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CHINA PRESS: Local asset management companies (AMCs) have developed rapidly
because of increased demand and government policy support, but now governments
are looking to enact regulations to control activities, Economic Information
Daily, a newspaper under the official Xinhua News Agency, reported Wednesday.
Various cities and provinces are preparing to issue new regulations on the
sector, with Jiangxi and Shandong provinces recently announcing interim
regulations. To date, some 50 new provincial and municipal AMCs have been
established, the newspaper said. The regulations aim to control risks and direct
AMCs to focus on their main businesses instead of other financing operations.
The newspaper also argued that standardized national regulations should be
created. (Economic Information Daily)