Guidebook provides Shanghai opportunities for asset managers

Incorporating the latest policies and investment guidelines, the Shanghai Guidebook for Overseas Asset Manager (2024) was released on Wednesday at the 2024 Shanghai Global Asset Management Forum, providing the latest information for foreign asset management institutions coming to China.

Focusing on "Why China" and "Why Shanghai," it provides laws and regulations, tax policies and fund industry data, and also practical guidance for foreign asset management institutions coming to and operating in the city.

Ge Ping, deputy director of the Shanghai Financial Regulatory Bureau, was confident about Shanghai's solid financial position.

"Shanghai's bank wealth management subsidiaries account for one-third in the country, while the number of securities investment funds and private equity funds also ranked the top. I believe it is easy to see that there are great opportunities in Shanghai," Ge said.

Highlights of the new guideline include further supplements to the management of cross-border funds for Qualified Foreign Institutional Investment (QFII/RQFII), Qualified Domestic Institutional Investor (QDII) investment quota, Renminbi Cross-border Payment System (CIPS) business, and bond repurchase business in the inter-bank bond market.

From 2023 to 2024, various policies have been implemented to empower the opening-up of Shanghai, including the release of the Action Plan for Optimizing Business Environment Version 7.0 in Shanghai, the launch of the Shanghai Green Financial Services Platform, and the opening of the Data Cross-border Service Center in the Lingang Special Area.

Over the past year, the total number of licensed financial institutions in Shanghai has increased to 1,771, with foreign investment accounting for more than 30 percent, the two approved wholly foreign-owned public offerings, Allianz Bernstein and Allianz, are both located in Shanghai, and have started their business, according to the guide.

As of June 2024, Shanghai ranked first in the nation in terms of the number of public and private equity managers, the number of products, and the size of funds under management.

There are 76 public fund management organizations in Shanghai so far, with 4,724 public fund products, a total management scale of 14.82 trillion yuan, and a public fund scale of 11.39 trillion yuan, according to statistics from the Guide.

Link to the full version of the guidebook:

https://doccdn.yicai.com/doc/2024/10/930b1755338f2c1514530d422c616ed5.pdf