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Fund management companies to intensify competition

www.chinanews.cn 2005-02-23 14:55:09

On February 21st, an investor was choosing investment and financing
products in front of an advertisement of the Dacheng selected value-added
hybrid securities-invested fund. The People's Bank of China, the China
Banking Regulatory Commission and the China Securities Regulatory
Commission jointly issued and began to implement the Regulations on the
Launch of Fund Management Companies by Commercial Banks (trial version).
Commercial banks can directly set up fund companies. Relevant officials
from the above three departments said that the trial project involving
commercial banks establishing fund management companies had entered the
practical operational phase and concrete evaluation and approval was
underway. It is especially noteworthy that following the promotion of the
above mentioned policy, China's commercial banks are rushing into the
fund management market. Fund management companies, with commercial banks
as their big shareholders, will make their debuts, which will further
intensify competition of the industry.

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8610-68327649

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