The 2016 Lujiazui Financial Development Summit took place at the Shanghai Tower in Lujiazui, the city's financial hub, on Dec 12.

Financial experts discuss innovation and reform in the financial industry at the 2016 Lujiazui Financial Development Summit that takes place at the Shanghai Tower in Lujiazui, the city's financial hub, on Dec 12. [Photo/Xinhua]

The half-day event, sponsored by Xinhuanet and Stars Group, aims to work out solutions to China's complicated financial market which is currently packed full of financial innovations and mixed business operations.

A large number of financial company leaders and experts attended the event and discussed the road of innovation and reform of the financial industry.

The attendees agreed that the asset management sector has entered a new era due to the combination of finance and technology. Currently, the sector is showing three features – a continuously expanding size, diverse and rapidly growing businesses and products, and increasing participants.