Chairman's speech英语

Chairman’s speech

“The private economy has the characteristics of ‘five, six, seven, eight, and nine’, that is, the economy contributes at least 50% of tax revenue, at least 60% of GDP, at least 70% of technological innovation achievements, at least 80% of urban employment, at least 90% of the number of China’s companies. The number of China’s private companies among the world’s top 500 companies increased from 1 in 2010 to 28 in 2018,” President of the People’s Republic of China Jinping Xi stated in his speech on the forum of China’s private-owned companies on November 1, 2018 and fully affirmed the achievements and contributions by Chinese private entrepreneurs.

In the past two years, the global economy has been unpredictable. We are standing in the era of the transitional period of technology cycle, business cycle, industry cycle and family inheritance cycle that coincide with each other. Family members, family wealth, and family industry are facing the “blood and fire” tests of if and how to make good choices of defense, layout, attack, and harvest. Confronted with the circumstances, unprecedented and changeable, after decades of business ups and downs, the founders of the elite families are still being challenged to go through the brand-new test of inheritance. The huge contrasts between the wishes for and the results of inheritance often test rise and fall of elite families and even the prosperity of a place.

In order to clear the roadblocks on the way of family wealth inheritance for Chinese families, safeguarding the longevity of the foundation of those members of the Chinese elite has become the field for many professionals full of the sense of professional mission. Through the extensive cross-industry and cross-regional cooperation, many people with breadth of vision, with elite families, have formed the organizations centered on family development interests—among the organizations, the Association of Family Offices in Hong Kong (hereinafter referred as “the Association”), is the top circle that comprehensively provides solutions for wealthy Chinese families.

The Association of Family Offices in Hong Kong adheres to the tenet of “transmission, coordination, service, self-discipline, and win-win”, and is committed to serving the domestic and overseas wealthy Chinese families, family offices and outstanding practitioners in the related areas, and helps the healthy growth of Chinese family offices and related family service organizations. In 2019, we first issued the “Family Office Industry Career Guidelines” and insisted on working around the following main lines: integrating industry resources, maintaining industry reputation, improving industry standards, exploring solutions, and empowering practitioners.

Based on the close collaboration of the existing members in Mainland China, Hong Kong, and Taiwan, the Association further explores the medium and long-term development paths “rooted in the mainland, based in Hong Kong, deployed in the Asia-Pacific, and radiated globally”. The Association supports its members to combine Chinese concepts with western tools, to combine the Chinese culture with the western structuring, to combine the Chinese philosophy with the western science in the area of family wealth management services, so as to achieve the cultural idea of making the Chinese culture the foundation and the western culture practical reference and application, to achieve unity of opposites that complement each other.

As one of the top ecosystems of social services, the development of family office services is inseparable from the legal civilization, commercial civilization and financial civilization of the motherland. The development is also the process of globally absorbing the institutional resources and wisdom. To this end, the Association proposes that its members adhere to “buyer positioning, challenge-driven, strategy-winning, and time-judging” from the perspectives of theory and practice, practice social responsibility, create industrial value, and join hands with Chinese elites to better realize the goals of wealth security, wealth appreciation, and wealth inheritance and wealth and feel the beauty of wealth and the temperature of wealth that has been pregnant with, given birth to, and bred love and responsibility.