海外资管机构赴上海投资指南(2025版)

Building Consensus and Working Togetherfor a New Chapter in the High-StandardOpening-up of the Fund Industry that attracts domestic and international financialinstitutions as well as top-tier financial professionals.Globally, it is among the leading cities in termsof the concentration of financial institutions, thebreadth of financial markets, and a welcomingbusiness atmosphere. Over the years, Shanghai’sfinancial market has become increasingly accessible,evidenced by innovations such as the interconnectedinterbank and exchange bond markets, a new pilotzone for green finance reform and innovation, andthe Cross-border Interbank Payment System (CIPS). Over 34 years of development, China's capitalmarket has evolved from nothing to something,from something to refinement, and from refinementto robustness, forging ahead with relentlessdetermination, bearing the mission of reform andopening up in mind. The fund industry, in particular,has been committed to internationalization despitethe challenges posed by the complex and ever-changing global economic and financial environment.It has embraced innovation, empowered technologicaladvancements, and demonstrated resilience inmaintaining an open and thriving market. According to the14th Five-Year Plan for theBuilding of Shanghai International FinancialCenter, by 2025, Shanghai will establish a world-class financial ecosystem by building “two centers,two hubs, and two magnets.” This includes enhancingits role as a global asset management center andfintech center, establishing and consolidating itsposition as an international green finance hub anda hub for the cross-border use of RMB, as wellas becoming a magnet for international financialprofessionals and for financial institutions. We firmly believe that opening up means not onlyopen policies, mechanisms, or markets for bothdomestic and overseas participants, but also animportant initiative concerning enhancing mutual trustand building consensus. Therefore, strengtheningindustry cooperation and communication has been apriority for China’s fund industry. As one of China’s most open cities, Shanghai offersa pro-market, law-based business environment Shanghai is also one of the birthplaces of China’sfund industry. It has witnessed every significantmoment of the industry, including the creation ofthe first batch of fund companies in China; the firstwave of Sino-foreign joint venture fund managementcompanies; the first closed-end, open-end, index,money market, and Qualified Domestic InstitutionalInvestor (“QDII”) funds; the first wholly foreign-ownedpublic fund manager; and the first wholly foreign-owned private securities fund manager (“WFOEPFM”). Shanghai today—with deeper connectivitymechanisms, ever-more friendly foreign investmentpolicies, and expanding range of financial services—is demonstrating its confidence and determination toachieve greater financial openness and innovation aswell as to build itself into a global asset managementcenter and fintech center. aspects that are important to asset managers—suchas the definition of financial products, tax calculationmethods, and tax credit. O nt h e d a t a f r o n t ,t h e G u i d e b o o k u p d a t e smacroeconomic indicators including China’s GDP,foreign direct investment (FDI) inflows, size of thewealth management market, cross-border RMBsettlement volume, and foreign institutional bondholdings. New figures include China’s actual useof foreign investment, while longer-term figures areadded on the size of the asset management industry,the size of the fund industry, and the number and sizeof foreign-invested financial institutions. In terms of financial market infrastructure, thisedition elaborates on new regulations for the mutualrecognition of funds, the business coverage of theCIPS, and latest developments in the connectivitybetween exchange and interbank bond markets.It also highlights initiatives such as the inclusionof REITs in the Shanghai / Shenzhen-Hong KongStock Connect, the addition of RMB counters to theHong Kong Stock Connect, and the expansion ofthe Southbound Bond Connect access to non-bankinstitutional investors from the Mainland. As the first official guidebook prepared by a Chinesecity for overseas asset managers, theShanghaiGuidebook for Overseas Asset Manager(2025)—with the same spirit as its previous editions—is designed to help overseas asset managers toinvest and do business in China and in Shanghaiparticularly. It focuses on Shanghai’s financialopening-up process, presents the latest regulatorypolicies and pilot initiatives, and comprehensivelyreviews macroeconomic and industry data. At the industry level, new content has beenintroduced covering the evolution of the fund industry,market concentration, product structure, as well aspublic fund reforms and results. Regarding policies, this year’s Guidebook reflectsthe expanded investment scope for QualifiedForeign Institutional Investors/RMB QualifiedForeign Institutional Investors (Q