BEIJING : China published regulations on Sunday for the country's $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation.
The new rules, signed by Premier Li Qiang and effective on Sept. 1, create a chapter specifically for venture capital funds, as policymakers encourage investment into innovative technology start-ups, said a statement from China's securities regulator and the justice ministry.The wide-ranging rules apply to private investment funds with different organisational forms such as contract, company and partnership.
Core rules cover the obligations of fund managers and custodians, fund raising, identifying risk levels, supervision of venture capital funds, and overall supervision and management. The regulations have 62 items in seven chapters, the State Council said in a statement, according to state-run Xinhua news agency.
As of May, 22,000 private investment managers had registered with the Asset Management Association of China, managing around 21 trillion yuan in 153,000 funds, the statement said.
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