| The opening of the private equity market is an important step for China to enter into the international financial market. Also it is a necessary process for the opening of Chinese capital market. According to the commitments to schedules in the securities service sector after China's accession into the WTO, China has already opened its securities investment fund to the world and gives permission to the establishment of the joint venture fund management company. The investments of foreign and domestic funds to the securities market are permitted via QDII and QFII.But due to the legislation defect and the confusion of supervision, the foreign private equity can easily avoid the domestic supervision. The merger and acquisition (M&A) led by foreign private equity acts vigorously which involve great lose of the tax and state owned assets has already endanger our economic security. On the other hand, because of the domestic legislation defects and strictly foreign exchange control system in China, there is no system like QFII in the area of equity fund. When setting RMB fund, foreign equity fund faces many obstacles. The funds oversea are not been fully used by our country. The purpose of this study is to attempt to improve the legal system on the gradual opening of the private equity fund in China, offering legal basis and help to build a legal system of the opening of the private equity, meanwhile ensuring the national economic security,Firstly, this thesis generally introduces the opening of the private equity market, explains the concept and the characteristic of PE. Secondly, the thesis analyzes the existing legal system of PE and points out the defect of existing legal system. At last, the thesis offers the suggestion for the improvement of the legal system on the opening of private equity fund in China. The thesis near 34,000 words is totally divided into three parts:The first part is the general introduction of the opening of the private equity market, gives a detailed description of definition characteristics and the process of the opening of the PE market. The first part introduces the current situation and the process of the opening of the PE market. The author holds the opinion that: though the merger and acquisition (M&A) led by foreign private equity acts vigorously in China today, but the market of PE can not be recognized achieved the goal of opening.The second part is the analyses of the current legal system for PE.The private equity can't be involved in legal framework of China until now. But we can see details from the current law such as company law, partnership law, security law and some department rules. Depends on the analyzes of the current laws, the author puts forward his ideas of the deficiency of current laws. There existing problems in organizational form of the existing legal system, foreign exchange system, tax systems in our country that is not conductive to the development of private equity funds.The third part, the author attempt to build China's legal system for the opening of PE.Firstly, the author put forward the general idea for the opening of PE. Foreign M & A by PE, the author holds the opinion that it is a new form of foreign investment. The right attitude toward foreign PE is to strengthen the domestic supervision and make PE run on bank, not prohibit it or"Laissez-faire". On this basis, the author tries to build up the legal system for the opening of private equity funds. China's private equity fund market opening legal system should be constructed as"Equity Investment Fund Law"as the core,on the basis of stage legislation consist of"Measures for the Administration of equity investment outside the territory of China by Qualified foreign limited partners","Management Measures for Sino-foreign joint equity funds","Domestic security review system for foreign merger and acquisition", set the"Company Law","Partnership Enterprise Law","Trust Law","Securities Law","National Economic Security Act"as the supporting legislation legal system.
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