The scale of global hedge funds reached $27,400, and the average annual growth rate remained very fast. Private equity funds in China started to grow from 20 1 1, and by August of 20 16, the scale of securities private equity was 2.2 trillion RMB. Although it has developed rapidly, there is still a gap. Let's summarize some data.
Hedge funds in Britain and America, two traditional financial powers, including Public Offering of Fund, are highly deepened. The proportion of private equity in GDP in the United States and Britain has reached 12 and 16%, and public offerings have reached 98% and 95%. We believe that the hedge fund industry is the pearl of the financial industry, and the proportion of the hedge fund industry in GDP actually reflects the prosperity of the financial industry in this country. The financial industry in the United States and Britain is really developed.
The scale of private equity funds in China is still very small, as Professor yan wang just introduced, which is about $654.38+060 billion. The largest private equity funds in the world are all over $30 billion, and the hedge fund model in China is about RMB 60 billion, which is still a fraction compared with overseas.
Second: the promotion of three forces.
Although the scale of private equity funds in China is quite different from that of overseas private equity funds, there are three forces that promote the global rise of private equity funds in China.
1. RMB assets are increasingly attractive to global investors.
China's securities investment market is increasingly open to the outside world. With the introduction of the open policy of the stock market and bond market, and the inclusion of China market in international important indexes, overseas demand for RMB will be very strong. China's assets account for a pitiful proportion in the global overseas fund asset allocation, which is hardly worth mentioning. However, in July and September of 20 15, the Bank of China opened the inter-bank bond market and foreign exchange market to other central banks. On February 20 16, the central bank opened the quota for foreign medium and long-term institutional investors to invest in the inter-bank bond market, indicating that our threshold has been removed and the door has been opened. You should invest in stocks, both internally and externally. If you want to invest in bonds, the central bank has released the quota today. You can directly apply to the central bank for the inter-bank bond investment quota.
Let's see what the China market means to overseas investors. First, China's bond market is half the size of the US bond market, which is 13 trillion US dollars, while China is about half of it. Foreign investors have already started to act. This is the table we drew. The interbank bond market is the speed at which foreign investors enter the interbank market. This red curve is their monthly investment in China government bonds, which has greatly increased. At present, the amount of China government bonds invested by overseas investors accounts for 20% of the monthly increase. The total market value of China's Shanghai and Shenzhen stock markets is US$ 7.9 trillion, ranking second in the world. China stock market is becoming more and more attractive to overseas investors.
Speaking of commodities, this year's hot commodities let you know that China has become the largest and most active commodity trading market in the world, with the trading volume of black department and chemical department ranking first in the world. If you can't participate in this market, then global hedge funds are not worthy of the name. Europe and Japan took the lead in entering the era of negative interest rates, and global investors invested more and more in foreign securities in the era of negative interest rates. The way of foreign institutional investors entering China is usually the way of institutional investors. Through the form of FOF or MOM, hedge funds have the characteristics of pursuing absolute returns and stable performance returns, and become a very popular investment tool for institutional investors. As of June 20 16, there are 238 institutional investors who have invested in hedge funds with the scale exceeding 10 billion dollars, and the allocation scale of hedge funds is 735 billion dollars, accounting for 25% of the total scale.
2. The global allocation of domestic residents is in the ascendant.
By 2020, the scale of wealth management will reach 174 trillion yuan. China's private sector's net foreign investment remains at a negative level, while Japanese private sector's net foreign investment is as high as $2 trillion. In the picture, blue is the private sector's foreign investment in Japan, and red is the private sector's foreign investment in China. China's negative assets exceed $1 trillion, while Japanese positive assets exceed $2 trillion. If China's private sector changes from a negative $1 trillion to Japanese, it means that nearly $3 trillion of assets will go to the sea for asset allocation.
3. The global influence of China Bank is very prominent.
China's economic volume and China's rapid development began to appear in the global asset market through the independence of China Bank. What do you mean? In the past, the RMB of the Bank of China was pegged to the US dollar, so the US monetary policy limited the operating space of the Bank of China. Looking at the monetary policy of the United States is equivalent to looking at the monetary policy of China, which is very consistent. However, the exchange rates between China and the United States began to interact, and China gradually decoupled from the US dollar, which reflected the influence of the Bank of China on global assets.
The change of China's central bank's monetary policy not only directly affects China's financial and real economy, but also has an important impact on global finance and economy, especially this year. The red line is the size of central banks, but the size of central banks in various countries is the largest. The influence of Bank of China is outstanding, mainly manifested in the impact of two exchange rate fluctuations on the global market this year, one in August last year, and the other in June this year at 5438+ 10. Due to the exchange rate fluctuation caused by RMB depreciation, the depreciation of RMB in the past was very small, only 2%-3% at a time, and it was a fairly stable currency. However, this devaluation has caused great fluctuations in the global financial market, which is the same as the fluctuations in the global financial market.
Because China local private equity funds have a more thorough and profound understanding of central bank policies, China hedge funds have a unique advantage in understanding China's national conditions and China's policies. This advantage has not been brought into play before, mainly because of the overall linkage between China and the United States. Now the independence of China's monetary policy has been greatly strengthened.
Private equity funds in China will become the main force to undertake overseas capital's demand for asset allocation in China, and will also become a new force to help domestic capital allocate assets globally. With the influence of Bank of China, domestic private equity funds will face unprecedented development opportunities. The establishment of overseas private equity funds is also very satisfactory. In the past two years, China has greatly strengthened its efforts to set up overseas private equity funds.
Third: Make China Private Equity Fund better and stronger.
After 13 years of development, China's private equity funds started in 2003 and gained legal status in 20 13, which greatly promoted the development of China's private equity funds.
How to connect with international first-class hedge funds? There are four aspects: first, to establish an investment and research system with a global perspective; second, to have a wind tunnel system and fund legal framework in line with international practices; third, to fully understand international financial regulatory rules; and fourth, to understand international rules. China's private equity funds need to abide by the eight bottom line requirements and consciously regulate the development of private equity funds.
A good environment is needed to strengthen private equity funds in China, which includes these aspects. In order to form a globally recognized fund legal framework in China and form a number of private equity fund gathering places that are injected into Hangzhou Fund Town as demonstration effects, you must have entities; On the other hand, it is necessary to improve the legal framework and global investment channels of private equity funds in China in terms of issuance and investment operation, and learn from the cooperation model of third-party professional institutions such as custody and administrative services. The fund structure in line with international practice will be beneficial for overseas investors to directly subscribe for domestic private equity funds. Although there are fund towns now, although many foreign asset allocation institutions are very interested in domestic private equity funds, so far there is still no way to directly invest in domestic products because the legal framework at home and abroad is far from each other. PB system is needed to provide a bridge for domestic private equity investment.