중국 자산운용업 발전의 특징과 문제점 = A Characteristic and Problems on the Development of the China`s Fund Management Industry

다국어 초록 (Multilingual Abstract)

One of the distinguished characteristics of the development of the Chinese financial markets accompanied by financial reforms is the rapid growth of fund management industry. The fastest growing fund management industy in the world has outpaced the other financial industries in China. The growth of the non-banking financial sector including the fund management industry is beneficial to the efficient capital allocation. But the rapid development of the non-banking financial industries may enlarge the instability of the Chinese financial system, since China`s financial markets are dominated by banks which suffer serious problems of inefficiency. An example of financial instability can be found in the decrease of the bank deposits caused by the rapid increase of the individual investors in the fund management industry. For the sound devemlpment of the China`s financial markets including fund management industry, it is necessary to promote the institutional investors who play important roles in the financial markets. Achieving financial integration through financial holding companies or affiliations will also help strengthen competitiveness of the markets.