China's top securities regulator pledged on Monday to crack down on mismanaged private funds and weed out fake ones, as the government becomes more assertive in dealing with an industry worth 60 trillion yuan ($9.28 trillion)
FILE PHOTO: The Chinese national flag is seen in Beijing, China
China has been seeking to channel more household savings into the capital markets to fund innovation and aid its economic recovery, while reducing the economy's reliance on bank lending. "China is actively promoting high-quality growth of its capital markets, and healthy development of the 60 trillion yuan fund industry is a crucial part of it," Yi told a meeting held by the Asset Management Association of China.
By July-end, the country's mutual fund industry stood at 23.5 trillion yuan, 1.6 times the size at 2016-end, Yi said.
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