BEIJING — China's privately offered funds reached 14.08 trillion yuan (about $1.99 trillion) by the end of 2019, industry association data showed.

The figure was up 1.38 trillion yuan, or 10.87 percent, from the end of 2018, according to the Asset Management Association of China (AMAC).

By the end of December, the number of registered privately offered funds reached 81,710, rising 9.47 percent from the end of 2018, according to the AMAC.

Some 24,471 securities, futures trading and venture capital institutions managed these funds as of the end of 2019, AMAC data showed.

Established in 2012, AMAC is a self-regulatory organization that represents the mutual fund industry of China.