Jiang Xipei: a Prosperity in Both Family and Wealth Represents a Key Element of Family Wealth Succes

Hosted together by Jiangsu Association for Friendship and International Exchange and Jiangsu Federation of Industry and Commerce, and co-organized by Jiangsu Chamber of Commerce for Import & Export Firms and Jiangsu Overseas Exchange Association, "China Entrepreneurs Family Succession Convention" was held in Nanjing recently. Nearly 100 Jiangsu well-known entrepreneurs and professional investment agencies attended the forum and focused on the topics related to private enterprise development, including Chairman of the Board and Chief Executive Officer of Far East Holding Group Jiang Xipei, Chairman of the Board and President of Fu Zhong Group Co., Ltd. Yang Zongyi, Senior Vice President of Sanpower Group Yue Lei, President of Nanjing Cultural and Art Assets Exchange Zhou Jun, Chairman of the Board of Nanjing Jinling Goldfoil Share Co., Ltd. Jiang Nan, Executive Vice President of Nanjing MACALLINE Che Yiming, and Chairman of the Board of Jiangsu Yadong Group Nie Zhumei.

At the beginning of the convention, Director of Jiangsu Association for Friendship and International Exchange and former Vice Chairman of Standing Committee of the People’s Congress of Jiangsu Province Lin Xiangguo, and Deputy Secretary General of CPPCC Jiangsu Province and Vice-Chairman of Jiangsu Federation of Industry and Commerce Lu Qun made an opening speech for the forum. Subsequently, Chief Economist of Morgan Stanley Huaxin Securities Zhang Jun made an outlook for 2016 Chinese and global macro-economy.

Jiang Xipei made a speech

Jiang Xipei made a keynote speech. He pointed out that both a country and family are faced with succession issues. For an enterprise, succession means a process constantly creating value and wealth. For nearly four decades since Reform and Opening, many private enterprises have experienced a good development. At present, the economic and financial situation is not optimistic, where enterprises should actively carry out a strategic transformation to build capability of sustained innovation and profitability, and propose a series of suggestions such as establishing business partnership, developing scientific strategic development plan, fostering good corporate culture, and strictly controlling risks. He shared Far East’s business partnership, international development strategy and the harmonious and spiritual culture. He said entrepreneurs need to judge situation and conditions correctly, who shall create wealth with wisdom, courage, integrity, pragmatism, innovation and by grasping opportunities, allowed by law, and complete a good succession of family wealth.

As to family wealth succession, he pointed out that the core demand of family wealth convention is to increase and preserve the value. This generation of private entrepreneurs are mostly the first one, whose wealth is more reflected by the company's shares or the shares of listed companies. With sufficient competition in the industry, corporate profits gradually drop and entrepreneurs’ earnings gradually reduce. Capital’s seeking maximization of profit determines a rational allocation of the family wealth on a global basis.

Succession of family wealth needs to impact the society positively. Family prosperity means not only a wealth growth, but also beneficial social effect, so-called "neither gold or silver prize is not as valuable as the people's praise". Entrepreneurs, through contributing to charity and public welfare, need to generate a more harmonious social environment, interpersonal understanding, mutual tolerance, and mutual growth.

Meanwhile, the succession of family wealth needs to perform well in family education and management. In terms of the family education, a learning benchmark and good value philosophy need to be found, so that the family could be handed down from one stem through generations, with everlasting business. In addition, a good management on the family groups is required, as no rules, no standards. Only both a family and wealth prosperity can make family wealth succession more meaningful.

Finally, he hopes entrepreneurs to create wealth that is capable of producing better social benefits, and to make more contributions to family, society and the country, because the family is the cell of the society, so only good families could make the society even better!

On-site of the forum

Themed with "Everlasting business ? succession of family wealth", the forum attracted almost 100 famous entrepreneurs, and professional institutions such as the world's leading family offices and private banks, to focus on the topics associated with experiences of internationally renowned family business succession, family business development path facing the future, experiences in domestic and foreign investment and asset allocation and family business succession and relay. It aims to uphold professionalism, construct an open platform and promote the exchange and development between old, middle age and young generation of the entrepreneurs.