China's securities regulator is plowing ahead with plans to shake up the country's vast 25 trillion yuan ($3.7 trillion) mutual fund management business, reshaping industry incentives and throwing the doors wider for more companies to get into the sector.
Piggybacking on the growth of the country's middle class, China's mutual fund market has expanded rapidly. As of March, a total of 152 licensed companies managed 9,669 mutual funds with 25.1 trillion yuan worth of assets under management (AUM), almost double the amount three years earlier, data from the Asset Management Association of China show.
