China granted approval for the launch of 37 retail funds, marking a significant step in the government's endeavors to rejuvenate a sluggish stock market amid economic challenges.
approved the launch of 37 retail funds over the weekend, part of government efforts to revive a stock market struggling for lift-off in an ailing economy.
The newly-approved funds, which will guide fresh capital into the market, include 10 exchange-traded funds that track the small-cap CSI 2000 Index and seven tech-focused ETFs, according to theThe remaining 20 products are innovative mutual funds that for the first time charge investors floating fees, to be pegged to fund size, performance, or holding period.
A Chinese national flag flutters outside the China Securities Regulatory Commission building on the Financial Street in Beijing, China, on July 9, 2021.China's bluechip CSI300 Index surged more than 5% at the open on Monday, but is still down roughly 6% from an April peak.
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