Creation of Sino-foreign mutual fund JV

China's first Sino-foreign mutual fund joint venture has been set up in Shenzhen, Guangdong province, Xinhua reported. The joint venture is operated by ING of the Netherlands, which holds 30 per cent, China Merchant Securities with 40 per cent and three other Chinese partners holding a combined 30 per cent. Regulations on the establishment of Sino-foreign mutual funds were introduced last July.