The 7th Congress of Appraisers, jointly organized by the China Association of Asset Appraisers and the World Federation of Valuation Organizations, is being held. Founded by the World Federation of Valuation Organizations, the World Congress of Appraisers has been successfully held six times to date. It is an industry event with broad international influence, a professional platform for appraisal professionals from various countries to learn from one another, and a vital bridge for communication and exchange among global appraisal elites.

     This conference is themed “Assessing Market Innovation and Development.” In line with the global trend of China’s economy becoming deeply integrated into the world economy, and upholding a development strategy of open cooperation and win-win outcomes, the conference strives to place innovation at the very heart of the overall development of the appraisal industry. By doing so, it aims to inject new momentum, add fresh vitality, and open up new horizons for the industry’s growth, thereby driving its transformation from serving traditional enterprises to embracing new business models and emerging industries. Leaders and keynote speakers attending the conference engaged in in-depth exchanges and discussions on various aspects—including strategic thinking, opportunities and challenges, as well as theoretical and practical approaches—regarding how asset valuation can serve the new normal of economic development. The fusion and collision of ideas and wisdom have generated powerful forces and fruitful outcomes that will guide and support the future development of the global appraisal industry.

     The conference was attended by representatives from government agencies including the National People's Congress, the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, and the China Securities Regulatory Commission; international appraisal organizations such as the World Federation of Appraisers, the Hong Kong Institute of Surveyors, the Royal Institution of Chartered Surveyors (UK), the Society of Valuers and Estate Agents Singapore, the International Association of Business Valuation Analysts, the Australian Asset Management Institute, and the American Society of Appraisers; secretaries-general of the China Association of Asset Appraisers and various local appraisal associations; heads of asset appraisal disciplines from several domestic universities; and representatives from well-known domestic asset appraisal firms.

     Harvest and Consensus

     This conference is themed “Assessing Market Innovation and Development” and is divided into sessions on assessing new market trends, the cultural industry and asset valuation, and more. PPP Four modules—Asset Valuation, Internet and Asset Valuation—have been jointly invited. 3 A leader in the appraisal industry, 14 Chinese and foreign appraisers and scholars delivered insightful presentations from multiple perspectives, across various dimensions, on a wide range of topics and in diverse formats. The conference yielded abundant results and showcased distinct characteristics of our times.

     First and foremost, the theme is clear and prominent. Innovation is the driving force behind economic and social development and serves as a new engine for assessing industry growth. This conference focuses closely on the theme of innovation and development in both international and domestic appraisal markets, reflecting the essential characteristics of the appraisal industry’s role in serving economic and social development.

     Second, the perspectives presented were remarkably diverse and insightful. Senior leaders from both domestic and international appraisal industries, along with industry elites who attended this conference, explored the topics of each session with meticulous thinking and forward-looking vision. The convergence and clash of various viewpoints broadened the horizons and sparked fresh insights among the attendees.

     Next, theory guides practice. In-depth and systematic theoretical discussions have addressed market concerns and provided professional support for new situations and emerging issues in asset valuation practice, thereby highlighting the profession’s expertise.

     Finally, the content is rich and well-rounded. Although each speaker has only a brief time— 20 A brief presentation lasting just a few minutes—but each speaker offered their insights wholeheartedly, clearly articulating core ideas and conveying key messages. This enabled colleagues from both China and abroad to jointly share the latest developments in global asset valuation, promote the profession of valuation, build bridges of friendship, and highlight the power of valuation.

     At the opening ceremony, Xu Hongcai, Assistant Minister of China’s Ministry of Finance, delivered an enthusiastic speech, extending a warm welcome to colleagues from around the globe and expressing high expectations for the appraisal industry. He comprehensively elaborated on the role of asset valuation in the global economic system, particularly highlighting the Chinese asset valuation industry’s commitment to serving the country’s economic and social development. He emphasized the industry’s special mission and development goals in helping China achieve a moderately prosperous society in all respects. Furthermore, he proposed strengthening the construction of appraisal-related legal and regulatory frameworks, standardizing and improving administrative management within the asset valuation sector, enhancing guidance and supervision of industry associations, actively promoting government procurement of services, and vigorously supporting the industry’s market expansion and talent development. 5 Specific measures were proposed to comprehensively promote reform and innovation in the assessment industry.

     He Bangjing, President of the China Association of Asset Appraisers, delivered a keynote speech titled “Innovation and Development of the Asset Valuation Market.”      The keynote speech showcased the tremendous achievements made by China’s appraisal industry in the course of China’s reform and opening-up and modernization drive. It summarized the fundamental experiences gained in building China’s asset appraisal market, and looked ahead to the future development of the appraisal industry by outlining new ideas for innovative development of the appraisal market, exploring new areas for expanding services to support economic and social development, and proposing a new framework for improving the industry’s regulatory system. At the same time, the speech emphasized the need to strengthen international exchanges and cooperation to promote the internationalization of the appraisal industry.

     In his keynote speech titled “Building an Innovative Valuation Industry to Meet Global Needs,” Lin Lanyuan, President of the World Federation of Appraisal Organizations, argued—from both market and case study perspectives—that for the asset valuation industry to adapt to the development of the global economy and urban environments, it must rely on a development philosophy centered on professional innovation, market innovation, and technological innovation. His speech unveiled new developments, emerging market trends, and innovative professional strategies in the international valuation industry within the context of the global economy, and also highlighted the historical mission shared by China’s valuation industry and its international counterparts as they move forward together in the process of global economic integration and development.

     In Unit One, “Assessing New Market Trends,” Qu Chengxi, Vice Chairman of the World Federation of Appraisers and Senior Vice President of the Hong Kong Institute of Surveyors; Fan Shukui, Chairman of China United Asset Appraisal Group Co., Ltd.; and Ho Zhancai, Chairman of the Property Valuation Group of the Hong Kong Institute of Surveyors, each provided insightful analyses—grounded in the current global economic landscape and the unique characteristics of China’s economic transformation—of the new markets, opportunities, and trends facing the appraisal industry. They also put forward numerous fresh perspectives and insights aimed at fostering the development of the appraisal market, thereby enriching both our theoretical understanding and practical application in this field.

     In Unit 2, “Cultural Industries and Asset Valuation,” Liu Dengqing, President of Beijing Zhongqi Hua Asset Valuation Co., Ltd., and Ben Elder, Global Director of Valuation and Environmental Quality Assessment at the Royal Institution of Chartered Surveyors, ... BenElder Yuan Huang, Deputy General Manager of Zhongtong Cheng Asset Appraisal Co., Ltd., provided a professional and systematic review of the key issues and challenges in asset valuation for the cultural industry. He explored the unique characteristics of cultural industry asset valuation in terms of appraisal theory and technology, conducted in-depth research on specialized topics such as appraisal methods, technical approaches, model and indicator systems, and cultural industry appraisal databases, and proposed more specific countermeasures.

     In Unit 3 PPP In “Asset Valuation,” William Hanlin, Chairman of the International Association of Business Valuation Analysts, William A. Hanlin ), Wang Jingda, Vice Dean of the School of Finance and Taxation at Capital University of Economics and Business, and Zhang Lijin, Project Director at the Singapore Institute of Surveyors and Valuers ( TeoLiKim ), Zhao Shikun, a partner at Lixin Asset Appraisal Company, interpreted [the topic] from both academic and practical perspectives. PPP the project’s functional role in enhancing government effectiveness, stimulating market vitality, and fostering social creativity, as well as PPP The market space that the project brings to asset valuation, and an in-depth analysis of asset valuation in... PPP The project’s professional and talent advantages in promotion and implementation, through... PPP Summarize experiences from project case studies to provide support. PPP The project reduces risks and maximizes value.

     In Unit 4, “The Internet and Asset Valuation,” Robert Haack, Chairman of the Governance and Restructuring Committee of the Australian Institute of Asset Management, ... Robert Hecek ), Sun Jianmin, Chairman of Beijing Tianjian Xingye Asset Appraisal Co., Ltd., and Scott Robinson, Incoming President of the American Society of Appraisers. Scott Robinson ), Wang Qinghua, General Manager of Zhonghe Asset Appraisal Company, spoke respectively on responding to and implementing the “Internet” initiative. + From a strategic perspective, this provides an in-depth analysis of asset valuation and the “Internet.” + The deep integration of emerging technologies such as big data and cloud computing plays a catalytic role in promoting the development of new industries and business models. This paper elaborates on the application and innovation of asset valuation techniques in the realm of new internet-based business models, highlighting the revolutionary impact this will have on the asset valuation industry.

     In short, 17 The speeches delivered by leaders, appraisers, and scholars fostered mutual understanding through information sharing, enabled the exchange of best practices via experience sharing, and promoted consensus on action through effective communication and coordination. As a result, these exchanges provide valuable references and assistance for the asset valuation industry to further enhance its professional capabilities and roles, and better serve the economic and social development of both the global community and China.

     Drawing on international best practices to promote innovative development in China’s asset valuation industry.

     The fruitful outcomes of this conference will undoubtedly drive theoretical innovation, market innovation, practical innovation, and management innovation in the asset valuation industry. The Chinese asset valuation industry will fully draw on international best practices, align with the country’s reform and development requirements, intensify its efforts in reform and innovation, and forge a path of industry development that is both uniquely Chinese and meets international standards.

     Strengthen institutional and theoretical innovation. The system of asset valuation laws and regulations is an important component in perfecting the legal framework for a market economy. Under the national policy guidance of streamlining administration and delegating power while strengthening industry self-regulation, it is particularly crucial to establish an evaluation system and theoretical framework that are aligned with China’s fundamental economic system. First, we must reinforce the construction of legal and regulatory frameworks and accelerate the legalization process of the valuation industry. Currently, China’s Draft Asset Valuation Law has undergone three rounds of deliberation, and social consensus on advancing valuation legislation is steadily growing. Relevant departments have already reached consensus on major issues in valuation legislation, and the Chinese asset valuation industry will fully cooperate with the legislative efforts. Second, we must adapt to the nation’s requirements for innovative development and establish a new system of industry self-regulation and supervision. We need to comprehensively implement the requirement put forth by the Fifth Plenary Session of the 18th CPC Central Committee to uphold innovative development, and establish a new system that combines vibrant industry self-regulation with effective administrative oversight. Third, we must promote innovation in standards and theories and strengthen the construction of the valuation standards system. In light of the demands of both the valuation market and the development of the valuation industry, we must continuously deepen research in market studies, basic theoretical research, practical application research, and industry management research. We should revise existing standards that no longer align with industry development needs and accelerate the advancement of the valuation standards system.

     We will fully promote innovation in the appraisal market. The market is the cornerstone of industry development, and the theme of this conference—“Appraisal Market Innovation and Development”—aligns with the fact that innovation is at the heart of the nation’s overall development and serves as a new engine for the transformation and growth of the asset appraisal market. Therefore, we must fully advance innovative development in the appraisal market: First, we need to drive innovation in the cultural market by strengthening theoretical research on asset valuation in the cultural industry, conducting in-depth analyses of the unique characteristics of asset valuation for cultural enterprises, and intensifying studies on aspects such as social benefit value, the impact of new business models, and intangible assets, thereby producing specialized research outcomes and advancing the development of relevant standards. Second, we need to promote... PPP Market innovation— the asset valuation industry must do a good job. PPP Strengthen research on market foundational theories and technical methodologies. PPP Policy coordination for the project, optimizing the structure of asset valuation talent, for... PPP The project promotes high-quality services. Third, to drive innovation in the internet market, we must, based on the characteristics of internet enterprises, explore evaluation methods and techniques that are suitable for their business models, thereby achieving a fair and reasonable valuation of these enterprises.

     At the same time, we must recognize that big data will bring revolutionary and disruptive impacts to the appraisal industry. We should proactively adapt to big data, actively embrace its applications, build a data-driven appraisal industry, and enhance our service capabilities.

     Actively promote international assessment exchanges and cooperation. Asset valuation is the universal language of the market economy and serves as an indispensable bridge for advancing global economic information exchange and capital flows. Especially in today’s era of economic globalization, China’s asset valuation industry needs to integrate into the global community, while its international counterparts also need to benefit from the development of China’s valuation sector. Therefore, it is essential to further strengthen exchanges and cooperation within the international assessment community. First, China’s asset valuation industry should adopt a more open attitude and enhance its connections and interactions with international peer organizations such as the World Federation of Valuers, the International Association of Business Valuation Analysts, and the Royal Institution of Chartered Surveyors in the UK. This will help broaden the scope of exchanges, elevate the level of engagement, intensify professional discussions, and deepen cooperation in areas including industry development, standard-setting, member management, mutual recognition of qualifications, innovation in valuation methodologies, and mutual acceptance of valuation results, thereby enhancing the international image of China’s valuation industry. Second, we must actively participate in the formulation of international valuation standards and support and engage in research on international valuation theories and major topics, as well as in market research, providing references and lessons for professional innovation and industry development. Third, we must strengthen the development of big data. With the rapid advancement of emerging technologies such as cloud computing, big data, and mobile internet, new technologies and ideas are being introduced into society, driving profound transformations and leaps in the asset valuation industry. Whoever masters data will dominate the world. The asset valuation industry must further promote the sharing and collaboration of international valuation data, thereby enhancing its global perspective and professional capabilities.

     Where aspirations align, distance—be it mountains or seas—matters not. This conference is a grand gathering for the global valuation community to showcase its achievements and learn from one another. It will undoubtedly mark a new starting point for international exchange and cooperation within the valuation industry. Colleagues from around the globe will come together to build consensus, seek collaboration, and promote development; strengthen international valuation cooperation; and contribute the professional expertise of the valuation field to the globalization of economic development.

(This article is authored by the author.) 2015 Year 11 Moon 12 Concluding remarks delivered at the 7th Congress of Evaluators of the World Federation of Organizations for Assessment, with excerpts omitted.