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Investment Fund Law to Come out
China's investment fund law is to be discussed and voted by lawmakers late this year, or early 2002 in an effort to offer a legal framework to encourage the growth of China's fledging fund industries.
"The draft of the law is scheduled to be submitted to the National People's Congress (NPC) Standing Committee for a first review in August," said Wang Lianzhou, director of the law's drafting group under the NPC Standing Committee.
Drafts of the law have been revised four times since late 1999.
Wang said the latest draft will have three hearings before final approval by the NPC Standing Committee. Each step is expected to take two months, so the process would take six months altogether.
"If successful, the final debate on the draft of the investment fund law would be in December," Wang said.
Wang added that major issues remain unresolved,including whether the law should govern only the securities fund or also regulate the industrial fund, securities fund and venture capital funds.
"The growth of a mature financial market in overseas markets indicates that the law should include regulations of all types of funds," said Wang, who is also a key expert involved in drafting the Company Law and the Securities Law.
"We are now busy preparing for the NPC's first review," said Wang. More revisions are likely before this August.
Source: China Daily
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