Photo taken on Oct. 25, 2018 shows a night view of the Lujiazui area in Shanghai, east China. (Xinhua/Liu Ying)
A major British newspaper has reported that China has enhanced its status as one of the world's largest fund hubs despite the COVID-19 crisis, describing the Asian country as "a rare bright spot at a time of significant upheaval for the investment industry."
Chinese funds increased their share of the global investment market significantly in the first three months of 2020, the Financial Times reported, noting that "the breakneck growth of its fledgling investment sector continues despite the coronavirus-induced recession."
"The shift underscores the Chinese fund market's status as a rare bright spot at a time of significant upheaval for the global investment industry, which is reeling from heavy investor outflows and dramatic asset price decreases during the March market sell-off, and bracing itself for further volatility as the coronavirus crisis continues," the newspaper said.
"Competition among global fund houses for a share of the Chinese onshore market is intensifying," it added.