China's public offering funds reached 13.91 trillion yuan (about 2 trillion U.S. dollars) by the end of April this year, according to the Asset Management Association of China.

This retreated slightly from 13.94-trillion yuan at the end of March.

According to the association, the public offering funds were operated by 124 fund management companies, of which 80 were domestic firms while the rest were joint ventures.

China's asset management business has expanded slower in recent years as authorities tightened regulations to contain risks arising from wealth management products.

In 2017, draft guidelines unified rules covering asset management products issued by all types of financial institutions, requiring them to set leverage ceilings.