BEIJING, July 9 -- Chinese Premier Li Qiang has signed a State Council decree unveiling a regulation on supervision and administration of private investment funds.

The regulation, with 62 items in seven chapters, will come into effect on Sept. 1, 2023, the State Council said in a statement.

The regulation aims to encourage the standardized and healthy development of the private investment fund industry, better protect the legitimate rights and interests of investors, and encourage the industry to further play a role in serving the real economy and promoting scientific and technological innovation.

The regulation clarifies the scope of application, specifies the obligations and requirements of private fund managers and custodians, regulates fundraising and investment operations, makes special provisions for venture capital funds, and strengthens supervision and management as well as legal liability.