Reg­u­lat­ing Pri­vate In­vest­ment Funds

ChinAfrica - - Business Numbers -

chi­nese au­thor­i­ties are so­lic­it­ing pub­lic opin­ion on a pro­vi­sional reg­u­la­tion that aims to fur­ther reg­u­late ac­tiv­i­ties in­volv­ing pri­vate in­vest­ment funds. the reg­u­la­tion fo­cuses on risk pre­ven­tion and pro­tec­tion of in­vestor rights dur­ing fund rais­ing and in­vest­ment op­er­a­tions, the Le­gal Af­fairs Of­fice of the State coun­cil, china’s cab­i­net, said in Au­gust in a note re­gard­ing the so­lic­it­ing of opin­ions. it is nec­es­sary to is­sue such a reg­u­la­tion given the ir­reg­u­lar­i­ties aris­ing in the fast-de­vel­op­ing in­dus­try in re­cent years, ac­cord­ing to the of­fice. The reg­u­la­tion states that fund man­agers and cus­to­di­ans should join the in­dus­try as­so­ci­a­tion to sub­mit in­for­ma­tion on fund op­er­a­tions and that the as­so­ci­a­tion should es­tab­lish a mech­a­nism to han­dle in­vestors’ com­plaints. the pub­lic can pro­vide feed­back on the pro­vi­sional reg­u­la­tion by vis­it­ing the of­fice’s web­site be­fore septem­ber 30, 2017. in­no­va­tion, ac­cord­ing to a re­port of the Min­istry of in­dus­try and in­for­ma­tion tech­nol­ogy. to­tal rev­enues of ma­jor it and in­ter­net com­pa­nies reached about $2.6 tril­lion, 1.55 times that of 2012, the lat­est of­fi­cial data showed. this rep­re­sents 11.6 per­cent an­nual growth from 2012 to 2016, with the elec­tron­ics man­u­fac­tur­ing and soft­ware sec­tors lead­ing growth by ex­pand­ing 9.5 per­cent and 18.1 per­cent re­spec­tively. the in­dus­try’s rapid de­vel­op­ment was boosted by in­ter­net-based in­no­va­tions in­clud­ing vir­tual re­al­ity, smart tele­vi­sion and drones. By the end of 2020, the con­sump­tion of on­line in­for­ma­tion prod­ucts and ser­vices is ex­pected to grow at least 11 per­cent per year to reach $90.9 mil­lion.

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