China's privately offered funds expand in April

BEIJING - The scale of China's privately offered funds stood at 20.75 trillion yuan ($2.95 trillion) at the end of April, according to data from an industry association.

The figure rose 2.05 percent from the previous month, according to the Asset Management Association of China.

The number of registered privately offered funds exceeded 153,700 as of the end of April, and 22,270 institutions managed these funds, the data showed.

Established in 2012, the association is a self-regulatory organization that represents China's mutual fund industry.