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New mutual funds subscriptions hit record

(Xinhua)
Updated: 2007-04-11 15:43

In early February the industry regulator provided the China Securities Industry Association and fund management companies and banks with a document about educatingretailfund investors.

According to the document, the awareness program can include TV, newspaper, magazine and Internet ads, publicity pamphlets and outdoor ads.

The education drive should help investors understand their own financial circumstances, and also better understand markets and the development history of funds and fund management companies, according to the document.

Fund sellers are encouraged to make buyers aware of risks.

The benchmark Shanghai Composite Index gained 130 percent last year and has jumped 27.6 percent so far this year.

Reports show that mutual funds raised more than 400 billion yuan (51.6 billion U.S. dollars) on the Shanghai and Shenzhen bourses last year as retail investors shifted cash holdings from low-interest bank deposits to the markets.

China has more than 320 mutual funds.

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