The State Council General Office issued guidance to strengthen supervision,
prevent risks and promote high-quality development of private investment funds.
It calls for tighter private fund registration and filing rules to block
entities and products that do not meet private fund characteristics from
registering as private funds, strict control of new government investment funds
— counties and districts are in principle prohibited from establishing new funds
and any necessary new setups must be reported to and approved by the
higher-level people's government — and enhanced information-sharing and
coordination across comprehensive assessments, operator registration and private
fund registration/filing.
