HK funds industry sees China blocking MRF progress

Asian fund industry professionals are growing frustrated that the concept of mutual recognition is not being properly adopted by China's regulators just as foreign fund managers ramp up their activity on the Chinese mainland in anticipation of more open markets. One key stumbling block relates to product approvals, which is granted by the China Securities Regulatory Commission (CSRC). Stewart Aldcroft, Citi's senior adviser on fund industry issues, confirmed there was still conc…