With a theme of "New Changes, New Wealth and New Momentum", the China Wealth Forum was held on July 8 in the eastern coastal city of Qingdao, Shandong province.

Over 80 political, business and academic leaders, experts and scholars from China and abroad talked about the potential and opportunities of wealth management, seeking cooperation and common development. They also offered advice and suggestions as to how to promote consumption.

The China Wealth Forum is held on July 8 in Qingdao, Shandong province. [Photo provided to chinadaily.com.cn]

At the forum, Yang Weimin, vice president of the China Center for International Economic Exchanges, pointed out that the recovery of residents' consumption is the key to the overall improvement of economic operation this year and to the long-term improvement of China's economy.

"We must not only continue to build a large manufacturing and production country, but also speed up the construction of a large consumption country," Yang said. He suggested that efforts should be made to push forward the reform of the income distribution system, increase people's income, and enhance their ability to consume.

It is necessary to gradually change the policy of restraining housing, automobiles and some high-end consumption. He also suggested reforming the identity card system and the housing system, and promoting granting citizen status to rural migrant workers.

Cai Fang, chief expert at the Chinese Academy of Social Sciences' National High-end Think Tank, said that household consumption behavior determines the direction of consumption and savings, and also determines what impact and guidance it has on the real economy.

Participants at the forum. [Photo provided to chinadaily.com.cn]

According to Cai, household disposable consumption is not only the foundation for better livelihoods, but also a pillar for stable economic growth. Increasing disposable income and shaping good income expectations are the basis of, and key to, promoting consumption, he said.

Qingdao has held the China Wealth Forum for nine consecutive years and the event is part of city's efforts to build a wealth management center.

With the goal of promoting the healthy development of China's wealth management industry and supporting the real economy, the forum aims to stimulate exchanges and discussions between political and business circles and create the most authoritative and forward-looking international exchange platform for the wealth management industry in China.