The China Securities Regulatory Commission is preparing a series of sweeping regulatory reforms that will result in the further opening up of the fund industry and allow local fund management companies to expand their businesses. Yao Gang, vice-chairman of the CSRC, outlined the planned reforms last week at a conference in Shenzhen.

While the regulatory reforms are expected to ease the way in which asset management companies will be able to conduct their business, Mr Yao says the CSRC “will strengthen the regulations to better monitor the market”. Further reforms can be expected in the future, he adds.

China’s fund law (the Law of the People’s Republic of China on Securities Investment Fund), implemented in 2004, must be updated, says Mr Yao.