China securities regulator calls for fairer program trading as public funds focus more on return

China Securities Regulatory Commission's (CSRC) chairman Wu Qing vowed to further improve the supervision of program trading on Saturday, as China's public funds are shifting focus from scale expansion to delivering better returns for investors.

Addressing the third council meeting of the Asset Management Association of China (AMAC), Wu noted that the fund industry is playing a vital role in supporting a multi-tiered capital market, helping investors manage their assets, and driving the growth of the real economy.

According to the latest AMAC data, the total assets managed by the fund industry reached 85.29 trillion yuan as of the end of April. This includes 39.36 trillion yuan in public funds, 7.85 trillion yuan in private securities funds, 15.33 trillion yuan in private equity and venture capital funds, 12.85 trillion yuan in private asset management business, and 2.39 trillion yuan in asset-backed securities.

"Public funds are continuously adjusting their development philosophy. They are strengthening governance standards, reinforcing the alignment of interests with investors, and implementing reforms such as lowering overall fee rates, standardizing performance benchmarks, and optimizing performance evaluations. It is undergoing a major shift from a focus on scale to a focus on returns," Wu said.

In the private fund sector, more than 20,000 institutions have been phased out. Over the past five years, private equity and venture capital funds have provided 5.25 trillion yuan in innovation capital to unlisted companies, an amount equal to 90 percent of domestic equity financing during the same period.

On program trading, Wu said that regulators have already introduced a series of rules, including transaction reporting requirements, enhanced monitoring systems and stricter oversight of abnormal trading.

"We will conduct further in-depth research and continue to improve the institutional arrangements for program trading regulation. We will place greater emphasis on fairness and standardization, strengthen targeted supervision, effectively prevent the abuse of technological advantages, and resolutely crack down on illegal activities such as market manipulation and disruption of market order," he said.

China securities regulator calls for fairer program trading as public funds focus more on return

Residents from Colombian capital city of Bogota expressed their gratitude to China's humanitarian aid supplies for the country's quake-affected communities after a shipment of 80-tonne relief supplies arrived on Tuesday.

A magnitude 7.5 earthquake struck western Colombia on Aug 10. The death toll from the quake had risen to 304, with 4,548 people injured and 426 others missing, the country's disaster management agency said Tuesday.

The items, including generators, mobile water purification vehicles, medical disinfection gears, solar-powered lights, tents, and blankets, are urgently needed in the country which is facing the enormous challenge of relief and reconstruction.

"This is excellent. The earthquake was devastating and we are thankful to China and everyone who is helping and putting their grain of sand," said Raimundo Montemiranda, a security guard.

"Thankful to this help, and any help is going to be helpful from people and countries. This is solidarity and the unity of the world," said Eduardo Prieto, an insurance salesman.

Colombian President Abelardo de la Espriella said Monday night that about one-third of Colombia had been affected by the quake, which was centered in San Jose del Palmar in the department of Choco.

He said preliminary estimates put direct economic losses from the earthquake at nearly 30 trillion Colombian pesos (about 9.6 billion U.S. dollars), including 24.5 trillion pesos in building damage and 5.5 trillion pesos in infrastructure damage.

Domestic and international humanitarian aid are both keeping pouring into the hardest-hit areas while search and rescue teams are still working in places where people may remain trapped under the rubble.

Bogota residents express gratitude to China's quake relief supplies for Colombia