Judging from the useful explorations carried out by various countries, the following measures need to be given priority: Sound and perfect the legal framework for supervision to protect the interests of fund holders.

In the regulatory legal framework, it is necessary to further highlight the protection of fund holders’ right to know, such as further improving and improving the fund information disclosure mechanism and independent director system, and strengthening the responsibilities of fund asset custodians.

Moderate deregulation, give full play to market forces, especially the power of competition, and let "the market regulate the market."

International experience shows that with the relaxation of government regulations and the expansion of market scale, market regulatory forces can spontaneously form and the fund ecology can evolve in the optimal direction.

Taking China as an example, in the past few years, a large number of fund rating agencies have emerged and have begun to conduct market-based evaluations of funds. The fund industry has felt unprecedented pressure on performance evaluation; industry self-regulatory organizations, out of the need to safeguard the overall and long-term interests of the industry,

Beginning to independently play the role of regulating industry behavior; large institutional investors such as social security funds and corporate annuities openly "draft" funds, custodian banks report illegal fund sales to regulatory authorities, and the media exposes shady stories, etc., which further improves the standardized operation of the fund industry.

to a higher level.

In this way, a three-dimensional regulatory system composed of self-regulatory organizations, rating agencies, custodian banks, institutional investors, media and other entities in addition to administrative regulatory agencies is gradually forming and improving.

Reform the transaction cost bearing model to solve the problem of excessive transaction costs.

For example, in the reform of fund sales fees, it is necessary to break down the content of broker services and list the types and charges of each service so that customers have a clear understanding of each fee.

Through the reforms, fund managers will have to bear the costs themselves or obtain explicit permission from clients to transfer costs to clients.

This gives customers the freedom to choose what services are provided and who provides them.

If the reform can proceed smoothly, the transaction efficiency and capital allocation efficiency of the foreign exchange fund market will be greatly improved.

Give full play to the role of the Internet in information disclosure.

The Internet is a convenient, efficient and economical way to deliver information, educate investors, help investors make investment decisions and achieve long-term financial goals.

According to a survey by ICI in the United States, 79% of adults in the United States used the Internet in 2005. The proportion of fund holders using the Internet was higher, reaching 88%, due to their higher education background and income.

In 2000, this proportion was only 68%.

Among mutual fund holders who use the Internet, two-thirds go online at least once a day. The main purpose is to obtain financial information and make investment decisions based on it.

It can be believed that as the Internet usage in various countries increases in the mutual fund industry, the information disclosure of mutual funds will be more effective.

Seize the huge opportunities brought by pension system reform.

The current increasingly obvious and serious trend of global population aging makes many fixed-income pension plans unsustainable. An important solution is to shift from fixed-income to fixed-contribution, and shift more responsibility for accumulating pension funds.

directed to the individual.

This is the new driving force for the development of the fund industry, because the fund is an ideal long-term investment tool that helps individuals accumulate a small amount of money and accumulate a short amount of money to grow.

In the United States, these changes have already occurred.

By the end of 2004, the total amount of defined contribution pension plans in the United States reached 3.2 trillion U.S. dollars, half of which was invested in mutual funds; another 3.5 trillion U.S. dollars existed in the form of individual retirement accounts (IRA), of which

43% is invested in mutual funds.

At the same time, this trend has also emerged in other countries and regions.

For example, France is vigorously promoting defined contribution plans, and new EU member states are also moving in this direction.

The Asia-Pacific region has also made great progress in recent years, such as Japan's 401(k) plan, Hong Kong's Mandatory Provident Fund plan and Australia's super annuity protection system. Taiwan, China launched a new pension reform in the summer of 2005.

Plan, India is also working out the details of the pension reform plan.