ETFs fast gaining popularity

Chinese fund management companies should ride the boom of pension fund-of-funds providers and work closely to develop more exchange-traded fund products for longer-term retail wealth, according to a new survey.

Assets under management of China's outstanding ETF products reached 381 billion yuan ($55.4 billion) in 2018, hitting a historical high, according to a study by consultancy Oliver Wyman released on Wednesday.

Meanwhile, assets under management rapidly grew with close to 40 new funds launched during the year.