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TTGG was Invited to Deliver a Speech at the Third (2017) Global Private Equity Fund West Lake Summit

Date: 2017-06-27
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“The Third (2017) Global Private Equity Fund West Lake Summit” directed by The People’s Government of Zhejiang Province and co-hosted by Hangzhou Municipal People’s Government and Asset Management Association of China was held in Hangzhou on June 24th. Centering on “liabilities of private equity fund”, the Summit received active engagement of hundreds of import guests all over the world, including government leaders, industry self-discipline organization, representatives of Greenwich, USA, representatives of overseas and domestic investment institutions and leaders from private equity industry. Participants positively discussed how private equity fund should assume its responsibilities under legal and reasonable development to constantly drive the interactive connection between industry and capital and promote the innovation and development of new finance industry in Zhejiang and the entire country.

 TTGG was Invited to Deliver a Speech at the Third (2017) Global Private Equity Fund West Lake Summit

GUO Feng, the managing partner and president of Financial Research Institute was also invited to attend the Summit and shared his wonderful speech of “Economic Cycle Evolution in the Context of Deleverage and the Development Trend of Private Equity Fund”. According to GUO Feng, the word economy is under short-term stable development. The Federal Reserve has increased the interest twice in March and June, 2017 respectively and is expected to increase another time this year; meanwhile the Federal Reserve has announced that it will shrink the balance sheet this year, indicating the actual realization of turning point of the years of monetary easing policy. Economic growth of China is stable for a short period but lacks robust driving forces, since the primary force driving the economic growth mainly comes from investment while the infrastructure investment serves as the “vanguard” to ensure the growth.

 

In recent years, following the interest rate liberalization and sufficient monetary supply, the financial system favors the liabilities while values little the stocks, resulting in increased leverage and capital “flowing to virtual economy”. Total leverage of China in 2016 is lower than that in USA, Japan as well as European countries, but its leverage of non-financial businesses are relatively high. Whence, the current core of the policy is risk prevention, deleverage and industry supervision. Under the new thinking mode, various ways including interest, tax and charge decrease and PPP mode promotion are feasible to realize deleverage.

 

According to GUO Feng, China’s economy presents the following features under the “new normal”: the rate of growth is decreasing from high speed to medium-high speed, development mode shifting from scale and speed extensive growth to quality efficiency intensive growth, industry structure changing from mid-low end to high end and growth impetus converting from factor-driving to innovation-driving.

 

Additionally, GUO Feng also pointed out that the big time when industry capital competing against financial capital is arriving. Through competition between them, a sound trend of industry and finance integration is coming into being and financial control platform mode emerging. By establishing and participating in financial institutions, acquiring financial licenses and building financial control platform, the industry capital enjoys investment income and financing convenience, improves capital usage efficiency and decreases capital loan cost as well as preserving advantages through capital.

 

Recently, along with the dramatic development of China private equity investment industry, the number and sale of private equity funds filed and registered have surpassed that of the public offering funds, making China the second largest equity investment market. Diversified exit channels, the rise of private capitals and favorable government policies are driving the development private equity industry. In spite of multiple problems such as asset shortage, fierce competition and exit difficulty, the private equity industry still possesses huge development space. The Summit advocated the private equity fund to assume its mission of directing resources and factors to superior industries, “transfusing blood” to innovation and entrepreneurship and “fueling” the emerging industries by virtue of its professional abilities. Meanwhile, the private equity fund, as a responsible institutional investor, should become the initiator, practitioner and leader of rational investment in the future China capital market, making itself the mainstay of steady and sustainable development of capital market. 


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