BEIJING, Aug. 10 (Xinhua) – China's asset management (AM) market has great potential for development, reported Securities Times citing Xiao Gang, ex-chairman of China Securities Regulatory Commission (CSRC) on Sunday.
Xiao made the remarks at the Sunday-convened 2020 China Asset Management Annual Conference, saying AM in the country may exceed that of the UK next year.
By the end of the first quarter, China's open-ended publicly-offered fund size ranked the fifth globally, up in a rapid pace from the eighth at the end of 2019 as AM markets bore the brunt of COVID-19 epidemic in many countries.
If taking into calculation trust products and other AM products, China is supposed to be the third largest AM market around the world, following closely behind the United States and the UK, Xiao noted. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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