International experience shows that funds can greatly promote the transformation of savings funds into investment, stabilize and activate the securities market, increase the proportion of direct financing, improve the social security system and improve the financial structure. The development of China Securities Investment Fund also shows that the development of the fund has promoted the healthy and stable development of the securities market and the perfection of the financial system, and played an increasingly important role in the national economic and social development.
There are many kinds of securities investment funds, which can be classified in different ways. According to whether the beneficiary unit can subscribe or redeem at any time and the different transfer methods, it can be divided into open-end funds and closed-end funds; According to the different organizational forms of investment funds, they can be divided into corporate funds and contractual funds; According to the different investment objects, investment funds can be divided into money funds, bond funds and stock funds.
China Securities Investment Fund started in March, 1998. In a short time, it has successfully achieved several historic leaps from closed-end funds to open-end funds, from capital markets to money markets, from domestic fund management companies to joint venture fund management companies, and from domestic investment to overseas financial management. They have gone through decades and hundreds of years in developed countries and made remarkable achievements. At present, securities investment funds have reached a considerable scale and become the most important institutional investment force and one of the most important investment tools for investors in China securities market.
By the end of 1999, the assets of China fund industry were only 57.7 billion yuan, and by the end of 2006, the assets of funds had reached 622 billion shares and 856.4 billion yuan. As of June 65438+February 3, 2006, including 53 closed-end funds, there are 32/kloc-0 funds owned by 53 fund management companies in China for investors to choose from. Open-end funds have developed rapidly since they were launched in 200 1. By the end of 2006, the proportion of open-end funds in the net assets of all funds has exceeded 80%. From the perspective of fund types, China has launched stock funds, bond funds and money market funds, and has also rapidly developed ETF, LOF and other varieties, and has also taken great steps in trying QFII and QDII.
With the rapid development of China's fund industry, the status and influence of securities investment funds in China's capital market are constantly improving, and its positive role in the development of China's capital market is gradually emerging.