RIYADH: Assets under the management of China’s public offering funds totaled 27.25 trillion yuan ($3.95 trillion) by the end of January 2023, the Asset Management Association of China reported on Sunday.
By the end of last month, a total of 10,607 public offering funds were being operated by 142 fund management companies, the association said.
The data revealed that the scale of closed-end funds reached over 3.58 trillion yuan, while open-end funds stood at about 23.67 trillion yuan.
The association said that of the 142 fund management companies, 47 were foreign-funded and 95 were domestic firms.
In the same breath, data from the country’s top banking and insurance regulator showed that Chinese banking institutions saw a steady asset expansion in 2022.
Local and foreign currency assets of these institutions totaled 379.4 trillion yuan at the end of last year, up 10 percent year-on-year, according to the China Banking and Insurance Regulatory Commission.
A breakdown of the asset data showed that large commercial banks accounted for 41.2 percent of the total, while joint-stock commercial banks contributed 17.5 percent.
The country’s commercial banks reaped combined net profits of 2.3 trillion yuan in 2022, up 5.4 percent from 2021.
By the end of last year, the nonperforming loan ratio of commercial banks stood at 1.63 percent, lower than the level at the end of the third quarter of last year.
