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China’s move to expel more than 2,000 investment companies from its opaque private fund market marks just the beginning of a big drive to rid the market of illegal funds, according to a former Chinese regulator.
据中国一名前任监管者介绍，中国从不透明的国内私募基金市场注销2000多家投资公司的举动，只是标志着清理市场门户、驱逐非法基金的大规模努力刚刚开始。
China’s Securities Regulatory Commission last week embarked on a clean-up of the country’s private fund market amid concerns that the savings of tens of thousands of Chinese citizens could be exposed to fraud.
中国证券监督管理委员会(CSRC)一周前宣布整顿国内私募基金市场。目前人们担忧无数中国公民的储蓄可能沦为欺诈行为的牺牲品。
The CSRC said it had uncovered growing evidence of illegal fundraising and operations like Ponzi schemes in which no real investments are made.
中国证监会表示，它已发现越来越多的证据表明，存在非法集资以及庞氏骗局等操作，在这些骗局中，资金根本没有得到投资。
More than 2,300 complaints were filed with the police in the first quarter of 2016, increasing the pressure on authorities in Beijing to act.
2016年第一季度，警方接到了2300多个投诉，加大了要求中国有关部门采取行动的压力。
“This is just the beginning of the clean-up,” said the former regulator, who requested anonymity. “We will see more efforts to improve disclosure standards and eventually the introduction of inspections to verify the information provided by private managers.” The result would be many more expulsions, he added.
“这只是整治行动的开头，”这位要求匿名的前监管机构官员表示。“我们将看到更多努力，要求提高信息披露标准，最终将引入检查制度，以核实私募基金管理机构提供的信息。”他补充说，结果将是更多注销。
The regulator ordered those investment companies that had failed to provide appropriate legal documentation to exit the market. The reforms are designed to reduce fraud and encourage investors to move into safer regulated funds.
监管机构命令未能提交适当法律文件的私募基金管理机构退出市场。这些改革的目的是减少欺诈，并鼓励投资者进入安全系数较高的受监管的基金。
Around 25,800 organisations managing assets of Rmb5tn ($769bn) are registered in China’s private fund sector, which was unregulated until June 2013.
中国私募基金部门大约2.58万个注册机构管理着5万亿元人民币（合7690亿美元）资产，该行业在2013年6月之前是不受监管的。
Thousands of new participants have entered the market over the past three years, but officials have found it difficult to conduct appropriate checks and complaints to the authorities about fraud and illegal fundraising have spiked.
成千上万的新参与者在过去三年进入市场，但官员们发现很难进行适当的检查，同时受害者向当局提交的欺诈和非法集资投诉出现飙升。
“We are seeing a crackdown on illegal fund management operations and a big focus on driving activity into the licensed and regulated market,” said Stewart Aldcroft, Asia chief executive of CitiTrust, the securities and fund services arm of Citigroup.
“我们看到当局打击非法基金管理业务，并聚焦于推动投资活动进入持牌和规范的市场，”花旗集团(Citigroup)旗下证券与基金服务机构CitiTrust的亚洲区首席执行官斯图尔特•奥尔德克罗夫特(Stewart Aldcroft)表示。
He said the recent appointment of Liu Shiyu, the former president of the Agricultural Bank of China, as chairman of the regulator had provided a new impetus in the drive for reform.
他表示，最近原中国农业银行(Agricultural Bank of China)董事长刘士余被任命为中国证监会主席，此举为改革注入新的动力。
Yoon Ng, director of Asia-Pacific at Spence Johnson, the research company, said 90 per cent of the companies operating in the fragmented private funds industry had less than Rmb1bn ($154m) of assets and so the industry was long overdue a revamp.
研究公司Spence Johnson亚太区总监Yoon Ng表示，在高度分散的中国私募基金行业里开展业务的公司，有90%只有不到10亿元人民币（合1.54亿美元）资产，因此该行业早就应该进行整治。
“The clean-up could be good news for foreign managers,” she said.
“这场清理对外资管理公司可能是好消息，”她说。
