BEIJING - The scale of China's public offering funds hit a record high by the end of 2020, data from the Asset Management Association of China showed.

The total assets managed by the funds reached 19.89 trillion yuan (about US$3.08 trillion) by the end of December, according to the association.

The public offering funds were operated by 132 fund management companies, of which 88 were domestic firms, and the rest were joint ventures.

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China's asset management industry expanded at slower paces 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.