【访谈】东方汇理资管大中华区主席钟小锋：国际视野，深耕中国

东方汇理资管大中华区主席钟小锋个人简介：

钟小锋，现任东方汇理资管大中华区主席。

钟先生于2011年11月加盟东方汇理资产管理香港有限公司，担任销售及市场推广副行政总裁一职，后于2012年9月获委任为东方汇理资产管理北亚区行政总裁，负责东方汇理资产管理集团于北亚区（主要为中国大陆、香港、台湾及韩国市场）的业务。2020年12月，钟先生获任命为东方汇理资产管理集团(Amundi)执行委员会委员、大中华区主席。

钟先生拥有广州中山大学法国语言文学学士学位、法国巴黎政治学院政治学博士学位以及政治和国际关系学双硕士学位，并于2019年7月获授予法国国家荣誉骑士勋章(Chevaliers de l’Ordre National du Mérite)。

若制式化、不顾水土照搬国际经验，可能会扼杀中国市场机会；而一味强调本地机会，降低经过广泛验证的管理标准，则可能会影响稳健发展。因此，如何将国际头部机构的全球经验与中国本地实践有机结合，对人才队伍培育及建设提出很高要求。

Q1：展望2030，您认为能为中国资管机构贡献显著净流入、或对行业商业模式带来根本转变的重大发展机遇有哪些？

东方汇理资管大中华区主席钟小锋：从全球资管机构的视角来看，中国资管市场有四大核心机遇尤为值得关注：

一是个人及家庭财富不断流向金融投资产品。伴随中国个人及家庭财富不断充裕、资金配置逐步流向投资产品、数字化进一步赋能投资体验、投资者经验逐步成熟以及新一代投资者入市，几大因素正共同推动中国资产管理行业发展。中国家庭目前现金及存款仍占金融资产一半以上，对比美国市场，从储蓄转投资的空间非常大，加之财富增值，到2030年个人及家庭财富会给资管市场贡献非常大的规模。

二是社会老龄化及三支柱出台推动养老市场发展。监管层面对三支柱的鼓励和尝试、以及资管机构对于长期投资产品的不断研发和创新，都在推动着中国养老市场发展。立足于中国这样人口量级的市场，尽管现阶段税收优惠起点较低，但仍是相当良好的开端。参考全球发达市场经验，有养老长期资金的陪伴，中国资本市场发展也会更加稳定。

三是中国资管市场进入高质量、可持续发展轨道。2018资管新规之后，中国资管市场发展更加规范，进入高质量、可持续、长期发展轨道。过去多层嵌套、影子银行、刚兑等问题基本去除，投资者适当性管理、投资者教育等方面进入新阶段。 CXO UNION-CXO联盟（cxounion.cn）

四是ESG领域的高增长潜力。中国的ESG实践主要由双碳驱动、以绿色金融为主调、以环境为主方向。相较而言，欧洲ESG投资在社会和影响层面则更突出一些。但不论如何，欧洲和中国市场在ESG方面仍有很多共同语言，均认同ESG可成为收益来源之一，整个社会都彻底、坚决地践行ESG道路。欧盟分类法（EU Taxonomy）及可持续金融信息披露条例（SFDR）正式生效后，没有纳入ESG因素的资产大量转到纳入ESG考量的资产；伴随着中国政府和监管在ESG政策方面的进一步发展，欧洲的资产轮动趋势也会在中国逐渐显现，并引起投资者更多关注新能源、双碳等领域投资。

以上几个因素的整合，将成为推动资管行业发展的重要动能。诸多全球机构都布局中国，希望通过加强对中国市场的了解、加大对人才的培养，以把握关键业务发展机遇。CXO UNION-CXO联盟（cxounion.cn）

Q2：感谢您的分享。作为一家在ESG领域深耕多年的资管机构，您对中国ESG的发展有何展望？您认为中国特色的ESG什么样？

东方汇理资管大中华区主席钟小锋：如上所述，中国ESG主基调是双碳及绿色金融，因此在气候环境（E）方面与欧洲之间的融合度较高。社会（S）方面，中国有一套特色价值观（如扶贫、共同富裕、社会和谐等），与海外发达市场S（如多样性、性别平等、少数民族等）的侧重点不同，在此影响下，和海外标准融合的过程会较为漫长，但一定会求同存异。治理（G）方面，多数中国企业已有一套完整、高效、严谨的运作方式。这套模式一定程度上借鉴了西方现代企业治理制度，同时也纳入了中国特色治理。

Q3：您认为跨国资管机构在中国发展，主要面临哪些需要行业共同解决的结构化挑战？

东方汇理资管大中华区主席钟小锋：中国资本市场已进入一个高质量、可持续发展轨道，前进方向明确，监管框架逐步清晰，长期资金蓄势待发。但相较于发达市场，我国资管行业仍处在过渡阶段，能看到三大挑战：

一是投资者适当性方面的挑战。中国大多数个人投资者，尤其是理财客群仍处在过去刚兑的环境和习惯下，对于净值化的转变尚未完全适应，投资心态上倾向于保本。海外资管机构在中国展业时需要始终考虑该因素，思考如何在投资者尚不成熟的背景下优化产品研发。 CXO UNION-CXO联盟（cxounion.cn）

二是投资者“追星”习惯的挑战。中国投资者的“追星”习惯，与投资行业整体追逐“明星化”、关注短期成就的行为息息相关，需要行业共同转变理念，聚焦长期发展。

三是人才育留的挑战，这一点对于需兼顾全球经验和本土发展的外资资管机构尤为重要。对于处在快速发展状态下的中国资管行业而言，参考国际资管机构在不同国家、不同周期所积累的管理经验，是资管机构可持续发展的重要保障。但若制式化、不顾水土地照搬国际经验，可能会扼杀中国市场机会；而一味强调本地机会，降低经过广泛验证的管理标准，则可能会影响稳健发展。因此，如何将国际头部机构的全球经验与中国本地实践有机结合，对人才队伍的培育及建设提出了很高要求。

Q4：为在激烈竞争格局中脱颖而出，您认为新一代资管机构需要具备哪些核心特质？

东方汇理资管大中华区主席钟小锋：资管机构必须伴随市场发展，满足持续变化演进的投资者需求。在中国资管市场，有三项核心特质能帮助资管机构强化可持续发展能力：

一是人才竞争力。对于资管机构，人永远是第一位的；这不仅是指投研人才，也包括销售、风控、合规、运营等全价值链的人才。能在人才育留、人才激励、价值发挥等方面具备优势的机构，能在未来竞争中脱颖而出。

二是组织架构灵活性。资管机构在组织架构构建上不能墨守成规，需要提升灵活性以调动公司运力及能力，不断适应新的市场变化和需要。 CXO UNION-CXO联盟（cxounion.cn）

三是科技创新和赋能。未来成本压力会进一步加剧，无法控制成本的资管机构竞争力势必会下降。通过科技创新和赋能，能在降低成本的同时使资管机构适应新业态。此外，数字化在投资、投顾、销售等领域的最终落地形态尚未固化，在此背景下，资管机构需要保持轻盈、灵活、开放的机制和态度。

Q5：您如何看待中国资管行业未来全球化和跨境机遇？您认为跨境机构能在这个过程中扮演什么角色？

东方汇理资管大中华区主席钟小锋：当前全球投资者在组合配置上虽不断增加中国资产，但和应有的自然配置比例仍有差距；同样，中国居民配置全球资产的比例也较低。可以说，我国资管行业的全球化发展尚处于起步阶段，预计未来相当长一段时间内，海外资金流入和中国资金流出仍会呈现不对称性。未来，随着人民币国际化、境外投资者一定程度的去美元化、以及中国一带一路策略的推进，出境资金和入境资金会逐步形成对称。东方汇理作为一家全球化资管机构，既是跨境流动的参与者也是受益者，更需要在平台建设、产品打造、品牌宣传等各个方面夯实基础。

Q6：从您之前的经验来看，您认为成功合资公司有哪些核心要素？

东方汇理资管大中华区主席钟小锋：一是股东之间的合作和态度。需确保合资公司能够得到股东充分支持来发展业务、克服困难、解决发展中遇到的问题。

二是有效传导。合资企业需要有完善、有效的治理架构，将股东对合资企业的发展愿望和要求通过董事会传导到执行层。 CXO UNION-CXO联盟（cxounion.cn）

三是有优秀团队。合资企业人才来源多元，需要将人才丰富性、多样性转化成生产力。

四是科技赋能。通过科技发展降低成本，同时增加风控的有效性。CXO UNION-CXO联盟（cxounion.cn）

五是差异化的发展和产品创新。依托股东在海外市场多年积累的丰富经验，合资企业可在ESG、产品创新等方面走差异化道路，为市场带来新产品和投资感受，以此奠定竞争优势。

翻译：

Personal profile of Zhong Xiaofeng, Chairman of Greater China of Orient Huicong Asset Management:

Mr. Chung joined Calyon Asset Management Hong Kong Limited in November 2011 as the Deputy Chief Executive Officer of Sales and Marketing, and was appointed as the Chief Executive Officer of Calyon Asset Management North Asia in September 2012. In December 2020, Mr. Zhong was appointed as a member of the Executive Committee of Amundi and Chairman of Greater China.

Mr. Zhong holds a Bachelor’s degree in French Language and Literature from Sun Yat-sen University in Guangzhou, a doctorate in Political Science from Sciences Po in Paris, France, and a double master’s degree in Politics and International relations. He was awarded the Chevaliers de l ‘Ordre National du Merite in July 2019. CXO UNION-CXO联盟（cxounion.cn）

If it is formalized and adopts international experience regardless of soil and water, it may stifle Chinese market opportunities. The emphasis on local opportunities and the lowering of widely proven management standards may undermine sound development. Therefore, how to organically combine the global experience of international head institutions with local practice in China puts forward high requirements for the cultivation . And construction of talent teams.

Q1: Looking ahead to 2030, what do you think are the major development opportunities that could contribute to significant net inflows to Chinese asset management institutions or bring about a fundamental shift in the industry’s business model?

Zhong Xiaofeng: From the perspective of global asset management institutions, there are four core opportunities in China’s asset management market that are particularly worthy of attention:

One is the growing flow of personal and household wealth into financial investment products.

With the increasing wealth of Chinese individuals and households, the gradual flow of capital allocation to investment products, the further empowerment of the investment experience by digitization, the gradual maturation of investor experience and the entry of a new generation of investors, several factors are driving the development of the asset management industry in China.

At present, cash and deposits of Chinese households still account for more than half of financial assets. Compared with the US market, there is a very large space for converting savings into investment. Coupled with the appreciation of wealth, personal. And household wealth will contribute a very large scale to the asset management market by 2030. CXO UNION-CXO联盟（cxounion.cn）

Second, the aging of society and the introduction of three pillars to promote the development of the pension market.

The encouragement and attempt of the three pillars at the regulatory level, as well as the continuous research and development and innovation of long-term investment products by asset management institutions, are promoting the development of China’s pension market.

Based on a market as populous as China, although the starting point of tax incentives is low at this stage.

It is still a very good start. Referring to the experience of developed markets around the world, with the accompaniment of long-term pension funds, the development of China’s capital market will also be more stable. CXO UNION-CXO联盟（cxounion.cn）

Third, China’s asset management market has entered the track of high-quality and sustainable development.

After the new regulations on asset management in 2018, the development of China’s asset management market has become more standardized and entered the track of high-quality.

Sustainable and long-term development. In the past, problems such as multi-layer nesting, shadow banking, and just exchange have been basically eliminated, and the appropriate management of investors and investor education have entered a new stage.CXO UNION-CXO联盟（cxounion.cn）

The fourth is the high growth potential of the ESG sector.

China’s ESG practice is mainly driven by dual-carbon, with green finance as the main tone and environment as the main direction. In contrast, the social and impact aspects of ESG investing in Europe are more prominent. However, the European and Chinese markets still have a lot in common when it comes to ESG, both agree that ESG can be a source of revenue, and the whole society is thoroughly and resolutely practicing ESG.

After the EU Taxonomy and Sustainable Financial Disclosure Regulation (SFDR) came into force, a large number of assets that were not included in ESG factors were transferred to assets that were included in ESG considerations. With the further development of the Chinese government and regulation in terms of ESG policies, the trend of asset rotation in Europe will also gradually emerge in China, and cause investors to pay more attention to new energy, dual carbon and other fields of investment.

The integration of the above factors will become an important driving force for the development of the asset management industry.

Many global organizations are positioning themselves in China, hoping to seize key business development opportunities by strengthening their understanding of the Chinese market and increasing the training of talent. CXO UNION-CXO联盟（cxounion.cn）

Q2: Thank you for sharing. As an asset management institution that has been deeply engaged in the ESG field for many years, what is your outlook for the development of ESG in China? What do you think of ESG with Chinese characteristics?

Zhong Xiaofeng: As mentioned above, the main theme of China’s ESG is dual-carbon and green finance, so there is a high degree of integration between China and Europe in terms of climate and environment (E). In terms of social (S), China has a set of unique values (such as poverty alleviation, common prosperity, social harmony, etc.), which are different from the focus of overseas developed markets (such as diversity, gender equality, ethnic minorities, etc.).

Under this influence, the process of integration with overseas standards will be relatively long.

But we will definitely seek common ground while shelting differences. In terms of governance (G), most Chinese companies already have a complete, efficient and rigorous way of operating. This model draws on the western modern corporate governance system to some extent, but also incorporates governance with Chinese characteristics.

Q3: What do you think are the main structural challenges that MMCS face in developing in China that need to be addressed collectively by the industry?

Zhong Xiaofeng: China’s capital market has entered a high-quality, sustainable development track, the direction is clear, the regulatory framework is gradually clear, and long-term funds are ready to be launched. However, compared with developed markets, China’s asset management industry is still in a transitional stage, and three major challenges can be seen:

The first is the challenge of investor suitability.

Most individual investors in China, especially financial customers, are still in the environment and habits of the past. And have not fully adapted to the transformation of net worth, and their investment mentality tends to preserve their capital.

Foreign investment management institutions need to always consider this factor when exhibiting in China, thinking about how to optimize product development in the context of immature investors.

The second is the challenge of investors’ “star-chasing” habit.

The “star-chasing” habit of Chinese investors is closely related to the behavior of the investment industry as a whole to chase “stardom” and focus on short-term achievements, which requires the industry to jointly change the concept and focus on long-term development.

The third is the challenge of talent retention. CXO UNION-CXO联盟（cxounion.cn）

which is particularly important for foreign asset management institutions that need to balance global experience with local development. For China’s asset management industry, which is in a state of rapid development.

Referring to the management experience accumulated by international asset management institutions in different countries and different cycles is an important guarantee for the sustainable development of asset management institutions. CXO UNION-CXO联盟（cxounion.cn）

However, if it is formalized and copied international experience regardless of soil and water, it may stifle Chinese market opportunities.

The emphasis on local opportunities and the lowering of widely proven management standards may undermine sound development. Therefore, how to combine the global experience of the international head institution with the local practice in China has put forward high requirements for the cultivation and construction of the talent team.

Q4: What core characteristics do you think the next generation of managers will need to have in order to stand out in the competitive landscape?

Zhong Xiaofeng: Asset management institutions must accompany the development of the market and meet the needs of investors who continue to change and evolve. In the Chinese asset management market, there are three core characteristics that help asset management institutions strengthen their sustainability capabilities:CXO UNION-CXO联盟（cxounion.cn）

First, talent competitiveness.

For asset management institutions, people are always the first; This not only refers to investment and research talents. But also includes sales, risk control, compliance, operations and other talents in the whole value chain. Institutions that have advantages in talent retention, talent motivation and value play can stand out in the future competition.

The second is the flexibility of organizational structure.

Asset management institutions can not stick to the rules in the construction of organizational structure. And need to enhance flexibility to mobilize the company’s capacity and capabilities, and constantly adapt to new market changes and needs.

Third, scientific and technological innovation and empowerment.

In the future, the cost pressure will be further intensified. And the competitiveness of asset management institutions that cannot control costs will inevitably decline. Through technological innovation and empowerment, asset management institutions can adapt to new business formats while reducing costs.

In addition, the final landing form of digitalization in investment, advisory. Sales and other fields has not been solidified. In this context, asset management institutions need to maintain a light, flexible, open mechanism and attitude. CXO UNION-CXO联盟（cxounion.cn）

Q5: How do you see the future globalization and cross-border opportunities for China’s asset management industry? What role do you think cross-border institutions can play in this process?

Zhong Xiaofeng: Although global investors are increasing their portfolio allocation of Chinese assets, there is still a gap between them and the natural allocation ratio. Similarly, the proportion of Chinese residents allocating to global assets is low.

It can be said that the globalization of China’s asset management industry is still in its infancy.

And it is expected that the inflow of overseas funds and the outflow of Chinese funds will still show asymmetry for a long time in the future. In the future, with the internationalization of the RMB, the de-dollarization of foreign investors to a certain extent. And the promotion of China’s Belt and Road strategy, outbound funds and inbound funds will gradually form a symmetry.

As a global asset management institution, Calyon is both a participant and a beneficiary of cross-border flows. And needs to lay a solid foundation in various aspects such as platform construction, product creation, and brand promotion. CXO UNION-CXO联盟（cxounion.cn）

Q6: From your previous experience, what do you think are the core elements of a successful joint venture?

Zhong Xiaofeng: First, the cooperation and attitude among shareholders.

It is necessary to ensure that the joint venture company has the full support of the shareholders to develop the business. Overcome difficulties and solve problems encountered in the development.

The second is effective transmission.

The joint venture needs to have a sound and effective governance structure to transmit the development wishes and requirements of the shareholders to the executive level through the board of directors.

Third, there is a good team.

The source of talents in joint ventures is diverse. And the richness and diversity of talents need to be transformed into productivity.

Fourth, scientific and technological empowerment. CXO UNION-CXO联盟（cxounion.cn）

Reduce costs through technological development, while increasing the effectiveness of risk control.

Fifth, differentiated development and product innovation.

Relying on the rich experience accumulated by shareholders in overseas markets for many years. The joint venture can take a differentiated path in ESG, product innovation, etc. And bring new products and investment feelings to the market, so as to lay a competitive advantage.

本文由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于CEO訪談网；编辑/翻译：CXO UNIONCXO联盟小汤圆。

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