Chinese fund industry needs benchmarks

 Jiashe(in English, Harvest) Fund Management has a problem. It wants to launch a value fund. Others exist but fail to clearly define the concept of a stock’s value, says Zhao Xue-jun, general manager in Beijing. Harvest is developing a system to screen stocks based on their price-to-book ratio along international standards. But when this product is launched, investors will have no way of discriminating this strategy against other so-called value funds. China lacks benchmarks because i…