China’s Mutual and Private Fund Assets Hit Record Highs
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Assets under management in China’s mutual funds and private funds rose to record levels in February 2026, as investors sought refuge in lower-risk products.
The gains underscore a tilt toward steady returns amid volatility in domestic equities, with fresh money flowing mainly into bond and money-market funds rather than stock portfolios.
Total net assets of mutual funds climbed for an 11th straight month, reaching 38.6 trillion yuan ($5.6 trillion) at the end of February, up 2.2% from January, according to data the Asset Management Association of China released on March 25. Mutual-fund assets first topped 35 trillion yuan in July 2025 and have continued to rise since.
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- China’s mutual fund assets reached 38.6 trillion yuan ($5.6 trillion) in February 2026, with growth driven mainly by bond and money-market funds.
- Equity funds fell by 79 billion yuan to 5.6 trillion yuan, while money-market and bond funds grew by 579.5 billion and 216.7 billion yuan respectively.
- Private-fund assets rose to 22.6 trillion yuan, with Shanghai and Beijing as main hubs, despite a slight drop in registered managers.
- July 2025：
- Mutual-fund assets in China first topped 35 trillion yuan.
- January 2026：
- Total net assets of mutual funds increased, setting up the 11th consecutive month of gains.
- February 2026：
- Assets under management in China’s mutual funds and private funds rose to record levels.
- February 2026：
- Total net assets of mutual funds reached 38.6 trillion yuan, up 2.2% from January 2026.
- February 2026：
- Money-market funds increased by 579.5 billion yuan to 15.85 trillion yuan.
- February 2026：
- Bond funds added 216.7 billion yuan to reach 10.75 trillion yuan.
- February 2026：
- Equity funds fell by 79 billion yuan to 5.6 trillion yuan.
- February 2026：
- Mixed funds and funds of funds rose by 93.3 billion yuan and 34.5 billion yuan, respectively.
- February 2026：
- Qualified domestic institutional investor (QDII) funds posted gains.
- February 2026：
- China’s private-fund sector rose for an eighth consecutive month to 22.6 trillion yuan.
- February 2026：
- The private-fund industry added 160 billion yuan in assets.
- By the end of February 2026：
- The number of registered private-fund managers edged down to 19,129.
- February 2026：
- Shanghai and Beijing oversaw 6.1 trillion yuan and 5.1 trillion yuan in private-fund assets, respectively.
- February 2026：
- New private-fund registrations brought in an additional 133 billion yuan nationwide.
- March 25, 2026：
- The Asset Management Association of China released updated mutual-fund data.
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