>BEIJING, June 11 (People`s Daily Online) -- The China Securities Investment Funds Association, China`s first self-regulatory organization for fund management institutions, was inaugurated in Beijing on June 7, 2012.

Guo Shuqing, Chairman of the China Securities Regulatory Commission (CSRC), believed the association will be able to play a significant role in the wealth management industry.

"It is urgent for China to establish a strong wealth management industry and the founding of the fund association is at the right time," said Guo.

The establishment of the China Securities Investment Funds Association comes at a time when China`s wealth management industry is still in its infancy and just begins transformation.

At present, the wealth management industry of mature overseas markets has entered the era of diversified investment management while China`s fund industry just began transformation and is far away from the mature overseas markets, Guo said.

"Compared with overseas institutions, China`s wealth management industry not only lacks knowledge, experience and talents but also the investment management institutions worthy of the trust of markets," the top Chinese securities regulator said.

"China`s industrial restructuring calls for the rapid development of professional wealth management services to pool private funds and channel them into the `real economy`."

Looking into the future, Guo expected the association to play a leading role in the industry.

"The China Securities Investment Funds Association should give full play to the role of a self-regulating organization," the CSRC Chairman said.

"It must break the current situation of fragmentation, small scale and lacking service ability existed in the wealth management industry and boldly innovate to lead the development of China`s wealth management industry in line with the domestic environment."

Over 400 people, including the representatives of regulatory authorities, ministries and commissions, attended the inaugural meeting of the China Securities Investment Funds Association.