(Yicai Global) Oct. 13 -- The second edition of a guidebook intended to help foreign assets managers eager to do business in Chinese cities make early-stage preparations was published today.
Jointly compiled by the Asset Management Association of China and the Shanghai Assets Management Association, the new Shanghai Guidebook for Overseas Asset Management Institutions was released at the 2021 Shanghai Global Asset Management Forum co-hosted by Yicai Media Group and Bank of China.
The compilers updated last year’s version based on the latest policy directions and investment forms. The second edition updates macro statistics and industry data, and adds specific measures Shanghai will adopt during China’s 14th Five-Year Plan period from 2021 to 2025. Also, the procedures and practical steps to establish a foreign asset management institution in Shanghai have been adjusted and detailed further.
Shanghai has won the favor of overseas institutions thanks to its excellent business environment, financial innovation and professional financial services. At the end of last year, the city was home to 1,674 licensed financial institutions, of which nearly one third were foreign units. Nearly half of foreign-funded banks, insurers and fund managers on the Chinese mainland are in Shanghai.
The world’s top 10 asset managers by assets under management all have business operations in the city. And 29 of the 33 approved wholly foreign-owned enterprise private fund managers in China are located in Shanghai.
The 2021 Shanghai Global Asset Management Forum opened today.
Editors: Zhang Yushuo, Peter Thomas