TMTPOST -- Major Chinese fund management firms announced a reduction in fees for a range of equity exchange-traded funds (ETFs) on Wednesday, intensifying price competition in the rapidly growing $400 billion ETF sector. The fee cuts, targeting management and custodian costs, follow a recent pledge by Wu Qing, China's chief securities regulator, to promote index investing and encourage fee reform within the fund industry. ETFs, which typically track an index and trade on exchanges, have seen explosive growth this year as fund companies vie for investor attention, particularly those disillusioned with underperforming active fund managers. These latest fee reductions are expected to attract fresh capital into a market showing signs of slowing momentum. China Asset Management Co (ChinaAMC), the country’s largest ETF manager, announced it would lower fees for eight of its ETF products, including the 160 billion yuan ($22.1 billion) China SSE 50 ETF, in an effort to "reduce investors' wealth management costs."