China’s mutual fund sector has achieved a historic milestone, with total assets under management surpassing 33 trillion yuan for the first time. The latest figures from the Asset Management Association of China reveal the industry reached 33.12 trillion yuan in net assets by April 2025, marking the seventh consecutive record since February 2024.
Steady Industry Expansion
The 163 domestic public fund management institutions, including 148 fund companies and 15 qualified asset managers, have maintained consistent growth over 14 months. The sector has grown from 29.3 trillion yuan in February 2024 to its current record through multiple milestones, demonstrating the increasing importance of mutual funds in China’s financial landscape.
Product Segment Performance
Open-end funds continue to dominate the market with 29.35 trillion yuan in assets, showing strong monthly growth across all metrics. These funds added 924 billion yuan in assets, 871.8 billion units in shares, and 106 new products in April alone. In contrast, closed-end funds maintained stability at 3.76 trillion yuan with minimal monthly fluctuations.
Category-Specific Growth Patterns
Money market funds emerged as the primary growth driver, expanding by 664.8 billion yuan to reach 13.99 trillion yuan. Bond funds followed with a 140.2 billion yuan increase to 6.56 trillion yuan, while equity funds grew by 112 billion yuan to 4.58 trillion yuan. QDII funds showed modest gains, reaching 640 billion yuan.
Notably, equity funds led product innovation with 85 new launches in April, reflecting industry response to regulatory calls for greater equity exposure. Mixed funds remained the only category showing slight contraction during the period.
Regulatory Developments and Market Outlook
The China Securities Regulatory Commission’s recent “High-Quality Development Action Plan” emphasizes expanding equity fund offerings through streamlined registration and product innovation. This policy direction aligns with broader financial market reforms aimed at providing diverse investment channels.
E Fund Management’s Xu Zheng noted: “China’s economic resilience and policy flexibility continue to create investment opportunities. We maintain confidence in long-term market returns as domestic demand recovers and global economic restructuring progresses.” Industry analysts anticipate sustained growth as regulatory support and market demand converge.
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