How to see the development trend of funds?

World Fund Development Trends and Overview:

Security investment funds, as a socialized financial management tool, originated from the British investment trusts. The Industrial Revolution greatly promoted the development of productivity in Britain, national income increased dramatically, and social wealth grew rapidly. Due to the abundance of domestic funds, those countries that require a large amount of industrial capital in the United Kingdom to issue a variety of securities. In addition, in order to seek the maximum value-added capital, people want to be able to invest overseas, but suffering from the small amount of funds, lack of international investment experience, so the idea of pooling the funds of Chinese investors, entrusted to specialists to operate and manage. The idea of pooling Chinese investors' funds and entrusting them with specialized management and administration was born.

In 1886, the United Kingdom established the "Overseas and Colonial Government Trust Fund", which is regarded by financial historians as the prototype of investment funds. By 1890, more than 100 British investment trust funds were in operation, with public debt as the main investment object, mainly closed-end funds in type.

After the 20th century, the development of the world's fund industry stage to the U.S. On March 31, 1924, the Massachusetts Investment Trust Fund was established in Boston, U.S., and became the world's first company-type open-end funds. 1940s, many developed countries, the government recognizes the importance of the securities investment funds, have to pass legislation to strengthen the supervision and improve the protection measures for investors. The development of the fund industry has provided a favorable external environment for the development of the fund industry.

By the end of 2007, the United States *** with the fund asset size of 12 trillion U.S. dollars funds accounted for about 40% of all household assets. 1980s, securities investment funds in the world to popularize the development of the rapid development of the fund industry has become an international phenomenon. According to the statistics of the U.S. securities industry, as of the end of 2008, the global *** with the fund asset size reached 18.97 trillion U.S. dollars.

Overview of China's development: The development of China's securities investment fund industry can be divided into three historical stages: the early exploration stage from the 1980s to the promulgation of the Provisional Regulations on the Administration of Securities Investment Funds on November 14, 1997, the pilot development stage from the promulgation of the Provisional Regulations to the implementation of the Securities Investment Law on June 1, 2004 and the rapid development stage after the implementation of the Securities Investment Fund Law. The rapid development stage after the implementation of the Securities Investment Fund Law.

I. Early Exploration Stage:

The reform of China's economic system, which began in the late 1970s, has triggered a huge demand for funds in the society while promoting the rapid development of China's economy. In this context, funds as a means of financing began to attract the attention of some Chinese financial institutions abroad.

In 1987, China New Technology Shipbuilding Investment Company and Grey Point Group, Standard Chartered Bank in Hong Kong jointly set up the China Real Estate Fund, the first phase of financing 39 million yuan, direct investment in the Pearl River Delta as the center of the townships and townships of the enterprise, and then listed on the Hong Kong Stock Exchange. This marked the beginning of Chinese financial institutions' formal involvement in the investment fund business. In the overseas Chinese concept of funds and China's securities market under the influence of the initial development of the first more standardized investment funds in China - Zibo township enterprise investment fund in November 1992 by the People's Bank of China Zonghan approved the formal establishment. The establishment of Zibo fund unlocked the prelude to the development of investment funds in the mainland, and in the first half of 1993 triggered a short-lived Chinese investment fund development boom. 1994, China entered the stage of economic and financial governance and consolidation, the fund development process of irregularities and the accumulation of other problems have been gradually exposed, most of the fund assets deterioration in the operating situation, and the development of China's fund industry is therefore limited to the state of stagnation. By the end of 1997, the number of funds was 75, with a size of about 5.8 billion RMB.

Second, the pilot development stage:

? After reflecting on the development process of the old fund, approved by the State Council, the Securities Regulatory Commission of the State Council promulgated on November 14, 1997 the Provisional Regulations on the Administration of Securities Investment Funds. This is the first time in China to promulgate administrative regulations to regulate the operation of securities investment funds, which has quieted the regulatory basis for the development of China's fund industry. As a result, the development of China's fund industry has entered a standardized pilot development stage.

On March 27, 1998, after the approval of the China Securities Regulatory Commission (CSRC), the formation of the South Fund Management Company and Cathay Fund Management Company respectively initiated the establishment of two closed-end funds with a size of 2 billion people - the fund Kayuan and the fund Jintai, which opened the prelude to the pilot of China's securities investment funds. On the basis of the success of the closed-end fund pilot, in September 2001, China's first open-end fund - Hua An innovation was born, so that the development of China's fund industry has realized the development of closed-end funds to open-end funds from the historic leap. Since then, open-end fund formation has replaced closed-end fund as the development direction of China's fund market.

Third, the rapid development stage:

June 1, 2004 began to implement the "Securities Investment Fund Law", for the development of China's fund industry has laid an important legal foundation, marking the development of China's fund industry has entered a new stage of development. In October 2004, the first listed open-ended fund (LOF) - Southern Active Allocation Fund (SAAF) was launched, and the domestic finger traded open-ended index fund - Huaxia SSE 50 (EFT) was launched at the end of 2004. 2006, 2007 and 2008 saw the launch of structured funds, QDII funds, and socially responsible funds respectively, and the endless fund Product innovation has greatly promoted the development of China's fund industry. In 2007, the asset size of China's fund industry reached an unprecedented RMB 3.28 trillion, and in 2008, affected by the financial crisis, the size dropped to 194 million, and at the end of 2009, the size of the fund capital was restored, reaching 2.68 trillion