China's Public Fund Industry Shrinks to RMB39.11 Trillion in July 2026

The total size of China's public fund industry retreated in July. According to the latest data from the Asset Management Association of China, the industry's total assets stood at RMB39.11 trillion at end-July, down RMB563.063 billion from the previous month. Prior to this, the industry had set fresh record highs for three consecutive months, first breaking above RMB39 trillion at end-April, reaching RMB39.48 trillion at end-May, and further climbing to RMB39.67 trillion at end-June. In July, market volatility intensified, and net asset values of most public fund products pulled back, dragging down the total size. However, total fund shares rose to 33.90 trillion units at end-July, up 845.631 billion units month-on-month, an increase against the trend.

By fund type, mixed funds saw the most pronounced shrinkage, with total assets falling to RMB3.83 trillion at end-July, down RMB847.144 billion month-on-month, while total shares dipped only 23.063 billion units to 2.49 trillion units. Equity funds saw total assets edge down RMB45.104 billion to RMB4.99 trillion in July, but shares rose by 496.366 billion units to 4.05 trillion units. Bond funds declined by RMB158.696 billion to RMB11.95 trillion, QDII funds fell by RMB52.923 billion to RMB1.02 trillion, and FOFs decreased by RMB5.266 billion to RMB0.33 trillion.

Money market funds were the only category to post positive growth in July, with total assets rising by RMB537.567 billion to RMB16.16 trillion. As of end-July, there were 165 public fund management institutions in China, including 150 fund management companies and 15 asset management institutions with public fund qualifications.