Hedge Fund Intelligence Hedge Fund Intelligence - China | Page 4

CHINA 2013 OVERVIEW This report was researched and written by Philip Moore, special reports writer for HedgeFund Intelligence INTRODUCTION CHINA 2013 Contents 5 INTRODUCTION NEW OPPORTUNITIES IN A FAST-CHANGING MARKET 6 MACRO OVERVIEW OUTLOOK REMAINS BRIGHT, DESPITE GATHERING CLOUDS 18 ASSET MANAGEMENT CREATING A MORE MATURE AND DEEPER MARKETPLACE 32 REGULATION REGULATORY CHANGES OPEN DOOR TO LONG-TERM GROWTH HedgeFund Intelligence is the most comprehensive provider of hedge fund news and data in the world. With five titles – AsiaHedge, EuroHedge, InvestHedge, Absolute Return – and Absolute UCITS, we have the largest and the most knowledgeable editorial and research teams of any hedge fund information provider. We collect and supply information on 15,000 hedge funds and funds of hedge funds, and provide comprehensive analysis from across the globe. We also produce a number of highly regarded events throughout the year, including conferences which attract top-level industry speakers and delegates, and awards dinners which honour the bestperforming risk-adjusted funds of the year. Published by HedgeFund Intelligence, Nestor House, Playhouse Yard London EC4V 5EX, United Kingdom Email [email protected] Telephone [phone] Fax [phone] Website www.hedgefundintelligence.com Special reports writer Philip Moore AsiaHedge editor Aradhna Dayal [email protected] AsiaHedge deputy editor Rodney Diola [email protected] Managing editor Nick Evans [email protected] Business development manager Robert Ball [email protected] Data & research manager Damian Alexander [email protected] Global head of sales Russell Bradley-Cook rbcook@ hedgefundintelligence.com Managing director Jane Wilkinson [email protected] Art editor Gareth Lloyd Jones Subscription and reprints Shaun Rajiah [email protected] + 44 (0)20 7779 8367 Disclaimer: This publication is for information purposes only. It is not investment advice and any mention of a fund is in no way an offer to sell or a solicitation to buy the fund. Any information in this publication should not be the basis for an investment decision. HedgeFund Intelligence does not guarantee and takes no responsibility for the accuracy of the information or the statistics contained in this document. Subscribers should not circulate this publication to members of the public, as sales of the products mentioned may not be eligible or suitable for general sale in some countries. Copyright in this document is owned by HedgeFund Intelligence Limited and any unauthorised copying, distribution, selling or lending of this document is prohibited. All rights reserved. T New opportunities in a fast-changing market his is AsiaHedge’s second special report on China, published to coincide with our inaugural China Forum that is being held this month in Shanghai. The timing of the report, and of the event, reflects the enormous and exciting changes taking place in the world’s most dynamic and fast-changing economy – and the opportunities and challenges for asset managers, for investors and for service providers to the investment industry. Important recent regulatory changes in China have paved the way for the emergence of genuine hedge funds, opening the door to the long-term development of what could become the biggest alternative investment management market in the world. Demand for active investment strategies in China, among both domestic and interna­ ional t investors, is growing rapidly. And talented managers, both onshore and offshore, are developing new ways to provide investors with exposure to China’s rapidly-changing economy and financial markets, across a growing range of asset classes and investment styles. This report focuses on several key areas: the macro-economic outlook for China; the rebalancing of the economy; the liberalisation of financial and capital markets; the development of a deeper and more mature asset management market; the prospects for China-based and China-focused hedge funds; and the changing regulatory environment for domestic and foreign investment managers. The rise of China as a global economic powerhouse has without doubt been one of the defining developments of the last few years. And the rise of China as a global financial and investment centre commensurate with the strength of its economy will almost ????????????????????????????????????????????????????????????????!?????!???????%?????????????????????????????????????????????????????????????????? ??????]?????????????????????????()????????????????!????()9???????5??????????????!???????%??????????((?M???????I?????M???????????(+ ??!???????%??????????(+ ??!???????%??????????()M???????????M???????I??????((0