CHINAÆS INVESTMENT FUNDS LAW

Like much of the financial services industry in China, the investment funds sector is undergoing remarkable growth.  At the end of 2003, there were 54 registered closed-end funds and 50 registered open-end funds in operation, and by March of this year there were 49 registered fund management companies.  In addition, twelve foreign-invested fund management companies had either been established or were in the formal stages of registration.