The founding of commercial Asset management companies (AMC; Chinese: 金融资产管理公司) established by the Ministry of Finance tasked with professionally managing third-party assets was a major landmark in the development of China's financial system.
It marks a transition in Chinese regulation away from an unregulated environment toward a system where specialist companies started to operate according to a defined set of standards and regulations.
From 1998 to 1999, the Chinese government created 10 AMCs[1] in China.
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