artificial intelligence<\/a>.<\/p>\n“China’s booming emerging and future industries urgently \u200cneeds capital support,” Wu said \u2060in a speech posted on the watchdog’s website.<\/p>\n
China’s fund industry should focus on national strategies, and also “needs to improve \u2060global competitiveness and the ability to cope with external shocks.”<\/p>\n
Wu’s speech came a day after the CSRC tightened oversight of the country’s $3.4 trillion private fund \u200bindustry, and \u200bweeks after Beijing clamped down on “illegal” \u200bcross-border investment.<\/p>\n
Meanwhile, volatility is increasing \u200cin global markets. On Friday, U.S.-traded chipmakers plunged, wiping out about $1.3 trillion in market value.<\/p>\n
“External uncertainties are rising, global financial markets are fluctuating at high levels and global assets are undergoing a major rebalancing,” Wu said.<\/p>\n
“At the same time, a new wave of technological revolution led by artificial intelligence \u200curgently needs a more compatible financial system.”<\/p>\n
Wu \u200burged China’s private equity firms to play \u200ba more “strategic and fundamental” role \u200bin supporting innovation, and step up long-term investment in early-stage, \u200chard-technology start-ups.<\/p>\n
Fund managers should also embrace new \u200btechnologies such as \u200bAI to empower their business, Wu said. But he warned against concept hype, convoluted investment structures and excessive speculation.<\/p>\n
Regulators will also tighten \u200bsupervision of computer-driven program \u200ctrading to create a more level playing field and prevent unfair \u200buse of technologies, Wu said.<\/p>\n
($1 = 6.7655 Chinese yuan renminbi)<\/p>\n
(Reporting by \u200bShanghai Newsroom; Editing by Kim Coghill)<\/p>\n","protected":false},"excerpt":{"rendered":"SHANGHAI, June 6 (Reuters) – China’s top securities regulator on Saturday urged the country’s $13 trillion fund industry…\n","protected":false},"author":2,"featured_media":464597,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[363,138,235418,607,235416,219,235417,235415,28085,9484,111,139,69,235414],"class_list":["post-464596","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-artificial-intelligence","tag-business","tag-capital-support","tag-china","tag-csrc","tag-economy","tag-excessive-speculation","tag-fund-industry","tag-fund-managers","tag-global-markets","tag-new-zealand","tag-newzealand","tag-nz","tag-wu-qing"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/464596","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/comments?post=464596"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/posts\/464596\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media\/464597"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/media?parent=464596"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/categories?post=464596"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/nz\/wp-json\/wp\/v2\/tags?post=464596"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}