原裝的KPMG2004中國合資企業投資管理分析報告.PDF28

7 Executive summary
8 I. Macroeconomic outlook:
expect strong growth with moderate inflation
9 II. Pension need in China amid an ageing population
12 III. China’s fund management industry:
a relatively young sector
16 IV. The world according to foreign fund houses:
two diametrically opposite camps
16 1. The bull’s story
19 2. The bear’s story
21 V. The world according to the Chinese fund houses:
pricing is the key stumbling block
24 VI. Conclusion:
pricing, patience and persistence are the key success factors
25 Appendices
25 Appendix 1:
List of fund managers in China
26 Appendix 2:
Overview of Sino-foreign JV players in December 2003
27 Appendix 3:
Application and approval process of a Sino-foreign JV fund management firm
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