advantages of multiple disciplines. Moreover, the rapid development of SJTU SAIF couldn't have been achieved without the strong support from PBC Shanghai. In 2010, SAIF took the lead in launching a strategic cooperation between SJTU and PBC Shanghai. The renewal of the agreement was not only a recognition of productive partnership over the years, but also a milestone for the deepening and upgrading of the cooperation between the two sides. Afterwards, Hui Sun and Weiming Wang signed the strategic cooperation agreement on behalf of PBC Shanghai and SJTU respectively. Both sides will continue to jointly carry out various model development and subject research, release and publish the International Finance Center Development Report every year, and cultivate talent. After the signing ceremony, scholars and experts discussed the topic of "2035 Shanghai International Finance Center Construction"and shared their suggestions. The discussion session was chaired by Professor Qigui Zhu (Secretary of the CPC SAIF Committee). Other participants included: Professor Chun Chang (Executive Dean, Professor of Finance at SAIF), Professor Xiaochun Liu (Associate Director of CAFR), Professor Jie Hu (Professor of practice at SAIF, Director of Financial Technology Innovation Basement at SAIF Nanjing Jiangbei New District), Professor Yingli Pan (Professor at Antai College of Economics and Management, Director of Center for Modern Financial Research at SJTU), and Yu Shao (Chief Economist at Orient Securities).

December 02, 2021

Yangtze River Delta REITs Seminar Held in Shanghai

Between October 18th and October 20th, 2021, as publicly traded REITs have started again for a second time, the Yangtze River Delta Publicly Traded REITs Seminar was held at SAIF with the help of SAIFR and the Shanghai Stock Exchange (SSE). The purpose of the seminar is to promote the development and implementation of publicly traded REITs projects in the Yangtze River Delta. More than 70 participants from 40 institutions attended the conference, including companies, brokerages, funds and investors who intend to participate in publicly traded REITs. The conference was academically guided by SAIF and was co-organized by the China Securitization Forum, China Merchants Securities, and King & Wood Mallesons. The two-day seminar was presided over by Fangwei Wu (Deputy Director of SAIFR, Secretary General of China Securitization Forum) and Yun Zhu (Executive Secretary of China Securitization Forum). Professor Hong Yan (Deputy Dean for Faculty and Research at SAIF, Vice Chairman of the China Securitization Forum Board) and Professor Feng Li (Co-Director of SAIFR) attended the opening ceremony. During the seminar, participants from different areas shared their views on publicly traded REITs. Wenxuan Xiao (Regional Head of the Bond Department at SSE), Yaping Wu (Expert of Investment Research Institute at National Development and Reform Commission, and Guilian Luo (Chief Expert of Investment and Financing Center at Shanghai State-owned Capital Operation Research Institute) gave speeches on "the general situation and project review of the first pilots", "key points and operational suggestions on the asset side", and "transformation of the investment and financing model of the original equity holders", respectively. Others shared their experiences and suggestions on participating in the first pilots for publicly traded REITs. They included: Li Min (Deputy General Manager of the Finance Management Center of Capital Group), Minsi Wang (Deputy Director/Head of Asset Securitization of GLP), Cheng Wang (Head of REITs Business of CICC), Shi Qiu (Head of REITs Group of CITIC Securities), Yue Cao (General Manager of Fullgoal Asset), Zhiguo Feng (Tax Partner of KPMG China), Fushen Chen (Partner of King & Wood Mallesons), Yang Zhi ( Director/Head of Asset Securitization Business of Valuation Department of DTZ), and Kangjia Ni (Head of REITs Business of Investment Banking Committee of China Merchants Securities). On the morning of the 20th, the closed seminar was held. Professor Hong Yan (Deputy Dean for Faculty and Research at SAIF), Dongxing Duan (Deputy General Manager of the Bond Department of SSE), Qi Zhao (Senior Manager and Head of REITs Business of SSE), Cen Chang (Deputy Director of the Finance and Economics Department of Shanghai Municipal Development & Reform Commission) and other participants attended the seminar. Some representatives expressed their views on "the latest policy changes of Document No.958", "key points of the compliance review of infrastructure projects", "reflections on publicly traded REITs in 5A scenic spots", "reflections on banks","participation in publicly traded REITs", "problems in publicly traded REITs in the exhibition industry", "publicly traded REITs for protected housing" and other related issues. They also provided policy consultation on problems encountered during the operation of new energy generation projects, indemnificatory housing projects, and non-government business projects. Cen Chang said that Shanghai Municipal Government and Shanghai Development and Reform Commission actively supported publicly traded REITs. Chang interpreted Shanghai’s supporting policies and encouraged institutions to actively explore high-quality local assets and enterprises in other regions for the issuance of publicly traded REITs through the SSE. Representatives of SSE introduced relevant work in the pilot promotion of publicly traded REITs, analyzed problems that commonly exist in this phase, and urged all parties to communicate and cooperate further in the joint promotion of healthy development for the REITs market.

December 01, 2021

Pagano and Zechner 2021 Prize Won by Professor Xiaoyun Yu

Recently, the paper "The Externalities of Corruption: Evidence from Entrepreneurial Firms in China"was awarded the 2021 Review of Finance Pagano and Zechner Prize, as announced by the European Finance Association (EFA). It was co-authored by Professors Xiaoyun Yu (Professor of Finance; SAIF), Mariassunta Giannetti (Professor of Finance; Stockholm School of Economics), Liao Guanmin (Professor of Accounting; School of Business, Renmin University), and Jiaxing You (Professor, School of Management, Xiamen University). The Review of Finance Pagano and Zechner Prize was established by the EFA to laud the best non-investment paper published in EFA's journal, the Review of Finance. This was the first time that the award had been given to a paper focusing on corporate finance in China, which was based entirely on data from Chinese companies.

November 05, 2021

2021 SAIF Media Excellence Initiative Held

Between October 21st and 24th, 2021, the 2021 SAIF Media Excellence Initiative was held. This was the third year since the program had launched and nearly 50 media elites from leading financial media were selected to participate in this year's program. In 2019, taking the opportunity of the 10th anniversary of the establishment of SAIF, the Media Excellence Initiative was launched to better fulfill SAIF’s social responsibility of financial knowledge instruction to the financial media. The program not only invites professional scholars in finance, accounting, management, marketing and other related fields, but also invites industry leaders and experts to integrate practice and theory. It provides media elites with short-term, professional, small, customized courses. In the past two years, nearly 90 financial media elites from China and beyond have participated in our training. On the evening of October 21st, Professor Qigui Zhu (Secretary of the CPC SAIF Committee), delivered a welcome speech. He pointed out that promoting the vigorous development of China’s finance was the common goal of both SAIF and the financial media. And this program, which helps media professionals to improve their financial skills through a short-term (yet intensive) study journey guided by experts and scholars, could help to fulfill our common goal better and more swiftly. During the two-day-course, 10 professors gave lectures focusing on different finance issues. They were: Professor Guangshao Tu (Adjunct Professor at SJTU, Executive Director of the SAIF Board), Professor Chun Chang (Executive Dean, Huifu Chair Professor at SAIF), Professor Jun Pan (SAIF Chair Professor), Professor Feng Li (Professor of Accounting, Associate Director of CAFR), Professor Hong Yan (Deputy Dean for Faculty and Research, Professor of Finance at SAIF), Professor Zhen Huang (Academician of the Chinese Academy of Engineering, Member of the National Committee of CPPCC), Professor Xinlei Chen (Professor of Marketing at SAIF), Professor Xiaochun Liu (Associate Director of CAFR), Professor Ning Zhu (Professor of Finance, Deputy Dean at SAIF), and Professor Tzu-kuan Chiu (Professor at SAIF). In the peer exchange session, three professionals that were invited to share their ideas had a discussion with all participants on the topic of “How to Make the Media Reports Hot”. At the end of the course, participants gave presentations in groups, and Professor Ning Zhu made comments for each group, respectively. The participants thought highly of the course because of its broad view and useful knowledge. They also hoped to have more opportunities like this in the future — to listen to lectures given by SAIF professors and to exchange views with other media peers.

November 03, 2021

Average Annual Starting Salary of SAIF MF 2021 Graduates Hits Record High

Recently, SAIF released the Employment Report of MF (Master of Finance) Graduates in 2021. The report showed that, despite the adverse influence on the global economy due to the COVID-19 pandemic, the average and median numbers for annual starting salary were RMB 429,000 and RMB 400,000, respectively (up 21% and 33% from 2020). These figures showed the strong competitiveness for SAIF MF graduates in the job market, and among them, each Fintech Graduate received three job offers on average. There were 89 SAIF MF graduates in total this year, including 71 Chinese students and 18 foreign students. Apart from two graduates who decided to continue their studies, the placement rate of the other 87 graduates was 100%. The average annual salary of the first 24 MF Fintech track graduates was RMB 472,000 and the median figure was RMB 445,000. The average annual salary of the MF General track graduates was RMB 412,000 and the median figure was RMB370,000, which showed a significant rise compared to year 2020. Among all employed students, 68.4% earned more than RMB 300,000 per year and 15.2% earned more than RMB 600,000 per year. As SAIF's flagship program, SAIF MF has been taking the lead in employment data among comparable institutions and universities. This year, overall employment statistics still fully highlight SAIF MF's differentiators of Internationalization, Specialization, and High Level. According to recent statistics, 38.8% of the graduates preferred investment banks, securities, and financial advisors; another 31.3% were engaged in the asset management industry. In terms of functions, investment research posts once again became the most popular positions for this year's SAIF MF graduates, accounting for 42%, followed by sales transaction, investment banking, and consulting/strategic investment (accounting for 18.8%, 15.0% and 12.5%, respectively). In terms of employers, MF graduates were attracted by different kinds. These included renowned international investment banks (JP Morgan, Morgan Stanley, Bank of America Securities, Citigroup, Nomura International, etc.), leading domestic institutions (Tencent Investment, Capital Today, Chinese Investment Corporation, etc.), traditional domestic securities firms (CICC, CITIC Securities, China Securities, Huatai United Securities, etc.), leading consulting firms (E Fund, GF, Da Cheng, Zhong Ou, BOCIM, etc.), and consulting institutions (Boston Consulting Group, Bain Capital, etc.) Online leaders have also become hotspot targets for SAIF MF graduates, including Tencent, Meituan Dianping, and other unicorn companies. To meet development demands of the financial industry, SAIF was the first to set up a MF Fintech Track in China. After completing two years of systematic courses and practical internships in finance, the first class of Fintech Track graduates are heavily favored by the market. The placement rate of Fintech graduates is 100% and they each receive more than three job offers on average. To be specific, 62.5% of the Fintech graduates entered the securities industry, 20.8% entered hedge funds or privately offered funds, and another 8.3% entered the technology & internet industry. Their main job functions are investment research (secondary market) and sales & trading, , accounting for 45.8% and 37.5% respectively. In terms of employers, more than half of the Fintech graduates chose top investment banking firms such as CICC, CITIC Securities, China Securities, or Huatai United Securities. Other employers include Morgan Stanley, DTL, Jiukun Investment, Chongyang Investment, and other well-known Chinese and foreign financial institutions. Tencent also hired two Fintech graduates this year for big data analysis and research. Unlike the MF-General Track, the MF-FinTech Track prefers students with a background in science and technology or a second major in mathematics, statistics, or computer science. In addition to Finance courses, the curriculum focuses on Statistics & Machine Learning, Computer Skills & Applications, and other professional skills training. It cultivates top inter-disciplinary talent who can understand basic principles of finance; master modern artificial intelligence, machine learning, big data, cloud platforms, blockchain, and other technologies; and demonstrate programming skills. Xuebo Xu, a graduate from Jilin University who majored in financial mathematics and joined CICC after graduating as a Fintech SAIFer, said that "The curriculum at SAIF is of high quality, with comprehensive technical courses such as C++, machine learning, database, measurement and financial engineering, etc. These courses focus on combining theory and practice together, requiring students to do everything from building models to programming by ourselves, which prompted us to grow up quickly to meet the industry's needs in just two years." The Master of Finance Program is a full-time flagship program launched by SAIF in 2009. All of its students have graduated from world-class universities, and the average admission rate is below 5%. With all courses taught in English, the SAIF MF Program trains international financial professionals who are proficient with modern financial theory, techniques, and skills — and are familiar with the practices of the financial sector in China and across the world. Compared against other similar programs in China, SAIF MF features world-class faculty from leading international universities, a dynamic curriculum design in line with international standards, and an internationalized and open-minded educational system. In addition, its modern teaching approaches are supported by a simulation laboratory. Curriculum and courses are closely linked with development of the international financial industry and reflect the reality of Chinese and international markets. Students not only have the opportunity to participate in joint admission programs with world-renowned institutions such as Columbia University, the London School of Economics, and others, but may also enjoy access to international resources and exclusive short-term overseas modules from all over the world. After years of hard work, SAIF MF Program has become a benchmark program in China. In the Masters of Finance Ranking published by the Financial Times, the SAIF MF Program maintained its leadership in Asia for three consecutive years. This year, the SAIF MF Program Admissions Committee selected 79 MF22 pre-admitted students based upon 7 dimensions and 14 indicators, with a final acceptance rate of only 2.5%. MF22 pre-admitted students, originating from 985 universities, have diverse professional backgrounds and rich practical experience, earned outstanding awards, and possess soft power. Among them, 41% majored in science and technology and 58% majored in finance and economics. Of the pre-admitted FinTech students, 72% had majored in science and technology and 54% had inter-disciplinary dual degrees. "We want to endow our students with not only the ability to think systematically and innovatively, but also the cutting-edge skills that Fintech provides, which will help all SAIF MF graduates to grow continuously in the next decade or even decades and become modern professionals close to the market and with outstanding expertise and international vision,"said Professor Tan Wang (Faculty Director of the SAIF MF Program and Professor of Finance at SAIF). "Over the past ten years, SAIF MF has been on the road to success, step by step, by adhering to our international vision and integrating our curriculum with China's financial needs, while persisting in continuous innovation. The organic combination of the two ensures that our program is full of vitality, and that our students can learn and apply what they have learned in practice. In the future, we will continue to adhere to this roadmap and direction."

November 02, 2021

Professor William Li Wins 2021 SJTU’s Excellent Educator Award

Recently, Professor William Li (Professor of Management at SAIF) was awarded with SJTU's Excellent Educator Award for his impressive and professional teaching style. As one of the highest honors at SJTU, the Excellent Educator Award is set up to honor distinguished faculty who have made remarkable contributions in teaching and talent cultivation. They are also rewarded for their leading role in developing "value-added"education. Before joining SAIF in 2018, Professor William Li was a tenured full professor and Eric Jing Professor in the Carlson School of Management at the University of Minnesota. He won the Excellent Teaching Awards five times in Minnesota.Professor Li has extensive teaching experience in the field of experimental design and is a co-author of Applying Linear Statistical Model (5th edition) — which is widely used by top business schools and has been also cited many times in academia. In 2013, he was awarded to be a Fellow of the American Statistical Association (ASA). After joining SAIF, Professor Li made outstanding contributions to the academic development and talent cultivation of SAIF. In addition, with his deep and solid theoretical background and a sense of innovation, he applies statistics to the field of finance and studies Chinese issues actively. His courses combine theory and practice, and international frontiers together with Chinese actualities — which improves SAIF's teaching system greatly. These courses include "Big Data Analysis and Experiment Design", "Statistical Analysis Methods"and "Data Analysis and Decision Making". These courses have been highly praised by students, with an average score of 9.8 in class evaluation. In 2019, he won the third SAIF Teaching Award. In addition, he shared his teaching experience with young teachers unreservedly. In 2021, he also took the initiative to offer systematic teaching training to help young teachers improve themselves through lectures on pedagogy, lecture evaluation, one-on-one feedback and consultation, question and answer, and summary sessions. Among these, lectures on pedagogy are also now accessible to Ph.D. students, enabling students who are interested in education to have the opportunity to learn some teaching methods. In 2019 and 2020, Professor Zhan Jiang (Term Professor, EED Programs Academic Director and Executive Director at SAIF) and Professor Feng Li (Associate Director of CAFR, Co-Director of SAIFR, and Professor of Accounting at SAIF) were awarded SJTU's Excellent Educator Award, respectively.

November 01, 2021

SAIF-Charles Schwab 2021 China Rising Affluent Financial Well-being Index Releas ...

On October 14th, 2021, the China Rising Affluent Wealth Management Forum, also known as the press conference for the 2021 China Rising Affluent Financial Well-being Index, was held. It was jointly organized by the Shanghai Advanced Institute of Finance (SAIF) and Charles Schwab (a top US financial services institution). This year's report focused on how affluent Chinese actively adjust their wealth management strategies when facing changing external environments. It also summarizes the changes in financial well-being and investment behavior for this group over the past five years. Professor Guangshao Tu (Adjunct Professor at SJTU and Executive Director of the SAIF Board), Lisa Hunt (Honorary Chairman of the Securities Industry and Financial Markets Association, Managing Director, Head of International at Charles Schwab), Professor Feng Li (Associate Director of CAFR, Co-Director of SAIFR, Professor of Accounting at SAIF), Professor Fei Wu (Term Professor at SAIF) and other related scholars participated in the press conference. They focused on the extensive changes in the way individual investors manage their wealth due to the COVID-19 pandemic, and had an in-depth discussion on how financial institutions should better serve Chinese investors based on new structural transformation trends for the global financial industry. At the beginning, Professor Feng Li delivered a welcome speech; he reviewed the cooperation on the China Rising Affluent Financial Well-being Index between SAIF and Charles Schwab over the past five years. He said that Charles Schwab is one of the leaders in the integrated wealth management industry and has rich practical experience in the field of wealth management — which lays a solid foundation for the cooperation between the two sides. He also hoped that continued cooperation would have further impact in the future. In Professor Guangshao Tu's speech, he shared his understanding and views on the released index and highly praised the significance of the cooperation between SAIF and international institutions. At the same time, he emphasized three points, including: enhancing financing awareness, improving financial planning, and strengthening asset management. He hoped that we can further develop domestic wealth management and asset management institutions, enhance the capabilities and professionalism of practitioners, and develop smart investment advisors. At the end of the forum, Professor Tu highlighted the fact that education is the foundation of wealth management. He pointed out that both individuals and institutions progress continuously in learning to manage wealth assets. Thus, it is necessary for SAIF to cooperate further with relevant parties, not only in the construction of think tanks and research but also in aspects of cultivating talent. During the conference, Lisa Hunt (Managing Director, Head of International Charles Schwab) interpreted the report in detail. According to the index, the overall level of China's rising affluent well-being increases reached new heights. In 2021, the Well-Being index was 72.02%, showing a slight increase of 2.29% as compared to 2020. Among the sub-indices, the Confidence and Engagement indices see significant year-on-year risesof 2.97% and 2.6%, reaching 74.18% and 79.23% (respectively) while Planning and Management indexes fall to 43.06% and 45.49%. Since the COVID-19 pandemic, more of China's rising affluent began to adopt new planning and management measures, including developing an understanding of risk appetite in line with industry standards (30.1%), regularly reviewing financial goals (27.8%), and adopting a professional, reasonable financial plan (24.1%). This, to some extent, raised their expectations about their future financial well-being. More respondents (19.8%) stated that they now have a higher possibility of achieving financial goals, as compared to 8.5% in 2020. At the same time, their understanding of wealth management has also improved. A significant portion of respondents now demonstrate an ability to accurately assess the components of good wealth management — 41.5% identify financial planning capability as a key element, with 44.1% identifying correct assessment of personal financial goals and 50.9% identifying reasonable asset allocation. During the discussion session, Professor Fei Wu said, "Facing a complex and changing external environment, the rising affluent have gradually recognized the importance of optimizing their personal and family wealth management strategies. This year's data shows that they are eager to improve their financial literacy, which indicates that the group is willing to adjust their investment method in response to pressure from the external environment and that they are financially prepared to achieve their life goals." As their demand for authoritative financial advice and knowledge increases, the affluent actively obtain information through financial institutions, financial platforms, and social media. These preferences are underpinned by growing trust in financial advisors and institutions over the last five years. In 2017, 57.8% reported high levels of trust. In 2021, 75.5% do, with just 0.6% reporting low trust. Similar increases have been recorded in respondents'opinions regarding the helpfulness and trustworthiness of financial platforms. More respondents (72.9%) now believe that platforms are very helpful, up from 56.2% in 2017. Levels of trust increased from 55.9% to 71.0% across the same period. In terms of social media, 64.6% prefer to view financial education information, and 77.7% like to consult articles published by authoritative financial institutions. Many respondents have shown interest in the ability of professional advisors and digital platforms to provide fundamental financial planning and management services. However, this year few respondents are thinking far ahead according to the low planning sub-index, indicating that they have not yet been able to transfer positive financial and investment ideas into practice. The survey also shows that the rising affluent should focus more on long-term investments to better achieve their financial goals. "Financial planning is the cornerstone of wealth management. We hope that financial institutions can work together to optimize their service models to better serve Chinese investors and help the rising affluent build a better future."Lisa Hunt emphasized in her speech. The China Rising Affluent Financial Well-being Index Initiated by SAIF and Charles Schwab, the China Rising Affluent Financial Well-being Index is now being carried out by Nielsen, an international monitoring and data analysis company. This index tracks the shifting perceptions about financial well-being of the people who are driving China's economic future. The 2021 Index helps financial professionals to better understand and explore the investment behaviors of China's rising affluent population in order to provide more services tailored for this group — which is of extreme importance to both Chinese and global economies. The survey interviewed more than 3,600 rising affluent individuals with annual incomes of RMB 125,000 to RMB 1,000,000 and with investable assets of less than RMB 7,000,000. The 15 cities covered in China included: Shanghai, Beijing, Guangzhou, Shenzhen, Chengdu, Hangzhou, Dalian, Xiamen, Chongqing, Wuhan, Nantong, Shijiazhuang, Zhongshan, Kunming, and Xiangyang. The questionnaire consists of 65 questions involving core issues related to index modeling.