"With the reform and opening up of the capital market, the basic environment of the asset management industry has been continuously improved, and the development of the industry has made commendable progress." Huang Liping, member of asset management association of china Party Committee and Deputy Secretary-General, said at the 22 First Financial and New Financial Summit.

On the financing side, science and technology innovation board and Growth Enterprise Market implemented the registration system, the new Securities Law came into effect, and the New Third Board set up a select layer. The capital market's inclusiveness and nurturing role for science and technology enterprises and small and medium-sized enterprises have been continuously enhanced, and the direct financing function has become more robust. On the investment side, the management measures of Public Offering of Fund were revised, the management measures of custody business and fund sales institutions were introduced, the guidelines of side-pocket mechanism and the pilot of infrastructure public offering REITs were launched, and strong supervision and promotion of development, strengthening compliance and releasing vitality were carried out in parallel; The regulation of private equity funds requires public consultation, the policy of reverse linkage of venture capital is optimized, the regulatory rules are clearer and the development environment is more friendly.

at the same time, the restrictions on foreign shares of fund management companies were cancelled ahead of schedule, Shenzhen-Hong Kong ETF products were launched, the latest management measures of QFIII and RQFII were introduced, and a wider and higher level of opening-up was taking shape.

By the end of October 22, the asset management business scale served by fund industry associations reached 56.68 trillion yuan, an increase of 4.45 trillion yuan or 8.5% compared with the end of last year; The total investment in the stock market is 8.6 trillion yuan, accounting for 11.9% of the total market value of the stock market; The scale of investment in the bond market is 16 trillion yuan, accounting for 14.3% of the total market value of the bond market, providing important capital support for the development of the real economy.

Public Offering of Fund residents hold more than 53%

Since this year, Public Offering of Fund has developed rapidly and optimized its structure, effectively serving the public's financial needs. By the end of October, the total scale of Public Offering of Fund was 18.31 trillion yuan, an increase of 24% over the end of last year. Equity funds have increased significantly, with equity funds and mixed funds accounting for about 23%, an increase of 7 percentage points over the end of last year. Pension funds continue to develop, with a total of more than 1 FOF funds with the theme of healthy pension, with a scale of 47 billion yuan; The scale of pension funds managed by fund companies was 3.6 trillion yuan, an increase of 26.9% compared with the end of last year, and the efficiency of asset allocation for serving the aged was further exerted. By the end of the third quarter, the proportion of residents in Public Offering of Fund was over 53%, an increase of 4 percentage points over the end of last year, and the characteristics of inclusive finance were deeply rooted in people's hearts.

at the same time, the private equity asset management business structure of securities and futures institutions continued to be optimized, and the effect of reducing leverage and reducing channels was obvious. By the end of October, the scale of private asset management business was 17.71 trillion yuan, down 9.2% from the end of last year and down 47% from the peak of 33 trillion yuan at the end of 216, mainly due to the decline in the scale of channel business in the banking system. Among them, the scale of active management was 1.9 trillion yuan, accounting for 62%, up 14 percentage points from the end of last year, and the professional ability was steadily improved.

the scale of asset securitization products filed with the association was 1.93 trillion yuan, up 17.2% from the end of last year, which played an important role in revitalizing existing assets and improving capital utilization efficiency.

in terms of private equity funds, the steady development of private equity funds has made important contributions to increasing direct financing and promoting the formation of innovative capital. By the end of October, there were about 24,5 private fund managers registered with the association, with a management scale of 15.8 trillion yuan, an increase of 1.7 trillion yuan over the end of last year; Among them, private equity investment funds grew the fastest, with a scale of about 3.68 trillion yuan, accounting for 23.2%, an increase of 43.8% over the end of last year; The scale of private equity venture capital funds is about 1.97 trillion yuan, accounting for about 69.3%, an increase of only 8.8% compared with the end of last year. However, private equity venture capital funds play a significant role in optimizing the capital market structure and stimulating economic vitality.

The data also shows that in the first three quarters of 22, the equity venture capital fund increased its investment by 95.5 billion yuan. By the end of the third quarter, equity venture capital funds had invested 41,9 unlisted enterprises, with a principal of 5.53 trillion yuan; The number of small and medium-sized enterprise projects in investment is 61,9, accounting for 65.9%, and the principal invested is 1.92 trillion yuan, accounting for 27.8%; The number of projects invested in high-tech enterprises is 34,5, accounting for 36.7%, and the principal invested is 1.54 trillion yuan, accounting for 22.3%.

however, judging from investors' demand for asset allocation, the primary and secondary markets are divided. From the perspective of industry fund-raising, in the first 11 months of this year, private equity funds, private equity products and newly issued Public Offering of Fund raised 6.3 trillion yuan, an increase of 2.48 trillion yuan over the same period of last year and a year-on-year increase of 7%. Among them, Public Offering of Fund raised 2.86 trillion yuan in the first 11 months, reaching the peak of annual fundraising in history, more than twice the same period last year. Private equity asset management products added .9 trillion yuan for filing from January to November, an increase of 21.2% over the same period of last year; Asset securitization products were newly filed for 1.33 trillion yuan, a year-on-year increase of 48.3%. Private equity investment funds added .93 trillion yuan for filing from January to November, an increase of 18.9% over the same period of last year; Among them, private equity investment funds newly filed 382.4 billion yuan, a year-on-year increase of over 18%; However, the fundraising situation in the primary market is not optimistic. From January to November, the new filing scale of private equity and venture capital funds was 551.24 billion yuan, down 15.2% over the same period.

push the industry to start a new journey of development

under the pattern of high-quality development and double cycle, it is urgent to transform and upgrade the industry and cultivate new kinetic energy for domestic economic growth. The new economic development path requires matching new capital support methods. Developing direct financing and promoting the formation of innovative capital are the most important, and the asset management industry plays an irreplaceable role in it.

"The development of asset management industry is rooted in the real economy and the wealth management needs of residents. China's real economy took the lead in getting rid of the adverse effects of the COVID-19 epidemic, the long-term positive trend of the economy continued to consolidate, and the momentum of industrial development and upgrading was strong. " Huang Liping said.

according to statistics, in the first half of 22, affected by the COVID-19 epidemic, the global foreign direct investment decreased by 49% year-on-year, and the foreign investment flowing into the United States and the European Union decreased by 61% and 29% respectively, but the foreign investment flowing into China only decreased by 4%, so China's economy is full of resilience and stamina. With the rapid economic development, the income level of residents has improved and the demand for wealth management is strong. China's per capita GDP has crossed the $1, mark, and there are more than 4 million middle-income groups. The strong demand for financial management has provided important support for the development of asset management industry.

However, Huang Liping also said that compared with the current new requirements and new development situation, there are still many problems and difficulties in China's asset management industry. It doesn't match the expected mode of increasing the proportion of direct financing, forming innovative capital and supporting self-reliance of science and technology. The characteristics of retail investors in China's capital market are still obvious, individual investors pursue short-term benefits, and various sources of funds with long-term capital properties such as pensions, insurance funds and family funds are insufficient; Compared with overseas mature markets, domestic asset management institutions need to further improve their professional investment ability, governance ability and management experience.

"The development of the industry is inseparable from a good policy environment and institutional system. As a modern industry self-regulatory organization, the fund industry association will actively integrate into the overall situation of national strategic development and multi-level capital market construction, continuously optimize self-regulatory management and services, and promote the industry to start a new journey of development. " Huang Liping said.

first, promote the improvement of industry governance in Public Offering of Fund and enhance the level of specialization. The Association will implement the Opinions of the State Council on Further Improving the Quality of Listed Companies, promote industry organizations to integrate environmental, social and corporate governance responsibilities, practice ESG investment, actively participate in the governance of listed companies, and promote the improvement of the quality of listed companies. Further cooperate with the promulgation of Public Offering of Fund's management measures and related supporting rules, actively study the development path and experience of overseas leading asset management institutions, and promote the optimized governance, diversified development and professionalism of China's fund companies. Promote the construction of a long-term incentive and restraint mechanism for fund companies, continuously optimize incentive methods such as professional stock ownership, and enhance the stability of the core talent team. Guide the long-term assessment mechanism, improve the independent director system, and strengthen the governance mechanism with the goal of maximizing the interests of holders. Focus on the pain points of new and old sales business in Public Offering of Fund, promote the dynamic monitoring and evaluation of fund sales behavior, and formulate supporting self-discipline rules in line with the supervision and management measures of fund sales institutions of CSRC.

the second is to improve the self-discipline management and services of private equity funds to further stimulate the vitality of the industry. Actively cooperate with the promulgation of the Regulations on the Management of Private Equity Funds, and revise the management measures for the registration and filing of private equity funds to improve the system and transparency. We will continue to improve the list of registration materials and the pilot project of "road separation system+spot check system", promote the transparency of classified management and audit standards, and improve service efficiency. Study and promote the performance compensation and sales behavior norms of private equity funds, study and improve the valuation methods of unlisted shares, improve the net management level of private equity funds, and create favorable conditions for attracting pension and insurance funds. Actively implement the decision-making arrangements of the the State Council Finance Committee and the Party Committee of the China Securities Regulatory Commission, promote the orderly clearing of industry risks, and maintain a good order of industry development.

the third is to promote the optimization of the ecological environment for the development of the industry and expand the development space of the industry. Increase the proportion of direct financing, broaden the sources of medium and long-term funds, and continue to promote the active allocation of asset management products for various medium and long-term funds, especially to support private equity, venture capital funds to invest early, small, long and science and technology to serve the country's innovation and development. Vigorously promote the construction of the three pillars of pensions, institutionalize residents' short-term financial management funds into long-term investable funds, and realize intertemporal allocation through asset management products including public and private funds, which not only improves the level of wealth accumulation, but also provides high-quality capital for current development. Long-term capital accumulation and long-term investment activities are inseparable from the support of tax policies. The Association will further promote the improvement of relevant tax guidance policies and promote the formation of long-term capital.