The China Securities Regulatory Commission (CSRC) is preparing a series of sweeping reforms that will result in the further opening up of the fund industry and allow local fund management companies to expand their businesses. China’s fund law – the Law of the People’s Republic of China on Securities Investment Fund, implemented in June 2004 – must be updated, Yao Gang, vice- chairman of the CSRC, has said.
Chinese fund firms welcome the regulatory changes and are already acting ahead of the implementation of the changes.
They identify the simplification of the approval process for new fund launches in China as particularly important, and are expanding their range of innovative products to meet the needs of investors.
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