The mutual fund industry mushroomed in China in 2007, acording to Channel News Asia.

China's total mutual fund assets in 2007 grew from 865 billion yuan at the start of the year to 3.3 trillion yuan (about 450 billion US dollars) at year's end. That means the mutual fund industry's value in China quadrupled last year.

The growth is attributed to the desire of Chinese citizens to get thier money out of traditional bank deposits and into the stock market. A report published in the China Securities Journal said that 83 percent of people they surveyed in China viewed mutual funds as a first choice for wealth management. The survey involved about 15,000 people.