Closed-end funds in Britain generally raise funds from the public in the form of investment trust company shares, while open-end funds generally exist in the form of unit trust funds. 1868, the world's first investment trust "Trust for Foreign and Colonial Governments" was born in Britain. When the fund was established, it raised 6,543,800 pounds, and its operation mode was similar to that of modern closed-end contract funds.
* * * American funds are divided into closed-end funds and open-end funds. The origin of closed-end funds is earlier than that of open-end funds, but open-end funds quickly surpass closed-end funds because of their convenience to investors. At present, there are only about 500 closed-end mutual funds, mostly bond funds and state funds, while the number of open-end funds is as high as more than 5,000, with various types.
Investment funds appeared in Hongkong as early as 1960, and investment funds in Taiwan Province Province were born in 1983.
So far, the development of China's fund industry has roughly experienced the following stages:
As early as 1987, China Bank, China International Trust and Investment Company and other financial institutions familiar with overseas business began to set foot in overseas (Hongkong and other places) fund business.
Since 1992, domestic funds have appeared in Shenyang, Dalian, Hainan, Wuhan, Beijing and Shenzhen. 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 in various places. This period is the initial stage of the development of China Fund. 1In August, 1993, Zibo Fund was listed on the Shanghai Stock Exchange, which further marked the entry of China's funds into the stage of public listing and trading.
1In August, 1993, Zibo Fund was listed on the Shanghai Stock Exchange, which further marked the entry of China's funds into the stage of public listing and trading. On March 23rd, 1998, open source and Jintai securities investment funds went public, and the development of closed-end securities investment funds entered a new course. 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.
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 stage of development, and will certainly have an important role and far-reaching impact on the healthy development of China's fund industry, capital market and financial industry.
As of June 2007, there are more than 50 fund management companies, about 300 open-end funds and 56 closed-end funds in China.
China's support for funds is mainly reflected in taxes and fees. Judging from the domestic fund tax situation, China's current tax policy only levies income tax and business tax on fund management companies, not on funds and fund investors, and there is no problem of double taxation. In terms of stamp duty, investors are exempt from stamp duty when trading funds. From the perspective of future development, the development direction of fund tax policy is to make the actual tax burden of fund investors buying and selling securities through fund management companies not higher than that of investors directly investing in securities.