U.S.-China Financial Services Forum
The Beijing delegation met with Boston Mayor Thomas Menino on November 5, 2009 at State Street's Boston headquarters.
Today’s financial services leaders in the U.S. and China have a once-in-a-generation opportunity to shape the development of markets and their organizations’ competitive advantage by collaboratively solving the industry’s most important challenges in each country. These shared challenges include, among others, next-generation products and services, the future of regulatory policies and structures, corporate governance, and retirement planning.
U.S.-China Financial Services Forum Kickoff
"On behalf of the citizens of Boston, I commend the collaboration of leading financial services firms from Boston and Shanghai being launched by your government and CEOs and senior executives from our two cities in Shanghai on November 19 and 20--and offer my personal support for a new partnership between Boston and Shanghai.” - Boston Mayor Thomas M. Menino
On November 19 and 20 in Shanghai, at the request of the Shanghai government's Finance Office that oversees the city's corporate ownership interests, a group of Boston finance and professional firms and their executives kicked off at Jiao Tong University's finance institute a "first of its kind" ongoing Boston-Shanghai executives' network in meetings and dinners with 60 Chinese CEOs and managing directors. A web-based professional community will sustain the network.
25 executives representing 12 different western companies participated with 40 executives from 26 Chinese firms in the kickoff of the China-U.S. Financial Services Forum linking Boston, New York and Shanghai in Shanghai last month.
The launch was supported and sponsored by the Shanghai government in partnership with the new Finance Institute at Shanghai's Jiao Tong University, and on the western side under the umbrella of the Boston Financial Services Leadership Council by Pyramis - Fidelity's global institutional investment arm, Natixis and State Street and their senior executives. The Boston delegation included representatives from PwC, Goodwin Procter, Bain Capital, J.P. Morgan, Fleishman-Hillard, Linden Street Capital, and Milestone Capital.
Following a Friday evening dinner hosted at the Shanghai Hilton by the government (where special guests included the deputy Shanghai party secretary, Shirley Zhao, Genzyme's China head, and David Barboza, the Shanghai New York Times correspondent), the executives were addressed at the Saturday Forum by Dong Ping YANG, Chief Risk Officer of the Bank of Communications, William Guenther, President of Mass Insight and our lead partner in Shanghai, Hong MA, Deputy Director of the Shanghai Municipal Financial Services Office. A Chinese translation of the Boston Financial Services Leadership Council impact report, The Massachusetts Financial Services Sector: A Complete Portfolio – Partners in Managing Assets and Fostering Innovation, was distributed to guests and can be read below, along with the list of sponsors, William Guenther’s PowerPoint, and Boston Mayor Menino's letter to Shanghai Mayor Han commending the partnership.
The Chinese and western executives participated together in two working sessions to establish goals and priorities for the ongoing Forum in 2011.
2011 will see the launch of:
a private web-based community of partnering firms and executives with quarterly webinars,
and a planned "overseas" Boston-based leadership program for rising executives from the Shanghai finance firms in the fall of 2011.
Mass Insight organized a leadership program at the request of the Beijing Municipal Government for a selected group of 25 Beijing financial services industry executives and government officials from October 28 to November 18, 2009. The program included visits to Silicon Valley and New York, and a two-week classroom program in Boston held at the Boston Federal Reserve and the Harvard Kennedy School.
The curriculum considered the development and competitive advantages of leading financial centers and U.S. models of financial industry growth to help participants better envision paths for Beijing to maintain and enhance its status as a financial services leader. Experiential learning through visits to leading American financial services organizations were an important part of the program.
For more information, contact us.
Click on the links below to view selected presentations from the Beijing program.