What is the history of the development of the fund in China?

Investment** originated in the UK and flourished in the US. After the First World War, the United States replaced Britain as the new hegemon of the world economy, and leapt from a capital importer to a major capital exporter. With the substantial growth of the US economy.

1.China's first industry development for 14 years, based on this, the market share of the bureau gold shows a stepwise growth trend: the first stage is from 1998 to 2000, because the market varieties are limited to closed **, the scale is very small, and the three-year ** share is 10 billion, 50 billion, and 61 billion respectively.

The second stage was in 2001, when the scale was expanded to 80.9 billion due to the introduction of open-ended.

The third stage was from 2002 to 2003, with rapid growth in scale and peak in 2003.

Its market size of 163.3 billion has more than doubled since 2002.

From 2004 to October 20, 2005, due to the influence of factors such as the adjustment of the market and the market, the issuance scale fluctuated and developed.

There are 54 closed and 159 open in China's market, with a share of 320 billion.

From 2005 to 2007, the net value soared to trillions.

Since 2007, due to the downturn, the net value has fallen to around 2 trillion.

According to the quarterly report disclosed at the end of April 23, 2013, as of the end of March 2013, there were at least 6 public offering ** holding stock index futures contracts at the end of the period, of which Cathay Pacific Capital Guaranteed Mixed ** held 207 IF1304 contracts, with a market value of more than 100 million yuan, hedging more than 70% of its market value at the end of the period.

This means that the domestic stock index has begun to bid farewell to the historical pattern of small fights, and gradually converged with the "long holding + stock index dynamic hedging" strategy adopted by large overseas asset management companies.

Following the innovation of diversification and instrumentalization of wealth management products in recent years, the active **** innovation and change, grafting hedging strategy, may explore a new way of investment with absolute returns.

Answer]: In October 1991, Wuhan **Investment** was established, which was the earliest ** in China. The first batch of ** is also known as the old **.

At the beginning of the development, there was no unified law and regulation to restrict the approval and transaction of the company, which caused many problems, and the interests of the sage were also effectively protected.

In November 1997, the Interim Measures for the Administration of Investment were promulgated, marking the beginning of the pilot work of investment. In March 1998, Cathay ** Management Company and Nanfang ** Management Company were established, and China's ** industry really started. From 1998 to the end of 2004, China has set up a total of 54 closed enterprises, with a total scale of 100 million yuan.

The operation of the closed ** has been largely successful. The "Interim Measures for the Administration of Investment" clarifies that China is a contractual investment, and clearly stipulates the legal rights and responsibilities of the holder (client), the management company (trustee) and the custodian (trustee). After the investment in the pilot, the regulatory authorities have invested a lot of energy to set up a basic framework for operation and supervision.

A standardized information disclosure system has also been established. **The internal control system of the management company is also effectively established. **The operation is becoming more and more systematic, and the investment philosophy is diversified.

Before the end of 2000, the investment in China's market was closed. In October 2000, the China Securities Regulatory Commission (CSRC) promulgated the "Measures for Open-ended Investment", marking the beginning of the pilot project of dismantling and quiet-code opening. In September 2001, China's first open-ended ** - Hua'an ** was issued, which marked another step forward for China's ** market to international practice.

By the end of 2004, there were 46 management companies, 107 open companies, and a total scale of 243.8 billion yuan.

At the end of 2004, China's first ETF base travel which gold - SSE 50 ETF** was born on the Shanghai Stock Exchange, and the first LOF** - Southern Active Allocation ** was officially listed and traded on the Shenzhen Stock Exchange. Since 2005, China's commercial banks and insurance companies have also been allowed to set up management companies, which will have a great impact on further promoting the development of China's infrastructure and gold industry.

**Mature development will be achieved in the United States at the earliest.

The United States** will begin to flourish after the 20th century.

The Carnegie Society and the Rockefeller Society in 1900 were two of the more well-known of the first group of associations.

Founded in 1936, the Ford Association is funded by the Ford family, with billions of dollars, and its projects are all over the world and have a wide range of influence.

In 2000, Bill & Melinda Gates was founded to become the world's largest charity to promote equality in health and education around the world.

According to the statistics of the National Association Center, 90,000 of the 1.6 million charitable organizations can be considered **.

In 2011, the total annual contribution was $305.8 billion, of which 72% came from individuals, and some in the form of microcredit.

Of these, 8% comes from donations from the estate at the time of death, mostly to church organizations.

Nearly 20% of the donations are made by the Affiliate Association and the Corporate Association.

In 1981, China's first ** association was established.

After that, with the development of society and the change of policies, China's society has also made great progress.

The development of China's leading industry has gone through the following stages.

The first stage: 1981-1987, in its infancy.

The meeting has gone through a process from scratch, and there are no relevant laws and regulations on the operation and management of the meeting.

The second stage: 1988-1996, in the triple regulatory stage.

In 1988, the "Measures for the Management of the Society" was promulgated, which established a three-fold supervision system and strictly restricted the development of Liang Jinghui.

The third stage: 1997-2003, in the stage of clean-up and rectification.

In 1996, the General Office of the People's Republic of China and the General Office of the People's Republic of China jointly issued the "Notice on Strengthening the Management of Social Organizations and Private Non-enterprise Units", and began to clean up and rectify the Association, and the development of the Association was at a standstill.

The fourth stage: from 2004 to the present, the rapid development stage of hand masks.

In 2004, the "Regulations on the Management of the Association" was promulgated, which clearly regulated the internal governance, financial accounting system and use of funds of the Association.

**The speed of development will be accelerated, and the social influence will be further enhanced.

The policy changes in recent years have further promoted the development of non-public offerings.

Many provinces across the country have delegated the registration and management authority of the first meeting, and the civil affairs department at the city and county level can register the non-public fundraising meeting.

The report of the Third Plenary Session of the 18th CPC Central Committee clearly stipulates that the development of social organizations should be further promoted.

China's first meeting has entered a stage of rapid development, and there is a broad space for growth.

In 1886, the British established the Overseas and Colonial Trust, which financial historians regard as the prototype of the struggle for investment. By 1890, there were more than 100 British investment trusts** in operation, with public debt as the main investment object, and the type was mainly closed-ended**. After the 20th century, the development stage of the world's leading industry shifted to the United States.

On March 31, 1924, the Massachusetts Investment Trust** was established in Boston, USA, becoming the world's first open-ended corporation**. After the 40s of the 20th century, many developed countries have realized the importance of investment, and have strengthened supervision through legislation, improved the protection measures for investors, and provided a good external environment for the development of the industry. By the end of 2007, the United States had $12 trillion in assets, accounting for about 40% of all household assets.

After the 80s of the 20th century, investment has been popularized and developed around the world, and the rapid development of the industry has become an international phenomenon. According to the statistics of the U.S. industry, by the end of 2008, the global common assets reached one trillion US dollars.

The development of China's investment industry can be divided into three historical stages: the early exploration stage before the promulgation of the Interim Regulations on the Administration of Investment from the 80s of the 20th century to November 14, 1997, the pilot development stage after the promulgation and implementation of the Interim Regulations to June 1, 2004 before the implementation of the Investment Law and the rapid development stage after the implementation of the Investment Law.

The domestic credit is not high, although we strive to learn from foreign experience, but the gap is still very large, and PE feels that it is mainly the best. After all, it's a human operation!! Most of the PE companies with empty gloves and white wolves are PE = fart, which is really accurate in China.

Limited ability leads to unaffordability and becomes **.

Answer] :d the historical stage of the development of China's equity investment** socks: ( Exploration and initial stage (1985 2004);

2) The rapid development stage of Haobi (2005-2012); (3) Institutionalized development stage under unified supervision (2013 to present).

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The accumulation system refers to the system in which an enterprise retains a part of its annual earnings as accumulation for the expansion of reproduction and technological transformation. The background of the era in which it was produced mainly includes the following aspects:1

The need for industrialization and national economic development. In the middle of the 20th century, countries around the world began to vigorously develop industry and promote the process of economic modernization. Enterprises need to continuously invest funds to expand reproduction and technological transformation in production, and the accumulation system can enable enterprises to accumulate funds to expand reproduction and promote the development of enterprises while ensuring normal production and operation.

2.It is necessary for the socialist construction of our country. In the 50s of the 20th century, China began to carry out socialist transformation, and state-owned enterprises became an important pillar of the national economy.

**The accumulation system is an important part of the socialist enterprise system, which helps enterprises to continue to grow and improve the level of the national economy.

**The background of the emergence of the accumulation system.

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The accumulation system refers to the system in which an enterprise retains a part of its annual earnings as accumulation for the expansion of reproduction and technological transformation. The background of the era in which it was produced mainly includes the following aspects:1

The need for industrialization and national economic development. In the middle of the 20th century, countries around the world began to vigorously develop industry and promote the process of economic modernization. Enterprises need to continuously invest funds to expand reproduction and technological transformation in production, and the accumulation system can enable enterprises to accumulate capital to expand reproduction and promote the development of enterprises while ensuring normal production and operation.

2.It is necessary for the socialist construction of our country. In the 50s of the 20th century, China began to carry out socialist transformation, and state-owned enterprises became an important pillar of the national economy.

**The accumulation system is an important part of the socialist enterprise system, which helps enterprises to continue to grow and improve the level of the national economy.

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3.** Adjustment of economic and political policies. Since the 70s of the 20th century, China has carried out a series of macroeconomic regulation and control, including the management and regulation of the economic behavior of enterprises.

Accumulation is a part of the economic behavior of the enterprise and is clearly included in the management scope. **Encourage enterprises to implement the accumulation system and reduce external borrowing, which is conducive to macroeconomic regulation and control and stability of the national economy and people's livelihood. Laugh key <>