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(Xinhua)
Updated: 2008-01-04 08:40

BEIJING -- Chinese funds have struck a spectacular growth in 2007, as they now managed 3,199.74 billion yuan (US$438.32 billion), more than two times the money they had in 2006.

It is so far the biggest annual growth achieved in China's fund business ever since the country kicked off its first two funds back in 1998.

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Funds under the Qualified Domestic Institutional Investors (QDII) program that make overseas investment were yet not included in the count-up concerning 58 mainland fund management companies across China by the end of last December, according to financial data provider Wind Info.

The increase was largely boosted by the remarkable performance of Chinese stocks in the past year, as equity funds that used their money to buy shares amounted to 2,456.78 billion yuan, taking up 77 percent of all funds invested in securities.

It included 2,220.51 billion yuan worth of open-end equity funds and 236.27 billion yuan worth of close-end ones.

Topped by Shenzhen-based fund company Bosera Funds, which has absorbed 226.1 billion yuan by the end of 2007, there are nine fund companies that each has more than 100 billion yuan under custody.

But the small and medium sized funds are quickly expanding, growing by more than four times on average, which has diversified the concentrated business. The proportion of money managed the top five fund companies against the total dropped 8 percent to 31 percent over last year.