A: 199 1 In June, Wuhan Securities Investment Fund was established, which is the earliest fund in China. The earliest established fund is also called the old fund. At the beginning of the development of the old fund, there was no unified law and regulations to restrict the approval and transaction of the fund, which caused many problems and effectively protected the interests of investors.

1997165438+10, the State Council promulgated the Interim Measures for the Administration of Securities Investment Funds, marking the beginning of the pilot work of investment funds. 1In March, 1998, cathay pacific fund Management Company and southern fund Management Company were established, and the fund industry in China really started. From 1998 to the end of 2004, China established 54 closed-end funds with a total scale of 80.79 billion yuan. The operation of closed-end funds is basically successful. The Interim Measures for the Administration of Securities Investment Funds defines that funds in China are contractual investment funds, and clearly defines the legal rights and responsibilities of fund holders (clients), fund management companies (trustees) and fund custodians (trustees). After the pilot of investment funds, the regulatory authorities put a lot of energy into establishing the basic framework of fund operation and supervision. A standardized information disclosure system has also been established. The internal control system of fund management companies has also been effectively established. Fund operation is becoming more and more systematic and investment ideas are diversified.

Before the end of 2000, all investment funds in China stock market were closed-end funds. On June 5438+ 10, 2000, China Securities Regulatory Commission issued the Measures for the Administration of Raising Places of Open-ended Securities Investment Funds, which marked the beginning of the open-ended fund pilot. In September, 20001,China's first open-end fund, Huaan Fund, was issued, which indicated that China's fund market had taken another step towards international practice. By the end of 2004, * * * had 46 fund management companies and issued 107 open-end funds with a total scale of 243.8 billion yuan.

At the end of 2004, SSE 50ETF, the first ETF fund in China, was listed on the Shanghai Stock Exchange, and the first LOF South Active Allocation Fund was officially listed on the Shenzhen Stock Exchange. Since 2005, commercial banks and insurance companies in China have also been allowed to set up fund management companies, which will have a great impact on further promoting the development of the fund industry in China.