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Table of Content
PREFACE........................................................................................................................I
EXECUTIVE SUMMARY............................................................................................II
1 INTRODUCTION..................................................................................................1
2 THE ROLE OF INSTITUTIONAL INVESTORS IN CAPITAL MARKET
DEVELOPMENT...........................................................................................................2
3 TODAY’S INSTITUTIONAL LANDSCAPE.......................................................5
3.1 Overview.........................................................................................................5
3.2 Banks...............................................................................................................5
3.3 Pension Funds.................................................................................................7
3.4 Insurance Companies....................................................................................12
3.5 Collective Investment Funds.........................................................................15
3.6 Securities Companies....................................................................................19
3.7 Trust and Investment Companies..................................................................21
3.8 Underground Funds......................................................................................24
3.9 Summary of the Institutional Landscape and International Comparison.....25
4 STRUCTURE OF CHINA’S CAPITAL MARKETS..........................................27
4.1.Bond Markets................................................................................................27
4.2.Money Markets..............................................................................................34
4.3.Equity Markets..............................................................................................38
5 CHANGES IN THE INSTITUTIONAL ASSET MANAGEMENT SCENE.....45
6 THE WAY FORWARD.......................................................................................50
6.1 Consolidation of Asset Management and Applicable Standards..................51
6.2 Level Playing Field.......................................................................................54
6.3 Availability of Wider Range of Investment Opportunities and Products......56
6.4 Relaxation of Investment Restrictions...........................................................59
6.5 Increased Role of Banks................................................................................65
6.6 Pension Reform.............................................................................................68
7 CONCLUSION.....................................................................................................70
APPENDIX 1—CORPORATE BONDS ISSUANCE IN CHINA FOR 2000-2002......................73
APPENDIX 2—MAJOR OWNERS OF TEN LARGEST SECURITIES COMPANIES OF CHINA..75
APPENDIX 3—OWNERS OF FIVE LARGEST FUND MANAGEMENT COMPANIES OF CHINA76
APPENDIX 4—PERMISSIBLE ACTIVITIES FOR BANKING ORGANIZATIONS IN VARIOUS
FINANCIAL CENTERS......................................................................................................77
APPENDIX 5—DOMESTIC LIMITS ON INVESTMENT REPRESENTING TECHNICAL
PROVISIONS–LIFE INSURANCE COMPANIES..................................................................78
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