The Asset Management Association of China estimates that the assets under management of China’s public offering funds would total 27.25 trillion yuan ($3.95 trillion) by the end of January 2023.
As of the end of last month, 142 fund management firms managed a total of 10,607 public offering funds, according to the group.
The numbers show that the amount of closed-end funds topped 3.58 trillion yuan, while the size of open-end funds exceeded 23.67 trillion yuan.
The organization said that 95 of the 142 money management companies were domestically supported, while 47 received funding from outside.
A consistent increase in assets was seen by Chinese financial institutions in 2022, according to statistics from the nation’s top banking and insurance regulator.
According to the Chinese Banking and Insurance Regulatory Commission, these institutions’ local and foreign currency assets totalled 379.4 trillion yuan at the end of last year, a 10% increase year on year.
The breakdown of the asset data revealed that joint-stock commercial banks contributed 17.5 per cent and major commercial banks accounted for 41.2 per cent of the total.
Commercial banks in China had a total net profit of 2.3 trillion yuan in 2022, up 5.4 per cent from 2021.
The nonperforming loan ratio of commercial banks was at 1.63 per cent at the end of last year, which was lower than the level at the end of the third quarter of last year.