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Mastermind Series Event – Ma Weihua Delivers Speech to CGCC Members
July 25, 2014 --- Mr. Ma Weihua visited CGCC New York Chapter’s office in Jersey City, New Jersey to deliver a speech regarding the reform of China’s financial sector. More than fifty CGCC members including China Construction, ICBC, China Ocean Shipping, China Shipping and Fosun came from around the tri-state region to participate in the event.
Working in China’s financial division for the past twenty five years, Mr. Ma is often regarded as the most innovative banker in China. He has held different positions at the People’s Bank of China and China Merchants Bank. Mr. Ma recently left his position as Chairman of China Merchants Bank, where for the last fifteen years he grew the company into China’s largest private bank. His dedication and hard work over the years has contributed to the development of the thriving financial system that exists in China today.
On Friday morning, Mr. Ma Weihua spoke brilliantly on the reform of China’s financial sector, especially commercial banking changes in the larger picture of China’s economic transition. Ma analyzed the transformation of commercial banking in China through three aspects -- outside environment, limits and regulations and market evolution.
Mr. Ma emphasized the need for change in China’s banking sector in order to accommodate a slower economy, financial disintermediation and the marketization of interest rates. He analyzed the limits and regulations of other interest groups, and spoke about China’s changing demands in the past decade, including the growth of high net worth value individuals, changing consumer patterns, elderly care, and the globalization of CNY.
During his lecture, Mr. Ma described the impact of the internet with regards to mobile connectivity. He compared internet finance to the traditional banking sector, arguing that the two are not competitors but rather complementary entities. Mr. Ma also argued that the changing market demand is the key to future success. These significant arguments reflect Mr. Ma’s innovative focus which undoubtedly led his success at China Merchants Bank.
Ma Weihua ended his speech with wise advice:
“Without knowing the future, one cannot judge the present. "
"Without knowing the world, one cannot understand China. "
"Without knowing the big picture, one cannot comprehend the small details."
Ma Weihua answered questions regarding Chinese banking regulation reform, the SME loan business, Chinese deposit insurance reform and the global strategy of CMB and its subsidiary Wing Lung bank.
In the past 20 years, Mr. Ma has received numerous awards and recognitions for his contributions to China’s financial sector. He was named “China’s Economic Person of the Year 2001” by China Central Television (CCTV), “Asia’s Best CEO 2009” by Finance Asia, and “China Business Leader of the Decade 1999-2009” by CCTV, among many other prestigious acknowledgements.
On behalf of the China General Chamber of Commerce and its members, we would like to thank Ma Weihua for being with us on this occasion, and we hope for his success in many years to come.