China's fund industry really started in the 1990s. Under the premise that a series of macroeconomic policies have been introduced one after another, the fund industry in China has finally come to the fore. 1991August, Zhuhai International Trust and Investment Corporation initiated the establishment of Zhuxin Fund with a scale of 69.3 million yuan, which is the earliest domestic fund established in China. On June 5438+ 10 in the same year, Wuhan Securities Investment Fund and Nanshan Venture Capital Fund were established with the approval of Wuhan Branch of the People's Bank of China and Nanshan District People's Government of Shenzhen, with the scale of 100000 RMB and 80 million RMB respectively. However, when the concept of investment fund was introduced into China conceptually and practically, it was traced back to 1987. At that time, the People's Bank of China and China International Trust & Investment Corporation opened the China fund investment business for the first time, and cooperated with some foreign institutions to launch the national fund for overseas investors, which marked the beginning of the China investment fund business. 1In the first month of 989, the first China concept fund, namely the Sun Hung Kai China Fund launched by Hong Kong Sun Hung Kai Trust and Investment Fund Management Co., Ltd., was established. After that, a number of overseas funds were established one after another, which greatly promoted the start and development of China's investment fund industry.

2. Rapid development stage

From 65438 to 0992, the investment fund industry in China developed rapidly. In that year, 37 investment funds approved by the People's Bank of China at all levels were issued, with a scale of US$ 2.2 billion. In June of the same year, Zibo Township Enterprise Investment Fund, the first enterprise closed-end investment fund in China, was approved by the People's Bank of China. 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 with a face value of 4 billion yuan. The established fund has entered the secondary market and started to circulate. This period is the initial stage of the development of China Fund. 1In June, 1993, nine China financial institutions and the Boston Pacific Science and Technology Investment Fund of the United States established the Shanghai Pacific Science and Technology Investment Fund in Shanghai, which was the first Sino-foreign joint venture China Fund established in China with a scale of 20 million US dollars. 5438+ 10, Jianye, Jinlong and Baoding were approved to establish three education funds.

3. Adjustment and standardization stage

Due to the rapid development of China's funds from the beginning, its establishment and operation are arbitrary, and there is a disconnect between development and management. Adjusting and standardizing China funds has become a top priority for financial management departments. 1993 may19, the head office of the people's bank of China issued an urgent notice, requiring all provincial branches to immediately stop the irregular issuance of investment funds and trust beneficiary bonds. After the notice is issued, the people's banks at all levels will conscientiously implement it, not approve any funds, and focus on the standardization of established funds and the issuance of approved funds. 4. At the steady development stage of 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. In 2002, the open-end fund developed supernormally in China, and its scale expanded rapidly. By the end of 2002, the number of open-end funds soared to 17. 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 development stage.