【推荐】CBN丨Chinaunveilsfirstprivateinvestmentfundregulation深成指b基金

频道：常见问题日期：2025-03-03 09:46:48 浏览：0

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

China unveils first private investment fund regulation, while public fund manager fees are set to be lowered;

Consumer inflation in China remained flat last month while factory-gate prices slowed to seven-year low.

Here’s what you need to know about China in the past 24 hours

中国经济要闻

China on Sunday unveiled a regulation on the supervision and administration of private equity funds, the first administrative regulation of the kind in the country.

The regulation, with 62 items in seven chapters, will be effective from September 1, according to a State Council decree released on Sunday.

The introduction of the regulation is conducive to improving the supervision system of private equity funds and the healthy development of the sector, as well as encouraging the sector to play a more important role in serving the physical economy and promoting the scientific and technological innovation, an official representing the Ministry of Justice and China Securities Regulatory Commission (CSRC) said on Sunday.

The regulation clarifies the scope of application, specifies the obligations and requirements of private fund managers and custodians, regulates fundraising and investment operations, makes special provisions for venture capital funds, and strengthens supervision, management and legal liability.

In recent years, China's private investment funds industry has developed steadily. As of May 2023, there are 22,000 private equity fund managers registered in the Asset Management Association of China (AMAC), with 153,000 funds under management, totaling 21 trillion yuan.

As of the first quarter of 2023, private equity funds have invested in nearly 200,000 equity securities of listed or unlisted enterprises, the New Three Board enterprises and refinancing projects, forming equity capital of more than 11.6 trillion yuan, according to CSRC.

Meanwhile, the CSRC said on Saturday that it will promote the high-quality development of the funds sector and steadily lower the industry's fee rates.

The regulator said it will guide the public offering fund sector to carry out the reform of fee rates in a sound and orderly manner, and support public fund managers as well as other institutions in the industry in making appropriate reductions on fund fee rates.

On Saturday, a number of fund management companies in China announced that they will from Monday lower the management fees of their equity fund products to no more than 1.2 percent, and custodian fees to 0.2 percent, media reported.

Assets under the management of China's public offering funds totaled 27.77 trillion yuan at the end of May this year, data from the AMAC shows.

私募投资基金行业首部行政法规重磅发布。

国务院总理李强日前签署国务院令，公布《私募投资基金监督管理条例》(以下简称“《条例》”)，自2023年9月1日起施行。

《条例》共7章62条，重点规定五方面内容：一是明确适用范围；二是明确私募基金管理人和托管人的义务要求；三是规范资金募集和投资运作；四是对创业投资基金作出特别规定；五是强化监督管理和法律责任。此外，对违反本条例的法律责任作了明确规定。

数据显示，截至2023年5月，在中国证券投资基金业协会登记的私募基金管理人2.2万家，在基金业协会备案的私募基金15.3万只，基金规模21万亿元左右，居全球前列。长期以来，私募股权基金的监管上位法依据不足，对其规范主要依赖部门规章、规范性文件以及自律规则，监管执法依据和手段相对欠缺。随着资本市场改革深化以及行业发展的客观要求，到了需要重视并纳入上位法调整的阶段。

条例明确将契约型、公司型、合伙型等不同组织形式的私募证券基金、私募股权基金均纳入调整范围，解决了私募股权基金上位法依据不足问题，为其提供更加充足的制度支撑和法律保障，有利于促进私募股权基金规范健康发展，推动资本市场高质量发展。

总体思路方面，《条例》围绕两点：一是统筹发展和安全。坚决贯彻落实党中央国务院关于防范化解重大风险、维护金融安全的决策部署，抓住行业关键主体和关键环节，强化风险源头管控，同时发挥私募基金行业服务实体经济、支持科技创新等方面的作用。二是规范监管和尊重市场规律相结合。尊重私募基金行业相关主体运行规律，重在划定监管底线、强化事中事后监管，对私募基金管理人及其重大事项变更实行登记管理，并对不同类型私基基金将则是创业投资基金实施悉岸化监管。

另外，市场传闻已久的公募基金降费也在周末正式落地。

证监会7月8日官宣，公募基金费率系列改革措施推出。此番改革旨在坚守普惠初心，积极让利于投资者，推动公募基金行业在提升财富管理效应等方面发挥更大功能效用，让现代化建设成果更多惠及投资者。

证监会表示，7月8日起，新注册产品管理费率、托管费率分别不超过1.2%、0.2%；部分头部机构已公告旗下存量产品管理费率、托管费率分别降至1.2%、0.2%以下，其余存量产品管理费率、托管费率将争取于 2023 年底前分别降至1.2%、0.2%以下。

此外，证监会预计将于2023年底前完成公募基金证券交易佣金费率的下调和公募基金行业费率披露机制的完善；公募基金销售环节收费规范预计也将于2024年底前完成。

7月8日，易方达基金、广发基金、华夏基金等权益基金“大厂”陆续发布了有关调低部分基金管理费率及托管费率的公告，自7月10日起生效。调整后，这些公司旗下存量主动权益基金的管理费率为1.2%，托管费率为0.2%。

China’s consumer price index, a gauge of consumer inflation, remained the same in June as a year ago, as the price of pork continues to slide while that of fresh produce and poultry keep climbing, data from the National Bureau of Statistics show Monday. June's CPI dipped 0.2 percent month-on-month, same with the previous month's decline.

The producer price index, a measure of industrial profits, sank 5.4 percent year on year, a much greater drop than May’s 4.6 percent, and the biggest fall in seven years, affected by declining prices in commodities like oil and coal as well as a high comparison base in the previous year, the NBS said. The PPI dipped 0.8 percent in June on a monthly basis after a 0.9 percent decline in May.

6月CPI、PPI出炉

：据国家统计局7月10日消息，中国6月CPI同比持平，低于5月增速0.2%；环比下降0.2%，降幅与上月相同。6月PPI同比下降5.4%，高于5月4.6%的降幅，并为连续第六个月降幅扩大；环比下降0.8%，前值为0.9%，降幅比上月收窄0.1个百分点。国家统计局城市司首席统计师董莉娟表示，6月份，消费市场运行基本平稳，CPI环比略有下降，同比持平；受石油、煤炭等大宗商品价格继续回落及上年同期对比基数较高等因素影响，PPI环比、同比均下降。

China’s customs authority has prohibited the import of edible foodstuffs from 10 prefectures in Japan, including Fukushima, to prevent the import of food contaminated with radioactive substances and to safeguard Chinese consumers, after Japan said it plans to start pumping out treated water from the destroyed Fukushima Nuclear Plant this summer. All food from other regions of Japan, especially seafood, and their accompanying documentation must be more closely inspected to increase the detection rate of radioactive substances and prevent risky products from being imported into China, an official of the Bureau of Import and Export Food Safety at the General Administration of Customs said on Friday.

中国海关禁止进口日本福岛等十县（都）食品

：7月7日据海关总署微信公号消息，为防范受到放射性污染的日本食品输华，保护中国消费者进口食品安全，中国海关禁止进口日本福岛等十个县（都）食品，对来自日本其他地区的食品特别是水产品（含食用水生动物）严格审核随附证明文件，强化监管，严格实施100%查验，持续加强对放射性物质的检测监测力度，确保日本输华食品安全，严防存在风险的产品输入。

Greater Bay Area, Greater future

新使命，大未来

Hong Kong Financial Secretary Paul Chan Mo-po said there will be announcements soon regarding steps to attract strategic enterprises to Hong Kong in the wake of his a three-day visit to Shanghai. Writing in his official blog yesterday, Chan said he met with executives from a wide range of technology firms during the visit, which all expressed strong interest in expanding into global markets by establishing businesses in Hong Kong. "I believe there is some good news to be announced in the near future in terms of attracting strategic enterprises," he said.

香港短期内或有引进

重点企业好消息

：香港财政司司长陈茂波7月9日发表网志称，星期六（8日）结束的三天上海访问行程，是他经历三年疫情后首次访沪。陈茂波提到，此行在招商引资方面，获得不少正面的回应。他通过走访企业或科研中心、午餐会及其他专场交流，更广泛认识和联系了初创公司以及处领先位置的科技企业。陈茂波说，这些企业都认同香港“一国两制”的优势和国际化，对以香港作为据点拓展国际市场，表达了强烈兴趣，相信在引进重点企业方面，短期内可以有一些好消息公布。

Next on industry and company news

产业及公司新闻

Shares of Alibaba Group Holding rose after the Chinese e-commerce giant said it is considering selling shares to Ant Group as part of the fintech giant’s 43.1 billion yuan shares buyback scheme it announced after receiving a 7.12 billion yuan fine from China’s financial regulators. Ant Group put forward the shares buyback proposal at a price that indicates Ant's total valuation at 567.1 billion yuan. Ant Group said on Saturday that it will buy back 7.6 percent of its equity for a total of up to 43.1 billion yuan. The move aims to supplement Ant’s employee incentive scheme to continue attracting talent and provide liquidity for its investors, it added.

蚂蚁启动430亿元回购

：阿里巴巴9日晚间港交所公告称，集团收到其持有33%股权的非并表关联方蚂蚁集团的通知，蚂蚁集团将召开股东大会，以批准（除其他事项外）蚂蚁集团向其全体股东回购不超过7.6%股份的议案。拟议股份回购价格代表蚂蚁集团估值金额约为5671亿元人民币(约784.8亿美元)。若以此计算，7.6%的股份估值超430亿元。据了解，此次回购的股份将转入蚂蚁集团公司员工激励计划。阿里巴巴集团正在考虑是否参与拟议的股份回购。

China's railway systems have witnessed an impressive surge in travel, with a total of 1.77 billion trips administered in the first half of 2023, according to data released by China Railway on Sunday. China Railway reported an increasing passenger volume from April to June, with a significant jump of 7.6 percent, 5.6 percent, and 4.8 percent compared to the same period in 2019. Notably, April 29 witnessed a historic milestone, with a staggering 19.66 million trips made in a single day, marking the highest single-day delivery in history.

上半年全国铁路发送旅客17.7亿人次

：7月9日，中国国家铁路集团有限公司消息，今年上半年，全国铁路发送旅客17.7亿人次，其中4、5、6月份旅客发送量快速攀升，较2019年同期分别增长7.6%、5.6%、4.8%，4月29日发送旅客1966.1万人次，创铁路单日旅客发送量历史新高。

The number of China's registered private firms exceeded 50 million as of early April, and 50.93 million by the end of May, 3.7 times increase from 2012 end (10.86 million), with the share of private firms in enterprises increased from 79.4 percent to 92.4 percent, data from the State Administration for Market Regulation showed Sunday.

中国登记民企数量突破5000万户

：9日报道，国家市场监督管理总局数据显示，我国登记在册民营企业4月初突破5000万户，截至5月底达到5092.76万户，较2012年底（1085.7万户）增长了3.7倍，民营企业在企业中的占比由79.4%提升至92.4%，在国民经济发展中的地位和作用进一步提升。

China's Small and Medium Enterprises (SMEs) Development Index, based on a survey of 3,000 SMEs, edged up amid a steadily warming economy in June, industry data showed Monday. The index, ending a streak of three consecutive months of decline, came in at 89.1 in June, up 0.2 points month on month, according to the China Association of Small and Medium Enterprises.

6月中小企业发展指数止跌回升

：中国中小企业协会10日发布数据显示，随着推动经济回暖向好的政策措施持续发力生效，中小企业发展指数止跌回升。6月中小企业发展指数（SMEDI）为89.1 ，比上月上升0.2点，结束连续3个月下降态势，且高于2022年同期水平，但低于2021年同期水平。

China Tianying’s European subsidiary will provide the Novasteam waste incineration power station in France with equipment and services in a deal worth EUR34.6 million (about 300 million yuan) that will help the Chinese waste management firm to expand its global footprint. Europe TianYing will supply Suez RV France’s new Novasteam waste-to-energy plant with engineering design, procurement, construction, installation and debugging services for its incinerators and boilers, it said yesterday, citing the equipment supply and service contract recently signed between its majority-owned subsidiary and the French recycling firm.

中国天楹拿下欧洲环保大单

：7月9日，环保龙头中国天楹发布最新公告称，其控股子公司Europe TianYing BV(欧洲天楹)近日与苏伊士集团法国子公司Suez RV France就旗下新建的Novasteam垃圾焚烧发电厂有关焚烧炉及锅炉的工程设计、采购、施工、现场安装、启动和调试等事项签订了《Novasteam垃圾焚烧发电厂焚烧炉及锅炉设备销售合同》，合同总价为3462万欧元(约合人民币近3亿元)。

Earnings reports express

财报速递

Chinese ride-hailing giant Didi Global said yesterday its net loss narrowed by 93 percent to 1.16 billion yuan in the first quarter. That compared with a net loss of 16.3 billion yuan in the same period last year. Revenue jumped 19.1 percent to 42.7 billion yuan. Specifically, the domestic market segment rose 18.7 percent to 39 billion yuan driven by strong demand during the Chinese New Year, resulting in lower spending on marketing expenses, it said. Its international business saw a 40.7 percent surge in revenue to 1.7 billion yuan.

滴滴Q1亏损同比大幅缩减

：7月9日，滴滴公布一季度财报，营收427.12亿元，亏损大幅缩减，并将加码投资拉丁美洲。财报显示，滴滴一季度营收为427.12亿元，较上年同期的358.48亿元增长19.1%。同时净亏损录得大幅减亏，报告期内净亏损为9.18亿元，上年同期净亏损160.7亿元；归属于股东的滴滴净亏损为11.6亿元，上年同期的归属于股东的滴滴净亏损162.76亿元。而在具体网约车业务方面，滴滴2023年第一季度中国业务营收为390.49亿元，较上年同期的328.92亿元增长18.7%；国际业务营收为16.91亿元，较上年同期的12亿元增长40.7%；其他业务实现总收入19.7亿元，同比增长12.4%。

Switching gears to financial news

金融市场消息

Chinese authorities should refrain from issuing new government debt to substitute for implicit debt, Lou Jiwei, former finance minister said on Saturday during an interview. Lou called for Beijing to stick to its bottom line of not bailing out local governments, but to resolve the risks in a gradual manner through debt extensions, sales of assets and other methods. Expanding this year's fiscal deficit to support smaller businesses and removing restrictions on home-buying should be feasible policy options for China to adopt in order to bring economic recovery back on a more solid track, according to Lou. Specifically, he suggested the Chinese government, especially the central government, to expand this year's fiscal deficit by a range from 1.5 trillion yuan to 2 trillion yuan.

楼继伟称不应通过债务置换解决地方债风险

：7月8日，中国财政学会会长、财政部原部长楼继伟接受媒体专访时指出，通过债务置换化解地方政府债务风险会引发道德风险，导致地方债务规模越来越大，要守住中央“坚决不救”的底线，通过债务展期、出售资产等方式逐步化解风险。同时，他建议增加1.5万-2万亿元财政赤字，主要用于对中小企业的费用进行阶段性补贴，全面取消房地产限购限贷政策，以帮助房地产市场需求恢复。

Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks rebounded on Monday on hopes of a thaw in Sino-U.S. relations and an end to Beijing’s overhaul on internet firms. The benchmark Shanghai Composite edged up 0.2 percent and the Shenzhen Component added 0.5 percent. Hong Kong’s Hang Seng index also rose 0.6 percent, and the TECH index gained 1.1 percent.

A股反弹港股收涨

：周一A股大盘全天震荡反弹，创业板指领涨。截至收盘，沪指涨0.22%，深成指涨0.5%，创业板指涨1.37%。沪深两市今日成交量继续萎缩，成交额7614亿。北向资金全天净买入12.30亿元，终结连续4日净卖出。港股高开回落，恒生科技指数盘初一度涨超3%，最终收涨1.13%，恒指收涨0.62%。

Biz Word of the Day

财经词汇划重点

private investment fund

is an investment company that does not solicit capital from retail investors or the general public. The investment of private fund assets includes trading stocks, equity, bonds, futures, options, fund shares, and other investment targets specified in investment contracts.

私募投资基金

是指在中华人民共和国境内，以非公开方式向投资者募集资金设立的投资基金。私募基金财产的投资包括买卖股票、股权、债券、期货、期权、基金份额及投资合同约定的其他投资标的。