(China Alert) Market access: New marching orders
- asset management industry
-State Council released a document on opening financial markets to global competition.
-We expect access to China’s mutual fund market to begin this year with a pilot scheme.
Update: China now has its marching orders to open the asset management industry further to foreign control. The State Council yesterday released a much-anticipated document giving its blessing to the greater opening across banking, brokerage, mutual fund and insurance sectors. To anyone watching the developments throughout 2016, it was obvious this was already underway but now we have confirmation from on high. A mutual fund company license, the ultimate goal of many global managers, has now been brought sharply into focus. Z-Ben Advisors believes that this does not change short-term market entry strategies already in the pipeline, but rather reflects China’s commitment to evening up the playing field for all global firms in the long term. Most importantly, this helps managers to set their expectations for future market opening and build this understanding into business strategies.
This will start with a new pilot scheme likely beginning this year which will …
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