The China Wealth Forum was held on Aug 22-23 in Qingdao, Shandong province to discuss new trends in wealth management in case of global upheavals.

The forum, organized by the Qingdao municipal government, gathered representatives from financial institutions, listed companies, universities, and research institutions.

In his speech, Wang Qingxian, Party secretary of Qingdao, said that under the new "dual circulation" development model, which means that domestic and external demands will complement each other, Qingdao is expected to provide enormous space for wealth and capital to grow, as it is a nodal city that connects north, south, east, and west.

Wang Qingxian, Party secretary of Qingdao, delivers a speech at the forum. [Photo/WeChat account: qdfbwx]

Wang said that Qingdao is building a development ecology focusing on the integration of industrial chains, capital chains, talent chains, and technology chains with a high-quality and efficient government service environment.

He said that the city will continue to promote interactions between venture capital funds and entrepreneurs and inject new impetus into the city's development.

He added that developing the modern service industry in partnership with Shanghai will also serve as an opportunity to facilitate the city's high-quality development.

The China Wealth Forum is held on Aug 22-23 in Qingdao. [Photo/WeChat account: qdfbwx]

Fan Yifei, deputy governor of the People's Bank of China, Zhu Shumin, vice chairman of the China Banking Regulatory Commission, Fang Xinghai, vice-chairman of the China Securities Regulatory Commission, Cai Fang, vice-president of the Chinese Academy of Social Sciences, Liu Jin, president of China Everbright Bank, and Vladimir Norov, secretary-general of the Shanghai Cooperation Organization, delivered keynote speeches at the opening ceremony.

Prize-winning American economist Joseph Stiglitz also shared his insights into the impact of the COVID-19 pandemic on the world economy and on globalization.

The event is meant to promote wealth management and financial innovation in Qingdao, said local officials.