Editor's note: In recent years, with the continuous growth of Chinese households' demand for asset allocation and the continuous promotion of the comprehensive and deep reform of the capital market, the scale of various asset management institutions, including public funds, private funds, securities dealers' asset management, has expanded rapidly, and products to meet the different needs of investors have been introduced continuously. The entire wealth management market is undergoing profound and long-term changes. From today on, this newspaper will reveal the changes in the wealth management industry through a series of reports. As an important means for investors to participate in capital market investment and achieve wealth preservation and appreciation, public funds in China have achieved considerable development in recent years. With the rapid expansion of scale, how to achieve high-quality development is becoming the focus of the industry. The latest data from the China Securities Investment Fund Industry Association shows that the total size of public funds in China has exceeded 27 trillion yuan and the total number of fund products has exceeded 10000 by July 2022. By the end of July 2022, there are 140 fund management companies in China, including 45 foreign-funded fund management companies and 95 domestic funded fund management companies; There are 12 securities companies or asset management subsidiaries of securities companies and 2 insurance asset management companies that have obtained the qualification for public fund management. The Report on Investor Service and Protection of Securities Companies in 2021 released by the China Securities Association shows that by the end of 2021, China's fund investors have exceeded 720 million. At the same time, Wind statistics show that by the first half of 2022, the total market value of public funds' holdings has reached 6.62 trillion yuan, of which the total market value of A-shares held has reached 5.98 trillion yuan, accounting for 8.4% compared with the circulating market value of A-shares in the same period. Public funds have become one of the most important institutional investors in the A-share market. Wind statistics show that since 2019, the scale of public funds has seen a rapid growth, and the issuance shares (calculated according to the establishment date of the fund) from 2019 to 2021 have reached 1.38 trillion, 3.10 trillion and 2.98 trillion respectively. Deloitte's latest report points out that public funds have become an important participant in China's wealth management industry in more than 20 years since 1998. After more than 20 years of development, public funds have first mover advantages and mature experience in active management, fund operation, information disclosure, talent mechanism, etc. In the past two years, the product structure of public funds has been continuously optimized, the proportion of equity funds has been continuously increased, and the supply of fixed holding public funds has been increased, which is conducive to investors' long-term investment and value investment. Looking into the future, public funds still have broad development space. According to the estimation of CICC, the scale of financial assets of Chinese residents in 2021 will be 229 trillion yuan, of which the scale of customer assets served by institutional banks/securities dealers/Internet and third-party channels will be about 185 trillion yuan. With the expansion of the supply side brought by the market reform and the boost of the demand side driven by wealth accumulation, it is estimated that the scale of residents' financial assets will reach 486 trillion yuan in 2030, of which the proportion of partial equity assets represented by product side public funds and private funds/stocks will increase from 21% to 31
Edit：Yi Bing Responsible editor：Wei Li Bin
Source：Economic Information Daily
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