The launch of the first mainland mutual fund house owned by individuals has raised hopes that the sector can stem the flow of star managers moving to private fund firms. But some are doubtful.
The $233 billion state retirement fund plans to add new types of fixed income assets and amend the rules governing its investment approach and overseas allocations.
The People's Bank of China has taken another step towards liberalising its capital markets, in a move it says will help meet demand for mainland fixed income assets.
Financing providers have been registering as private fund managers in China purely to raise capital. New rules aim to put a stop to this, and further measures are said to be on the way.
Beijing has further liberalised the QFII scheme in respect of the quota approval process and capital repatriation rules – moves seen as targeting A-share inclusion in the MSCI global benchmark.
The firm is the first since 2007 to win a licence to run enterprise annuity money in China, but must now build a team, as asset managers eagerly await mainland public pension fund reforms.
Chinese banks may dominate domestic retail fund distribution, but local independents such as Jupai and Noah are making inroads with wealthier clients, and expanding internationally.
The Beijing Administration of Industry and Commerce has reportedly suspended registrations of private investment firms as part of a wider tightening of regulations.
More mainland funds have received the go-ahead for sale in Hong Kong under the mutual recognition scheme. They are tipped to provide stiff competition for RQFII products.
Authorities set out risk-control requirements and guidance for parent fund firms for their SA subsidiaries, a fast-growing segment that forms part of China's shadow banking industry.
The foreign exchange regulator has relaxed quota rules on qualified foreign institutional investors in a harmonisation drive tipped to push overseas firms to raise onshore allocations.
Eastmoney, the owner of China’s biggest online fund sales platform, is awaiting regulatory approval to set up a mutual fund house, which would make it the first such company to do so.