The development of China's securities investment fund industry is as follows:

(1) Early stage of germination and development (1985— 1997)

(2) Pilot development stage (1998-2002)

(3) The rapid development stage of the industry (2003-2007)

(4) Steady development and innovation exploration stage of the industry (2008-20 14)

(5) Preventing risks and standardizing the development stage (20 15 till now)