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More favorable policies loom for China's fund industry

By Li Zhenyu (People's Daily Online)

13:27, June 12, 2012

BEIJING, June 12 (People's Daily Online) -- China's fund industry has received the signals about more favorable policies from the Chinese regulatory authorities at the opening ceremony of China's first self-regulating fund association recently.

The China Securities Regulatory Commission (CSRC) will optimize the external environment and strive for a breakthrough in the fund industry, Guo Shuqing, China's top securities regulator, said at the inauguration ceremony of the China Securities Investment Fund Association recently in Beijing.

Although Guo believed the fund management industry is promising in China, he said that the industry is still far away from meeting the needs of the market and reputable investment companies are lacking.

"It is urgent for China to establish a strong wealth management industry," said Guo.

"China's industrial restructuring calls for the rapid development of professional wealth management services to pool private funds and channel them into the 'real economy', and diversified financing methods can accelerate technological innovation and boost the emerging cultural industry."

As the backbones of the fund industry, the investment management institutions and financial enterprises worthy of the trust of markets are rare, Guo pointed out.

"Fund management companies should speed up their transformation into the business of providing qualified wealth management services by being customer-centric," said Guo.

He urged the fund companies to improve research capacity and study the business model and successful practices of overseas asset management companies.

The fund management companies should accelerate the transformation to modern wealth management institutions, Guo insisted.

"The CSRC will continue to optimize the external environment conducive to the development of the wealth management industry and strive for a breakthrough in terms of expanding the investment objects of funds, relaxing the operational constraints of investment, optimizing the corporate governance and standardizing the industry service behaviors," the CSRC chairman said.


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