China to Introduce Open-End FundsChina is considering to introduce open-end funds on the market by the end of the year.At a high-ranking symposium on open-end funds Friday, Li Yining, head of a lawmaking panel for investment funds under the National People's Congress (NPC), China's highest legislature, said that the mainstream of China's investment funds in the future will be shifted from closed to open-end funds. Open-end funds, which dominates the world's fund market, have not yet entered the Chinese market. Investment funds have become a major part of China's security market. China has issued over 50 billion yuan of closed-end funds since 1998. Open-end investment funds will allow more people to get involved in the market, as opposed to restrictive close-end funds, said Wang Lianzhou, director of the NPC Financial and Economic Committee. Experts at today's symposium pointed out that the knowledge of investment funds should be popularized among Chinese, the quality of the professional fund managers should be further improved, and relevant laws and regulations should be made to manage the fund market. |
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