Wang Jianping: Encourage British capital institutions to participate in the Chinese market in the form of private equity securities funds

On September 9, the "Memorial 50th Anniversary of the Chinese Public School of Study Abroad" forum was held in Beijing. Ding Zhongli, deputy chairman of the Standing Committee of the National People's Congress and chairman of the European and American classmates, attended and delivered a speech.

In the round table dialogue of the parallel forum with the theme of "New Follow-ups of China Financial Open-Cooperation with Sino-British" hosted by the Financial Committee of the European and American Alumni Association, Wang Jianping, director of the Securities Regulatory Commission Market, said in his speech that in recent years, China Private Equity Securities has come to China in recent years. The fund has developed rapidly, and two suggestions are made on Sino -British cooperation: first, from the perspective of asset allocation, British asset management institutions can participate in the Chinese market through investment private equity fund products; second, from overseas investment institutions in the domestic exhibition industry From an angle, the British -funded institutions are welcome to participate in the Chinese market in the form of a wholly foreign -owned private equity securities fund manager (WFOE PFM).

Wang Jianping pointed out that there are currently 9,000 management institutions, 80,000 products, nearly 6 trillion yuan asset management scale, and the growth rate is very fast. Generally, it is mainly based on stock strategies, but gradually diversified and quantitative strategies have grown rapidly. Last year, quantitative products reached 1 trillion yuan.

"At present, 9,000 management agencies indicate that the industry's decentralization is still relatively high, but in the process of rapid development, a number of head institutions have emerged. There are about 110 institutions with a management scale of more than 10 billion, with a management scale of 3.5 trillion yuan. , Account for 58%of the entire industry. "

According to Wang Jianping, compared with other investment products such as public funds, the advantage of private equity funds is that the investment restrictions are relatively small and have a large degree of freedom. The asset distribution of private equity funds has basically covered stock spot, commodity spot and derivatives inside and outside the market. Private equity transactions account for 17%-18%of the stock market transaction and 15%of the futures market. At the same time, private equity funds are more symmetrical and more advantageous than public fund -raising funds in motivation and constraints. The overall style is to pursue absolute benefits.

Wang Jianping made the following two suggestions on the cooperation of the Sino -British side in the field of private equity securities funds.

First, British asset management agencies can participate in the Chinese market through investment in private equity fund products.

From the perspective of configuration, China and other markets have lower correlations. For example, Naia's statistics show that CSI's relevance is about 0.6 with the US stock market and the global stock market, which is low.

From the perspective of market development, the validity of the Chinese market is still gradually improving, which can provide managers with opportunities to create α income. Compared with the excess income created by the CSI 500 Index, the average annualized of more than 10%of the CSI 500 Index is also better, and the changes in the industry asset management in the industry as a whole are also relatively small.

The British asset management industry is developed and there are many excellent institutions. I hope that British investment institutions will participate in the A -share market in the past to participate in the A -share market in the past. Participate in the Chinese market. We are also continuously improving regulatory rules and facilitating foreign investors to invest in China's private equity funds.

Second, from the perspective of overseas investment institutions in the domestic exhibition industry, British -funded institutions are welcome to participate in the Chinese market in the form of WFoe PFM managers (WFOE PFM).

At present, overseas asset management agencies are allowed to exhibit in the domestic industry by setting up solely or joint ventures. There are 38 foreign background institutions, with a scale of about 34.2 billion. From the perspective of development, the introduction of this policy is not very long, and overseas institutions still need time to adapt to the market and form their competitive advantage. "We welcomes more British -funded institutions to participate in the Chinese market and exhibit the industry to set up a wholly foreign -owned private equity manager.

Regarding the question of how to maintain the attractiveness of the Chinese market, Wang Jianping replied that thanks to the Hong Kong market is a very attractive offshore market in China. In the early stage, foreign investment in the Chinese exhibition industry and participating in China's economic development mainly carried out in Hong Kong; In the later period, we welcomed overseas institutions to exhibit in mainland China. From offshore to shore, the openness is very strong, and basically all businesses have been released. Although there may be some gaps in reality, such as foreign securities companies' business in mainland China has just started. But in the next stage, the size of China's local on -shore market is expanding and the market structure is deepening. In addition, in addition to open policies, the specific regulatory policies are gradually optimizing. At the same time, with the development of institutionalization and derivatives, foreign investment in mainland China will have a better environment.

In the end, Wang Jianping pointed out: "Foreign institutions also have the problem of how to meet the needs of Chinese markets and the needs of Chinese customers. Therefore, it is necessary to continuously optimize domestic rules and deepen and improve the domestic market. At the same time, foreign capital institutions need to have their own clear strategies and advantages. The business of the shore market will get better and better. "

The theme of "Commemorating the 50th Anniversary of the Chinese Public School of Study in the UK" is based on the theme of "opening a new era of Chinese and British education, science and technology cooperation in the new era", and aims to build a sustainable exchanges and cooperation platform in the fields of education, technology, finance and other fields in the new situation. , Enhance the friendship between China and Britain. More than 200 guests including Chinese and British governments, well -known educational people, scientists, entrepreneurs, and financial people attended the opening ceremony.

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