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ARTICLE · 23 FEBRUARY 2010

The Growth of RMB Funds in China

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2009 proved to be a pivotal year in China's regulatory development of its nascent private equity market.

ChinaFinance and Banking
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Article by Phillip K. Smith , Mark Uhrynuk , Julie Zhang and Yong Ren

Originally published February 22, 2010

Keywords: RMB Funds, China, investment funds, private equity market, foreign fund managers

2009 proved to be a pivotal year in China's regulatory development of its nascent private equity market. The Chinese central government, as well as several municipal authorities, enacted a number of rules and regulations to enable RMB funds (investment funds whose capital commitments and contributions are denominated in China's domestic currency) to become the fund platform of choice for China's private equity market.

These new rules and regulations were released to encourage and facilitate the formation and operation of RMB funds, culminating with the State Council's November 2009 issuance of the "Measures for the Administration on the Establishment of Partnership Business by Foreign Enterprises or Individuals in China" (the "Measures"). Various

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