China's asset management sector grows six times in four years

BEIJING - China's asset management sector has grown six times from the size at the end of 2012, a senior official said Saturday.

A total of 50 trillion yuan ($7.26 trillion) was under the watch of China's asset management sector at the end of October, said Liu Shiyu, head of the China Securities Regulatory Commission (CSRC).

Over half of the 50 trillion yuan was managed by fund companies, and the rest by securities companies and private equity funds, Liu said at a conference of the Asset Management Association of China.

The CSRC will, as before, strongly support the development of the fund sector, and work with market players and government departments to push for the early introduction of provisional regulations on private equity investment funds, Liu said.

He also vowed to strengthen regulation, saying the CSRC will establish a uniform regulatory system to create a good environment for the sector.