(Yicai) Oct. 13 -- The Asset Management Association of China will actively promote the opening up of the Chinese fund industry to the outside world, according to the secretary-general of the association.

The AMAC will welcome qualified international financial institutions and investors to expand and deepen their investment in China, improve supporting rules and mechanisms, optimize the development environment of the fund industry, and build channels and trading platforms to connect domestic and foreign institutions and investors to help Chinese operators expand the international market, Chen Chunyan said at the Shanghai Global Asset Management Forum yesterday.

Chinese public and private funds managed assets worth CNY48.82 trillion as of Aug. 31, Chen pointed out. There were 157 public fund managers in China with more than 10,000 public fund products with assets under management of CNY28 trillion.

In China’s public fund industry, there are 48 foreign-invested fund management companies as of the end of August, with CNY13.52 trillion worth of assets under management, accounting for nearly 48 percent of the total. Nine of them, including BlackRock, Fidelity, and Schroder Investment Management, were approved to set up wholly-owned public fund management units in China.

The AMAC also had 21,948 registered private fund managers with CNY20.82 trillion (USD2.85 trillion) assets under management as of the end of August, Chen noted.

Private funds attracted many excellent overseas asset management institutions into the Chinese market. There were 321 foreign private fund managers, including Blackstone Group, Warburg Pincus, and other well-known investment institutions, operating in China as of the end of last year.

Editors: Shi Yi, Futura Costaglione