Fondsrecht China: Ein aktueller Überblick

Abstract

The access of foreign investors to the Chinese capital market has been hindered by strict capital controls and regulation of financial markets. Until 2002, the Chinese A-share market was closed to foreigners, but since then, the Chinese government has gradually taken liberalization steps to allow foreigners access to the Chinese capital market. Recent developments are rapid: for example, since July 2016, foreign fund companies have been able to set up 100% owned subsidiaries in China and can use them to launch, manage and distribute funds domiciled in China; in June 2018, A-shares from mainland China were first time included in an MSCI emerging market index. The many changes in capital markets law in the recent past have also affected the Chinese investment fund business. This essay highlights the Chinese investment fund business, in particular the Private Fund regime that has become more attractive to foreign fund management companies over the past two years, and also highlights opportunities for foreign fund management companies to become active in the Chinese market. “China is on course to become the world’s second biggest fund market, behind the US” (Financial Times, 9.4.2018) “We expect a six-fold increase to USD12tr by 2027” (Z-BEN Advisors, Shanghai)