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More banks allowed to run fund management firms
By Hu Xiaocen |
December 26, 2012, Wednesday
|
Online Edition
Online Edition
CHINESE regulators plan to allow more commercial banks to establish fund management companies in a bid to channel more funds into the capital market, an official newspaper said today.
The People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission are expanding a 7-year-old pilot program to let banks run fund management firms, today's China Securities Journal reported.
China's big five lenders – the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications – all have their own fund management companies. Smaller lenders like China Merchants Bank, China Minsheng Bank and Shanghai Pudong Development Bank are among the second group to join the pilot program.
The expansion will channel more bank savings into the capital market for long-term investment. It will also increase the number of institutional investors, stimulate the growth of the fund management industry, and promote mixed operation in the financial sector, the newspaper said.
The People's Bank of China, the China Banking Regulatory Commission, and the China Securities Regulatory Commission are expanding a 7-year-old pilot program to let banks run fund management firms, today's China Securities Journal reported.
China's big five lenders – the Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Bank of China, and Bank of Communications – all have their own fund management companies. Smaller lenders like China Merchants Bank, China Minsheng Bank and Shanghai Pudong Development Bank are among the second group to join the pilot program.
The expansion will channel more bank savings into the capital market for long-term investment. It will also increase the number of institutional investors, stimulate the growth of the fund management industry, and promote mixed operation in the financial sector, the newspaper said.
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