SHANGHAI -- Shanghai Hedge Fund Park was launched on Friday to gather the industry's talents and enterprises as part of the Chinese commercial hub's ambitions to rise as a global financial center.

The park -- the first of its kind on the Chinese mainland -- is located in the city's Hongkou district. It is dedicated to providing comprehensive, professional and efficient services to hedge fund operators, said Ge Ping, director of the district government's financial affairs office.

The government is committed to building a sound financial system in the park that includes banks, brokers, fund corporations, financial data service providers and third-party sales institutions, said Ge.

"Hedge fund products are complicated and professional. The clients are more high-end and there is huge market demand in China," said Yang Wenbin, chairman of Shanghai Howbuy Fund Sales Company Limited.

Yang plans to build a hedge fund laboratory in the park where hedge fund talents can carry out simulated operations and develop products.

Hedge funds, a type of pooled investment vehicle, are burgeoning in China, with private equity funds being the major players.