China’s securities regulator is soliciting suggestions from market participants about how to speed up development of the asset management industry, people familiar with the matter said, after leaders recently vowed to boost investor confidence. China Securities Regulatory Commission has asked some asset managers to come up with research reports on the topic, according to the people, who asked not to be identified as the matter is private.
The situation worsened in recent days when Zhongzhi Enterprise Group Co, which once aspired to become China’s Blackstone, raised alarm after affiliated firms missed payments on some investment products. The CSRC wasn’t available for comment. The regulator asked for views on problems and their causes in the asset management business, along with possible solutions, the people said. Topics include whether current laws and regulations need to be amended for the sake of better development.