China’s fund assets have surpassed the 80-trillion-yuan (about 11.4 trillion U.S. dollars) mark, data from the Asset Management Association of China showed on Wednesday.

As of the end of the third quarter, the total value of China’s public fund assets, private fund assets, and private asset management products of securities and futures institutions had grown by 11 percent year on year to above 80 trillion yuan, the association said.

Specifically, China’s public fund assets rose by 14.6 percent year on year to 36.74 trillion yuan (about 5.22 trillion U.S. dollars), while private fund assets climbed 10.4 percent to nearly 22 trillion yuan (about 3.12 trillion U.S. dollars).

Xuan Wei, chief strategist at China Asset Management Company, attributed the vibrancy of public funds to investors' confidence in China’s high-quality economic development.

He noted the industry is vigorously promoting equity public funds and index investing, saying the significant increase in the issuance of index funds and pension funds has provided investors with a wide range of low-cost, transparent, and efficient investment options.

Among public funds, equity funds saw the largest increase, growing by 39.4 percent year on year, followed by bond funds at 9.3 percent, money market funds at 12.5 percent, and hybrid funds at 15.1 percent.

Meanwhile, private securities funds outpaced other private funds with an increase of 32.3 percent year on year, while private equity and venture capital funds grew by 2.2 percent and 6.3 percent year-on-year, respectively.

Since the State Council released a guideline on strengthening regulation, forestalling risks and promoting the high-quality development of the capital market last April, the quality and investment value of listed companies have gradually increased, and their awareness of the need to reward investors has gradually grown, making equity assets more attractive to investors in a low-interest-rate environment, according to Yang Ling, vice chairwoman of StarRock Investment Management.

The rise of the fund industry will not only add dynamism to the capital market but also guide the stock market toward a future with more professional, long-term investment, Yang said.