THE country’s securities regulator will guide mutual funds to develop fund products for private pensions, after the country launched its first private pension program last week.

The China Securities Regulatory Commission (CSRC) said in a statement late Tuesday it would guide fund managers to adhere to the concept of “long-term investment” and “value investment” and play the roles of “stabilizer” and “ballast stone” in capital markets.

The CSRC also said it would support the opening up of the country’s fund management industry and urged mutual funds to participate in the policymaking of pension fund investments.

To promote opening up of the sector, the CSRC said it will support foreign institutional investors in establishing fund management firms or expand shareholding in China, and support domestic qualified fund management companies to “go global.”

It would also help some fund houses set up subsidiaries specializing in REITs, equity investment, and pension financial services. (SD-Agencies)