Economic news

China sets wide-ranging rules for $2.9 trln private investment funds

2023.07.09 07:08


© Reuters. FILE PHOTO: Coins and banknotes of China’s yuan are seen in this illustration picture taken February 24, 2022. REUTERS/Florence Lo/Illustration/File Photo

BEIJING (Reuters) – China published regulations on Sunday for the country’s $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation.

The new rules, signed by Premier Li Qiang and effective on Sept. 1, create a chapter specifically for venture capital funds, as policymakers encourage investment into innovative technology start-ups, said a statement from China’s securities regulator and the justice ministry.

The statement addressed media questions on the new rules.

The wide-ranging rules apply to private investment funds with different organisational forms such as contract, company and partnership. Private investment funds in China can invest in private equity or publicly traded securities.

Core rules cover the obligations of fund managers and custodians, fund raising, identifying risk levels, supervision of venture capital funds, and overall supervision and management.

The regulations have 62 items in seven chapters, the State Council said in a statement, according to state-run Xinhua news agency.

As of May, 22,000 private investment managers had registered with the Asset Management Association of China, managing around 21 trillion yuan in 153,000 funds, the statement said.

($1 = 7.2205 renminbi)

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 82,113.00 2.30%
ethereum
Ethereum (ETH) $ 1,912.68 1.44%
tether
Tether (USDT) $ 0.999974 0.02%
xrp
XRP (XRP) $ 2.26 3.38%
bnb
BNB (BNB) $ 628.76 0.31%
solana
Solana (SOL) $ 124.65 3.47%
usd-coin
USDC (USDC) $ 1.00 0.01%
cardano
Cardano (ADA) $ 0.693408 3.61%
dogecoin
Dogecoin (DOGE) $ 0.166448 4.60%
tron
TRON (TRX) $ 0.235824 7.29%
staked-ether
Lido Staked Ether (STETH) $ 1,911.06 1.37%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 81,949.96 2.25%
leo-token
LEO Token (LEO) $ 9.74 0.56%
the-open-network
Toncoin (TON) $ 3.58 3.10%
chainlink
Chainlink (LINK) $ 13.63 3.63%
usds
USDS (USDS) $ 1.00 0.00%
stellar
Stellar (XLM) $ 0.269541 1.48%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,287.86 1.54%
hedera-hashgraph
Hedera (HBAR) $ 0.185315 3.13%
pi-network
Pi Network (PI) $ 1.13 15.47%
avalanche-2
Avalanche (AVAX) $ 18.55 1.55%
shiba-inu
Shiba Inu (SHIB) $ 0.000012 4.61%
sui
Sui (SUI) $ 2.27 3.99%
mantra-dao
MANTRA (OM) $ 6.93 0.70%
polkadot
Polkadot (DOT) $ 4.42 0.06%
litecoin
Litecoin (LTC) $ 88.49 4.82%
bitcoin-cash
Bitcoin Cash (BCH) $ 334.37 1.16%
bitget-token
Bitget Token (BGB) $ 4.62 3.96%
ethena-usde
Ethena USDe (USDE) $ 0.999619 0.06%
weth
WETH (WETH) $ 1,912.26 1.42%
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00 0.10%
hyperliquid
Hyperliquid (HYPE) $ 13.88 3.08%
whitebit
WhiteBIT Coin (WBT) $ 28.13 1.32%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,030.94 1.41%
monero
Monero (XMR) $ 207.27 1.93%
uniswap
Uniswap (UNI) $ 6.30 0.62%
susds
sUSDS (SUSDS) $ 1.04 0.10%
dai
Dai (DAI) $ 0.999847 0.01%
aptos
Aptos (APT) $ 5.29 1.65%
okb
OKB (OKB) $ 50.70 0.98%
near
NEAR Protocol (NEAR) $ 2.53 4.72%
pepe
Pepe (PEPE) $ 0.000007 6.99%
internet-computer
Internet Computer (ICP) $ 5.75 4.14%
mantle
Mantle (MNT) $ 0.806831 1.44%
gatechain-token
Gate (GT) $ 21.80 0.86%
ethereum-classic
Ethereum Classic (ETC) $ 17.45 2.98%
tokenize-xchange
Tokenize Xchange (TKX) $ 32.95 1.98%
ondo-finance
Ondo (ONDO) $ 0.822338 5.31%
aave
Aave (AAVE) $ 169.03 3.65%
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 82,095.00 2.40%