Yanqi Lake in Huairou, Beijing, at the foot of Yanshan Mountain, is not only famous for its beautiful ecology, but also famous at home and abroad. The successful hosting of the APEC Summit in November 2014 and the Belt and Road Forum for International Cooperation in April 2019 have made Yanqi Lake a new name card for Beijing to face the world and a new window for cutting-edge social exchanges.

Continuing the responsibility and mission of inheritance and development, the 1st Yanqi Lake Forum 2019 jointly held by Aladdin Holding Group, Economic Observer and Family Business magazine was held in Yanqi Lake Hotel in Beijing on July 5th. On the BBS, the guests through the surrounding keynote 'family culture', based on the analysis of family business succession cases and explore family industry development trend, on the basis of symbiosis to family businesses and social sustainable development fusion, material and civilization to promote each other, together form 'family culture' new connotation, from generation to generation, built to last.

In his opening speech at the forum, Mr. Yang Renqiang, chairman of Aladdin Holdings, said: 'When a thousand families have family civilization, the country will make a big step forward.' Yanqihu Forum should always adhere to the principle of 'speaking human language and creating equality', make contributions to solving the current problems of economy, values and social civilization facing Chinese society, and at the same time provide something valuable for China to go global.

Family civilization

The core value of a family business

Over the past 40 years of reform and opening up, China's private entrepreneurs have not only contributed to the rapid growth of social and economic aggregate, but also accumulated huge material wealth. As a result, the first large group with the 'family business' label began to face a 'barrier' of succession, that is, the generation of Chinese family business is about to retire, the second generation is about to emerge. However, at the moment of inheritance, is it the material wealth or the spiritual wealth of the family that is passed down from one generation to the next? How to correct the status of 'family civilization' in the inheritance has become a key issue affecting the smooth transition of family enterprises.

At the forum, Ms. Bermin, president of Aladdin Family Office, who has 25 years of experience in the financial industry, expressed her thoughts on 'family civilization' : 'From their parents, in the business, we usually have the historical epoch background, economic environment and business resources, in more than 40 years later, however, our second generation have more open field of vision, economic phase change, the industrial structure has also changed, their parents, the period of the factors to the development of the family business, children can really inheritance? Or would you like to inherit it? It's a really, really important issue.'

'Plan before it rains.' According to the data, in 2019, more than 53% of Chinese HNWIs started to inherit wealth, have been preparing or intend to prepare wealth, which is significantly higher than in 2017. The demand of family enterprises for industrial development planning, family tradition and family education is increasing day by day. At the same time, there is a growing demand for family offices with perfect mechanisms and positioning in line with family needs.

The Chinese nation has a long history and deep cultural roots, but few people know what our family culture is? What is our family philosophy?' For example, as said in the spirit of Jin merchants, 'businessmen and scholars, different skills and concentric, so a good businessman, in the field of goods, and the practice of noble and clean.' Another example is family inheritance in the West. The inheritance of family spirit needs to be guaranteed by system. The services provided by the family office are based on the family charter to ensure the smooth transmission of the family's mission and values for future generations. 'In this way, family civilization is the soul and belief of the family business and the embodiment of its core values.'

At the forum, Berimin and Chen Boxian, Dean of Aladdin School of Finance, unveiled the core concept of Aladdin Family Office -- 'Family civilization, generation inheritance', which opened a new chapter of family office services in China.

It is understood that Aladdin Family Office will develop into a comprehensive multi-family office open to the market based on the group's focus on industrial investment. Starting from the top-level design of the family and from the perspective of the overall needs of the family, Aladdin Family Office will establish the family benchmark and influence from the aspects of 'family tradition, family concept and family civilization', help the spiritual inheritance of the family business, and then promote the family civilization and social civilization. At the same time, from the three dimensions of 'investment, service and cooperation', it will comprehensively help the family business to inherit material wealth and build a comprehensive service platform for the family. Berimin hopes to help the family business material wealth inheritance, at the same time, for China's family business to bring family civilization inheritance.

Social civilization

Inheritance meets economic transformation and ADAPTS to change to survive

Nowadays, the intergenerational inheritance of Chinese family enterprises coincides with the transformation and upgrading of economic and industrial structure. When the dual problems are in front of us, should entrepreneurs keep the right thinking and mentality? On THE TOPIC OF 'FAMILY RESPONSIBILITY IN THE NEW CIVILIZATION ERA', Dr. Wong KAM-SHING, DIRECTOR AND GENERAL MANAGER OF Kowloon WATCH BANK IN Hong Kong, WENT STRAIGHT TO THE POINT IN HIS speech. 'Today's socio-economic and political environment is facing multiple disruptions,' he says. 'In the face of disruption, the head of a family business must set the right mindset. Einstein once said, 'Do you have the extreme intelligence to understand the Theory of Relativity completely? 'As time goes by, the world is changing and we have to change so that businesses can survive, and the old entrepreneurs have to fight alongside the new generation of heirs.'

On the dreams and expectations of the new generation of entrepreneurs, Dr. Huang shared his belief, 'Young people also love their families very much, and there is a spirit of pioneering and inheriting in the young generation. This spirit is of infinite capacity. One of the most famous people in the family business once said to me: 'You have to make sure that the younger generation has a sense of ownership of the family business. Centripetal force is the key, which is cohesion. 'However, some of the older generation always cling to it, which will affect the cohesion between generations, affect the younger generation's sense of ownership and belonging to the family business, and weaken the centripetal force and cohesion of the younger generation to lead the business to continuous success. 'It can be said that a sense of belonging and ownership is a key mindset in order to build a strong culture and young entrepreneurs can consistently lead the family business to success.'

The national civilization

The new thinking of entrepreneurs creates a new era

This topic also attracted another prominent guest, Mr. Weide Cao, Chairman of Wanbang Pan-Asia Group, founder of Yinyu and Chairman of International Family Business Association Asia Branch.

From the perspective of the family business's mission, Tsao argues that the responsibility of entrepreneurs lies in the role they play in society and that their new thinking can create a new era. 'Family businesses seek to be passed on from generation to generation, and I believe that the more conscious family businesses understand that they have to evolve, because with family evolution, it can last, and without evolution, it can't. 'Everyone is good, I am good' is the premise, the society must solve the continuous problem of human beings, only have the continuous problem of the family. Therefore, family companies should make it clear that their responsibility is' the whole good is really good '. In particular, the rise of China has its own cultural gene. An era is created by new thinking, and new thinking brings new development. Chinese culture is rising and can make a contribution in the world's new culture. Chinese entrepreneurs need to think about what responsibilities we have, what roles we play and what thinking can create a new era in the new worldview of 'unity of nature and man' for a community with a shared future for mankind.'

New World Culture

Businesses are borrowed from their children

The profound influence of 'family civilization' is not only in China, but also in the world. Dr. Gao Hao, director of the Global Family Business Research Center at Tsinghua University's Wudaokou School of Finance, mentioned in his keynote speech 'Global Family Business Inheritance and Development' that Chinese entrepreneurs can learn from the experience of the world's most successful families to deal with the challenges of family inheritance.

He introduces, according to us data showed that 60% of corporate inheritance may fail, this means that about 3200 private enterprises in China, in the tide of 'succession', there are nearly 2000 private enterprises in the process of inheritance will if I can't deal with well inheritance of 'family culture', will affect China's economic sustainable and healthy development.

One of my favorite quotes is that the fifth generation of the Hermes family said before he retired: 'I didn't inherit Hermes from my parents, I borrowed it from my children. 'What's the difference? If the business is inherited from my parents, I can say that the business is my own, and I can do it well or I can do it badly. If the business is borrowed from your children, it means that one day you have to return the business to the next generation, and when you pass the wealth to the next generation, you have to do it better than you did when you inherited it from the previous generation. This is how the family's passions, dreams and responsibilities have been passed down from generation to generation.' Gao Hao said.

At the first Yanqi Lake Forum, Aladdin Family Office and Family Business magazine reached a strategic cooperation. In the future, we will jointly promote family civilization from the perspectives of family growth, family cooperation and family civilization, establish family benchmark and family social influence, and further promote the progress of social civilization.