By the means of formal and informal institutional development, the NSFC s regional liaison network has played an important and unique role in the fund management.

To eliminate the intangible liability of organizations to pension premiums and build a better pension insurance system, the author tends to suggest that part of the state－owned assets be converted into fund for social security and the pension fund management be further perfected.

Liquidity risks and its countermeasures for funds management companies in China;

To eliminate the intagible liability of orgenizations to pension premiums and build a better pension insurance system,the author tends to suggest thatpartof the state- owned assets be converted into fund for social security and the pension funds management be further perfected.

Analysis on Informational Structure and the Mis-conduct of Fund Manager;

Research of Fund Manager s Loyalty Duty;

At present,such measures should be taken as reinforcing the obligation of credit reception of the fund manager for the fund holders,strengthening supervision and regulation of fund managers,perfecting information disclosure system of securities inves.

So securities companies,funds managers and investors are facing a new significant challenges.

Encouraging systems should be adopted in the land reserve investment trust supervising in China to the subjects such as funds trust and funds manager,etc.