Bye-bye Beijing: Fund managers leave for Shanghai, Shenzhen

Lower taxes, proximity to exchanges and better regulation lure fund managers away from the capital.
July 02, 2001
Of the first 10 Chinese fund management companies, six were located in Beijing. This was partly due to happenstance many of their shareholders were Beijing-based securities firms. But it was also because Beijing offers close access to wealthy institutions that are potential customers. It is Chinas second-largest centre for high-tech companies, another vein to mine. But ultimately Beijing has been a useful place to be because it is close to the China Securities Regulatory Commission CSRC and other key regulators. Little gets done in China without the official go-ahead at least not above board and proximity to mandarins is a competitive edge.

Nonetheless, this year Beijing will lose its fund management industry....

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