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China launched 90 funds, raised 390 billion yuan (US$50.4 billion) and registered 7.78 million new accounts in 2006, according to the latest statistics released on Saturday.

 

Since 1992, China has launched more than 300 funds. These funds are valued at over 1 trillion yuan, accounting for 19 percent of present stock market, data from the Second Annual Conference of the Chinese Security Investment Fund Industry showed.

 

 

The country experienced a fund frenzy last year as retail investors shifted low-interest bank deposits into the bourses, which surged 130 percent last year after a four-year slump.

 

Thanks to the booming stock market, equity funds continue to lead the increase and took up nearly 50 percent of the market share in 2006. The number of fund-buyers reached 14.27 million by the end of last year.

 

"The growth rate of fund capital reached 82.6 percent," said Du Shuming, research chief of Galaxies Securities, adding the fund-buying frenzy will last for "a long period".

 

However, average annual yields of equity funds have undergone huge fluctuations since 2002 and even lost 11.9 percent in 2004, according to figures released earlier by the Galaxies Securities.

 

(Xinhua News Agency March 25, 2007)