On July 7, "China Asset Management Business Supervision Research Report" (hereinafter referred to as the Report) was released online jointly by Tsinghua University PBC School of Finance and China Wealth Management 50 Forum.
The Report was led by Wu Xiaoling, Former Deputy Governor of the People’s Bank of China, and Chairwoman of Tsinghua University PBC School of Finance, and carried out by Tsinghua University PBC School of Finance and China Wealth Management 50 Forum jointly. The purpose of the Report is to study the causes of hidden financial risks in China's asset management industry before the promulgation of the new asset management regulations, find out the new problems encountered in the aspects of regulatory concept, regulatory division, regulatory rules, products pressure drop and wealth management, etc., and how to eliminate the gap between China and the relevant regulations of world's mature markets during the higher level of opening up. Through studies, the research group hopes to further clarify relevant concepts and integrate relevant regulations, help the asset management industry establish a code of conduct that gives priority to the interests of investors, and provide valuable policy suggestions for the standardized development and smooth transition of asset management business.
The research group combs through the history of asset management business in six domestic industries of banking, securities, insurance, trust, public funds and private equity funds. By comparing the development trend and the change of regulatory policies in U.S., U.K., Japan, Hong Kong(China) and other countries and regions, the research group finds out the main problems in China's asset management market, and put forward suggestions to improve the supervision system in China
The research group believes that the development history and trend of global asset management business can provide reference and guidance for China's asset management business to return to its origin and innovative development. In the asset management business, capital starts from investors and flow into various underlying objects through asset management institutions, thus forming capital factors. Asset management business not only meets the public needs for maintaining and increasing the value of wealth management, but also meets the financing needs of different levels of the real economy, maintaining the healthy economic development. In the context of globalization, it is the general trend to expand the opening of RMB capital, and the capital will ultimately flow to the places where institution innovates while for those places only taking advantage by policies, the risks will emerge. We should pay attention to the problems, deepen the reform of the asset management supervision system and build a modern asset management business system, to better open-up and attract foreign investment.
The research group suggests that deepening the reform of asset management business supervision system and building a modern asset management system could be the breakthrough point for deepening the structural reform on financial supply side.
The report was completed basing on nearly a year of study by experts from well-known universities, research institutions and financial institutions at home and abroad. The report consists of a main report and six sub-reports on banking, securities, insurance, trust, public funds and private equity funds as well as a special research report on strengthening the long-term investor team. The full text of the report is 250,000 words.
