The Asset Management Association of China has updated the scale of the surging fund market in China, China Securities Journal reported.
As of September, there are 113 fund management companies in China, including 45 sino-foreign joint venture firms and 68 domestic companies.
Approximately 12 out of 113 are securities companies with licenses to manage public mutual funds or asset management subsidies of securities companies. That figure also includes two insurance management companies.
At the end of September, the amount of public mutual funds held by the 113 companies totals 11.14 trillion yuan (US$1.68 trillion).