BEIJING — The scale of China's public offering funds had declined month-on-month by the end of March, data from the Asset Management Association of China shows.

The net asset value of the funds totaled 21.56 trillion yuan (about $3.35 trillion), decreasing 221.85 billion yuan compared with the figure logged in February, according to the data.

By the end of March, public offering funds were operated by 134 fund management companies, of which 90 were domestic firms and 44 were joint ventures.

China's asset management industry has decelerated its expansion in recent years as authorities have tightened regulations to contain rising risks from wealth management products.

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