China's mutual fund sales hit new record high in first half of year despite tepid stock market

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Mutual fund sales in China have continued to surge, with asset management companies selling a record amount of new products in the first half of this year.

The onshore money managers sold 1.6 trillion yuan ($248 billion) of newly launched funds, an all-time high for the six-month period, according to the Securities Times. That followed unprecedented annual sales that topped 3 trillion yuan last year.

According to data from Wind Information, China saw 790 new mutual funds in the first half of the year, raising a total of 1.54 trillion . . .

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