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Mutual funds increase 281.9b shares amid bearish market

(Xinhua)
Updated: 2009-01-25 10:23

Figures from the China Securities Regulatory Commission (CSRC) show that in 2008 China's mutual funds enjoyed an increase of 281.9 billion shares despite the bearish market that dampened investment throughout the year.

Related readings:  Mutual funds lose $93b in first quarter  Income tax on mutual funds suspended  China to relax laws on mutual funds  Cashing in on mutual funds

According to statistics ending December 31, 2008, China had 464 mutual funds, with a combined net value of 1.89 trillion yuan (about $277 billion) and a total shares of 2.464 trillion shares.

Of all the mutual funds, 89 were newly founded in 2008.

The net value of 31 closed-end funds stood at 68.55 billion yuan, accounting for 3.63 percent of the total; while that of 433 open-end funds valued at 1.82 trillion yuan, accounting for 96.37 percent.

In 2008, China's stock market experienced the worst performance in history, with the benchmark Shanghai composite index plummeted from a high of 5522.78 points in January to a low of 1664.93 points in October, down nearly 70 percent.