CHINA’S securities regulator is soliciting suggestions from market participants about how to speed up the development of the asset management industry, people familiar with the matter said after leaders recently vowed to boost investor confidence.

China Securities Regulatory Commission (CSRC) has asked some asset managers to come up with research reports on the topic, according to the people, who asked not to be identified as the matter is private. The steps come after a gathering in July of the Communist Party’s 24-member top decision-making body resulted in a rare pledge to “invigorate capital markets and boost investor confidence”.

The CSRC is making the requests specifically about the asset management business of securities firms, fund managers and futures companies-the areas it oversees. Assets under management by such firms stood at 67 trillion yuan (S$12.5 trillion) as of Mar 31, according to data from the Asset Management Association of China, which is supervised by the CSRC.

Broader sentiment towards Chinese markets has been shaken this month after one of the country’s biggest property developers, Country Garden Holdings, lurched towards a possible first default. The situation worsened in recent days when Zhongzhi Enterprise Group, often dubbed China’s Blackstone by local media, raised alarm after affiliated firms missed payments on some investment products.

The CSRC wasn’t available for comment.

The regulator asked for views on problems and their causes in the asset management business, along with possible solutions, the sources said. Topics include whether current laws and regulations need to be amended for the sake of better development.

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It’s also seeking suggestions on the potential unification of different laws and regulations from the nation’s two regulators overseeing the asset management industry.

In addition to the CSRC, the National Administration of Financial Regulation also looks after the sector. Established this year to replace the China Banking and Insurance Regulatory Commission, its focus is on banks and insurers.

China’s overall asset management market is expected to more than double to 280 trillion yuan in 2030, from more than 130 trillion yuan as of Dec 31, according to McKinsey & Co.

Soliciting suggestions on various market matters is a regular practice of the CSRC.

In its outreach, CSRC also asked whether the asset management industry has fully served the real economy, and the main obstacles for long-term investors such as banks and insurers to enter the market, the sources said. BLOOMBERG