China takes aim at private funds

• Huiman also decried public solicitation for private funds, which he said are at "in a critical period of transformation and development."

By the numbers: Chinese private equity and VC funds manage an estimated $2 trillion, more than tripling over the past four years. A lot of that growth was actively encouraged, and sometimes even directly enabled, by a government that believed its private sector was too reliant on bank lending.

The bottom line: This was a shot across the bow; a "clean your room or else" sort of message. If it's not heeded, Chinese regulators might be much more prescriptive, or even punitive, the next time around.