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Record number of Chinese subscribe to investment funds

(Xinhua)
Updated: 2007-04-09 10:04

A record 17 million Chinese had subscribed to investment funds by the end of 2006, according to a report released on Friday.

Driven by the bullish stock market, the fund market chalked up profits of more than 120 billion yuan (US$16 billion) in 2006.

The big profits have attracted more and more investors.

According to the report based on a survey of 53 fund companies, last year investors received a return of more than 271 billion yuan, a more than thirty-fold increase over the previous year.

The fund market has expanded quickly with an increase of 82 percent in assets, said the report.

The report revealed the total value of investment funds now surpasses 1 trillion yuan and accounts for nearly thirty percent of the stock's market value.