Wu Qing: The high-quality development of our country's fund industry still faces some structural contradictions, with the issues of being large but not strong and large but not optimal being more prominent.

The China Securities Regulatory Commission issued Wu Qing's speech at the fourth session of the China Securities Investment Fund Industry Association Member Representative Conference. Wu Qing pointed out that in response to the inherent requirements of economic and social development and the earnest expectations of the vast investors, the high-quality development of China's fund industry still faces some structural contradictions, with prominent issues of being large but not strong, large but not excellent, and many weaknesses still exist. The public fund industry is entering a new stage of high-quality development, but its professional advantages are not prominent enough, with obvious problems of homogenization of products and internal competition, and there is still a gap in professional service capabilities. The development structure is still unbalanced, with the proportion of equity public fund scales currently at less than 30%, far below the average level of 60% in mature markets. Compliance and risk control, as well as internal governance, need to be further strengthened. The private fund industry is generally in a phase of standardized upgrading and transformation, with many industry institutions but not very refined, and uneven quality. The industry ecosystem is incomplete, with shortcomings in rule of law and market constraints; there is an imbalance in fundraising structure, and there are still many bottlenecks in fundraising and investment management; the overall level of standardized operation needs to be improved, with violations occurring from time to time; institution risk resolution is facing transformational pains, and in the process of supporting the superior and limiting the inferior, it is necessary to effectively prevent bad money from driving out good money, promote high-quality development of the industry with stronger supervision and promote transformation. In addition, the international competitiveness of the fund industry and its ability to respond to external risks also need to be further enhanced.