Xianglong Dai, Director of the National Council for Social Security Fund declared on June 11 that less than RMB5B industrial funds will execute recording system, according to the National Development and Reform Commission (NDRC). That means, industrial funds sized below RMB5B will not need to get approval from the State Council, but to get registration and recording from the local development and reform commissions.

Mr. Dai also said the industrial funds awaiting approvals reach RMB120B; the pilot measures will be probably performed soon.

Previously, the establishment of industrial funds should get approved by the State Council; only after they get approved can they raise funds.

"To develop direct financing, especially funds or PE financing is essential to enterprises, investors, the market mechanism and also national macro control. The key to solve this problem is to renew people's cognition". Mr. Dai Said.