China's fund industry really started in the 1990s. Under the premise that a series of macroeconomic policies have been introduced one after another, the fund industry in China has finally come to the fore.
1991August, Zhuhai International Trust and Investment Corporation initiated the establishment of Zhuxin Fund with a scale of 69.3 million yuan, which is the earliest domestic fund established in China. On June 5438+ 10 in the same year, Wuhan Securities Investment Fund and Nanshan Venture Capital Fund were established with the approval of Wuhan Branch of the People's Bank of China and Nanshan District People's Government of Shenzhen, with the scale of 100000 RMB and 80 million RMB respectively. However, the concept of investment fund was introduced into China conceptually and practically, which should be traced back to 1987. At that time, the People's Bank of China and China International Trust & Investment Corporation opened the China fund investment business for the first time, and cooperated with some foreign institutions to launch the national fund for overseas investors, which marked the beginning of the China investment fund business. 1In the first month of 989, the first China concept fund, namely the Sun Hung Kai China Fund launched by Hong Kong Sun Hung Kai Trust and Investment Fund Management Co., Ltd., was established. After that, a number of overseas funds were established one after another, which greatly promoted the start and development of China's investment fund industry.
China Sleeping Lion Awakening Fund (2)
2. Rapid development stage
From 65438 to 0992, the investment fund industry in China developed rapidly. In that year, 37 investment funds approved by the People's Bank of China at all levels were issued, with a scale of US$ 2.2 billion. In June of the same year, Zibo Township Enterprise Investment Fund, the first enterprise closed-end investment fund in China, was approved by the People's Bank of China. In the same year1October 8th 10, the first officially approved fund management company in China-Shenzhen Investment Fund Management Company was established. By 1993, there are about 70 large and small funds with a face value of 4 billion yuan. The established fund has entered the secondary market and started to circulate. This period is the initial stage of the development of China Fund. 1In June, 1993, nine China financial institutions and the Boston Pacific Science and Technology Investment Fund of the United States established the Shanghai Pacific Science and Technology Investment Fund in Shanghai, which was the first Sino-foreign joint venture China Fund established in China with a scale of 20 million US dollars. 5438+ 10, Jianye, Jinlong and Baoding were approved to establish three education funds. 1In August, 1993, Zibo Fund was listed on the Shanghai Stock Exchange, which marked that China's funds entered the stage of public listing and trading. In the early 1990s, China's investment funds made remarkable achievements in both quantity and capital scale. From the introduction of the policy to the emergence of Sino-foreign joint venture funds, and then to the listing and trading of funds, the investment funds in China have taken a rapid development road and made great progress.
China Sleeping Lion Awakening Fund (3)
3, adjustment and standardization stage
Due to the rapid development of China's funds from the beginning, its establishment and operation are arbitrary, and there is a disconnect between development and management. Adjusting and standardizing China funds has become a top priority for financial management departments.
1993 may19, the head office of the people's bank of China issued an urgent notice, requiring all provincial branches to immediately stop the irregular issuance of investment funds and trust beneficiary bonds. After the notice was issued, the people's banks at all levels conscientiously implemented it, refused to approve any funds, and put their experience on the standardization of established funds and the issuance of approved funds.
At the same time, the fund trading market has also made great progress: on March 7, 1994, Shenyang Stock Exchange Center and Shanghai Stock Exchange were put into trial operation; On March 14, Southern Stock Exchange Center was connected to Shanghai and Shenzhen Stock Exchanges at the same time. 1996165438+1On October 29th, Jianye, Jinlong and Baoding Funds were listed on the Shanghai Stock Exchange. Some securities trading centers in China are connected to the Shenzhen-Shanghai Stock Exchange, which enables some local funds to enter the national market through the Shenzhen-Shanghai Stock Exchange network. It is not difficult to see that the national trading market has begun to take shape. With its market performance, more and more investors are familiar with it, which has opened up the development path of China's investment fund industry.
China Sleeping Lion Awakening Fund (4)
Before the emergence of new funds, 75 funds and 47 fund certificates were established all over the country, raising a total scale of 7.3 billion. Among them, 25 varieties are listed and traded in two stock exchanges, accounting for 3% of the varieties listed in the two exchanges. The market value of the fund reached 654.38+000 billion yuan. Of the 25 funds, 7 have a scale of over 200 million yuan, and 7 have a scale of 1-200 million yuan, 1 1 insufficient scale1. In addition, there are 38 funds listed in stock exchange centers all over the country, including 9 in Tianjin, 7 in South 10, Wuhan 12 and Dalian.
1994 at the end of July, the CSRC and the relevant departments of the State Council put forward a plan to develop China's joint investment funds, cultivate institutional investors and set up a pilot joint venture fund management company, so as to gradually attract foreign funds to invest in the domestic A-share market. The fund industry contacted and negotiated with the overseas securities fund industry, and designed and declared a number of Sino-foreign joint venture funds. By the end of 1996, there were hundreds of domestic funds applying for approval, but the development of funds basically stopped due to the lag of laws.
On March 23rd, 1998, two securities investment funds, Kaiyuan and Jintai, went public, which made the development of closed-end securities investment funds enter a new course. From 65438 to 0998, China * * * established the first batch of five closed-end funds: Kaiyuan Fund, Jintai Fund, Xinghua Fund, anxin fund Fund and Yuyang Fund.
China Sleeping Lion Awakening Fund (V)
4. Stable development stage
By 200 1, there are 14 fund management companies and 34 closed-end securities investment funds in China. In September, 20001year, with the approval of the management, Huaan Fund Management Company established the first domestic open securities investment fund-Huaan Innovation, and the development of China fund industry entered a new stage. In 2002, the open-end fund developed supernormally in China, and its scale expanded rapidly. By the end of 2002, the number of open-end funds soared to 17. The promulgation and implementation of "Securities Investment Fund Law" passed by the National People's Congress Standing Committee (NPCSC) on June 28th, 2003 is another important milestone in the development history of China's fund industry and capital market, which indicates that China's fund industry has entered a brand-new development stage.