Tang Ning, founder and CEO of CreditEase, attended the 21st Milken Institute Global Conference in Los Angeles as both a strategic partner and a speaker, and said on the global capital market panel that driven by technology, the middle class and the high-net-worth individuals, a strong new economic growth can be seen in China these years, adding that China is now entering a new era.
The Milken Institute Global Conference, which was held from April 29 to May 2 this year, is the largest economic summit in North America, bringing together more than 750 speakers and 4,000 attendees from business, government, science, philanthropy, academia, arts, and culture arena, from 64 countries across six continents, making it the most broadly attended gathering in its history.
Themed with “Navigating a World in Transition”, Renowned attendees include former U.S. Vice President Al Gore, former British Prime Minister Tony Blair, the 12thWorld Bank President Jim Yong Kim, among many others, who carried out candid conversations about trade, technology and national security, tackle topics ranging from artificial intelligence to blockchain, financial regulations, global markets and breakthroughs in health.
Tang Ning made these remarks at the panel discussion named Global Capital Markets on the first day of the conference with other renowned panelists including Gerard Baker, Editor in Chief of Wall Street Journal, Michael Corbat, the CEO of Citigroup and Mary Callahan Erdoes, CEO of J.P. Morgan Asset and Wealth Management under JP Morgan Chase, Joshua Friedman, Co-Founder, Co-Chairman and Co-CEO of Canyon Partners, Scott Minerd, Chairman of Investments and Global Chief Investment Officer of Guggenheim Partners.
The new era means firstly that there emerged “new economy” driven by 200 million middle class and 2 million high-net-worth individuals, who need higher quality education and better medical services, said Tang, adding that small businesses and start-ups are part of the “new economy”, who understand that digital transformation is the key factor for their further development.
Tang pointed out that CreditEase’s high-net-worth clients and ultra-high-net-worth clients make businesses in the sectors of manufacturing, import and export, and what they are thinking about are the following three questions: First, how to realize the digital transformation of their businesses; second, how to make global asset allocation; third, how the next generation can inherit their wealth and value to the largest extent.
“The new economy puts forward new requirements for the financial sector, which are small and micro-financing, financing based on intangible asset, direct and long-term investment, VC/PE investment, capital investment and so on,” Tang said.
Speaking of Chinese high-net-worth individuals, Tang emphasized that the rich Chinese began to think about how to make global asset allocation and how to pass on their wealth as well as their value to the next generation effectively, which they cannot learn from their parents.
He also hoped that the Chinese understand the importance of long-term investment and asset allocation. Tang said, “you cannot expect a tech startup to pay dividends every quarter and give your money back after three or four years. A start-up may need ten years or longer to develop to a profitable one and the investors should have patience.”
It is technology that helps China enter the new economic era and helps financial services more convenient, said Tang, stressing that the middle class can do investment through mobile phones and small businesses can borrow money through mobile phones in China.
Tang also said at the Milken Speaker and Sponsor Reception hosted by CreditEase that China’s Fintech has maintained a rapid development in recent years and has already led the world in some sectors, and the Chinese and American Fintech companies should cooperate closely with each other.
Since its establishment in 2006, CreditEase has been at the forefront of leveraging FinTech to transform China's marketplace lending and wealth management industry, providing highly customized financial services for different client segments. Boasting a global network with offices in major financial and technology hubs around the globe, CreditEase also actively engages with the world's leading FinTech players through incubation, cooperation, and investment.
The Milken Institute is a nonprofit, nonpartisan think tank determined to increase global prosperity by advancing collaborative solutions that widen access to capital, create jobs and improve health.It conducts data-driven research, convenes action-oriented meetings and promotes meaningful policy initiatives.
Mike Klodwen, CEO of Milken Institute, announced in the speaker and sponsor reception that, CreditEase has become Milken Institute’s first strategic partner in Asia because of the company’s leading position in fintech industry and its innovations in China’s financial sector.