The Securities Investment Fund Law was implemented in China on June 1 2004. This regulation regulates the establishment, operation and supervision of securities investment funds, and also provides some protection for investors. According to this regulation, securities investment funds include stock funds, bond funds, hybrid funds and other products. The establishment and operation of these funds need to comply with the provisions of the Securities Investment Fund Law, and accept the supervision of China Securities Regulatory Authority. In the process of implementation, the law has also been revised and improved many times to meet the needs of the development of the securities market.