China's securities investment fund business came into being in the late 1980s. From 65438 to 0987, Bank of China and China International Trust and Investment Company set foot in the investment fund business. 199 1 Wuhan securities company established "Wuhan securities investment fund", and then "Zibo township enterprise investment fund" was established; After that, there was an investment fund boom in China. Many different types of funds were established in 27 provinces, autonomous regions, municipalities directly under the Central Government and cities with separate plans, such as Shenyang, Dalian, Shanghai and Guangdong. 1992 10 the first professional fund management company in China-Shenzhen Investment Fund Management Company was established. By the beginning of 1995, there were 15 funds listed and traded in Shenzhen Stock Exchange and 15 funds listed and traded in Shanghai Stock Exchange, and some funds were traded in stock exchange centers all over the country. By the end of 1997, 75 funds were approved and 73 funds were actually issued, raising about 5 billion yuan. Funds established during this period are generally called "old funds". These "old funds" are mainly closed-end funds, contract funds, all-round investment targets and small funds.
19971October 7, the State Council adopted the Interim Measures for the Management of Securities Investment Funds in principle, which comprehensively stipulated the establishment, management, operation and trading of funds in accordance with international practices, and became an important legal norm for fund management in China, marking the development of securities investment funds in China has entered a new period. From April 65438 to April 0998, China Securities Regulatory Commission approved 10 Securities Investment Fund. Funds established in accordance with the Interim Measures for the Administration of Securities Investment Funds are generally called "innovation funds", and 10 "innovation funds" are all contractual funds with an issuance scale of 2 billion. With the further development of China's securities market, the number of new securities investment funds will continue to increase, and the fund scale will gradually expand. As an important institutional investor in China's securities market, securities investment funds will play an increasingly important role in promoting the sustained, stable and healthy development of the securities market.
A summary of the development of investment funds in China
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