CRI听力:China's fund industry to grow fivefold by 2025: UBS

UBS is forecasting that China's mutual fund assets will multiply fivefold to reach 7.5 trillion US dollars by 2025.

The Swiss bank says the growth could generate 42 billion dollars a year for fund managers.

A mutual fund collects money from many investors and then invests in securities.

Fund managers charge fees from clients for the returns they provide.

Foreign asset managers own minority stakes in 19 of China's top 30 mutual fund companies.

Last November, Chinese authorities unveiled plans to try to accelerate growth in the investment sector.

Plans are underway to allow foreign players to fully own fund management companies on the Chinese mainland as early as 2020.

International fund managers including BlackRock, Vanguard and Invesco are moving to gain independent business licenses because of the policy change.

With more on this, CRI's Paul James spoke with John Ross, Senior Fellow with Chongyang Institute for Financial Studies, Renmin University.

That was John Ross with Renmin University's Chongyang Institute for Financial Studies.