The inaugural meeting of Shanghai Asset Management Association and the launching ceremony of the pilot transfer of private equity and venture capital shares were held recently, with 123 members in the first group. According to the Articles of Association of Shanghai Asset Management Association, the members of the Association are mainly composed of bank wealth management, trust companies, insurance asset management, securities dealer asset management, public funds, private venture capital funds, foreign capital asset management, relevant professional service institutions and financial factor market institutions in the Shanghai administrative region. It is reported that the Association will fully rely on Shanghai's advantages in science and technology, industry, finance, talents and other resources, and will stagger with other financial industry self-discipline organizations, actively cooperate and form joint forces to jointly promote the construction of Shanghai International Financial Center and Global Asset Management Center. Jin Penghui, Deputy Director of the Shanghai Headquarters of the People's Bank of China and President of Shanghai Branch, said that China's asset management industry has entered the fast lane of standardized development and has become one of the most active areas of financial openness and innovation. The establishment of Shanghai Asset Management Association is not only an important measure to build an asset management industry ecosystem, but also an inherent need for the development of the industry from height to quality. Wang Junshou, director of the Shanghai Banking and Insurance Regulatory Bureau, said that the establishment of the Shanghai Asset Management Association marked another solid step forward for Shanghai in building a global asset management center. In addition to the establishment of an asset management association, the pilot transfer of private equity and venture capital shares has also been officially launched, further improving the whole chain service system of private equity fund "raising, investment, management and retirement". Xie Dong, director of Shanghai Local Financial Supervision Bureau, introduced that Shanghai has formulated a package of policies from the aspects of state-owned assets transfer, industrial and commercial change, ownership pledge, industry norms, etc. to support share transfer platforms to play a greater role in facilitating private equity fund exit, and guide more social funds to the real economy. (Liu Xinshe)