At present, all funds in China are of trust nature and should be established in accordance with the trust law. Of course, you need to report to the relevant departments for approval, such as the provincial and municipal commercial departments. State-owned enterprises must be approved by the Department of Commerce and the State-owned Assets Supervision and Administration Commission. Apply for a business license from the industrial and commercial department. Report to the local securities regulatory agency for approval. The fund must also have a legal trustee, as well as board members and independent directors.