BEIJING — The aggregate of China's public offering funds topped 16.64 trillion yuan ($2.35 trillion) by the end of March this year, according to data from the Asset Management Association of China.

This marked an increase of 1.69 percent from the quantity recorded at the end of February despite impact of the novel coronavirus outbreak.

According to the association, China had 128 fund management companies by the end of March, of which 84 were domestic firms while the rest were joint ventures. There are also 13 securities firms qualified for managing public funds and two insurance asset management firms.

China's asset management business 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.