China leads Asian mutual-fund market: Fitch

BEIJING -- Chinese mainland is the fastest growing mutual-fund market in Asia and will hold that position for the foreseeable future, Fitch Ratings said Wednesday in a report.

The Chinese mainland accounted for more than 3 percent of the global market in 2015, Fitch said, citing increasing incomes, high savings and the preference for bank deposits over asset-management products as major driving forces.

At the end of 2015, total mutual fund assets in the Chinese mainland, Taiwan and Hong Kong, as well as the Republic of Korea, Malaysia, Singapore and Thailand, had grown to $4.2 trillion from $2.3 trillion in 2011, accounting for 11 percent of the global market.