On December 31, the China Securities Regulatory Commission (CSRC) issued the "Regulations on the Management of Sales Fees for Publicly Offered Securities Investment Funds." This marks the implementation of the third phase of fee reform in the public fund industry and serves as the final policy in the series of reforms aimed at reducing fees for public funds. According to reports, following the completion of all three phases of fee reform, the overall fee levels for public funds have decreased by approximately 20%, expected to save investors about 51 billion yuan in investment costs annually. (Xinhua News Agency)