China's mutual fund industry had a record year of product launches - Shanghai Sec News

Credit: REUTERS/Thomas White

SHANGHAI, Dec 31 (Reuters) - China's mutual fund industry witnessed a record year of product launches in 2019, the official Shanghai Securities News reported on Tuesday.

A total of 1,040 new funds were launched during the year, raising a record 1.41 trillion yuan ($201.82 billion), according to the newspaper.

Nearly 500 new bond funds were established, raising 893.4 billion yuan, or 63.2% of the industry's total new fundraising, the article said.

This year also saw the launch of 212 new equity funds and 305 balanced funds, which raised 238.8 billion yuan and 267.97 billion yuan, respectively, according to Shanghai Securities News.

Ninety exchange-traded funds (ETFs) were launched, raising 175.4 billion yuan, nearly doubling from the previous year, the newspaper said.

China's stock market has gained over 20% this year, aided by Beijing's economic stimulus measures and hopes of a trade deal with the United States.

Equity-focused mutual funds achieved an average return of 44%, far outperforming the benchmark, the article said.

($1 = 6.9864 Chinese yuan renminbi)

(Reporting by Samuel Shen and Emily Chow; Editing by Shailesh Kuber)

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