China's securities regulator has approved to launch three new mutual funds on Friday.
The CITIC Prudential Fund Management Co, which is a China fund venture of British insurer Prudential, Fullgoal Fund Management Co and Wanjia Asset Management Co will all be launched.
The new funds have been agreed to invest in both stocks and bonds freely in principle by raising a combined 30 billion yuan totally.
This was Beijing's fourth approval of new funds in a month. Before, regulators had approved new funds in Feb 1st, 15th and 22th. Analysts expect the funds issued the first time and the secondary offering will add about 100 billion yuan to the stock market.
The majority of new approved funds are equity funds. Analysts said it is obvious that the regulator was eager to support the market at its current level.