China's publicly offered funds hit new highs in 2025, with the scale of exchange-traded funds (ETFs) reaching 5.78 trillion yuan (around 821 billion U.S. dollars) by Friday, representing a growth of more than 2 trillion yuan, or 53 percent, within the year, according to financial data provider Wind Information.
The ETF market has undergone a much faster growth, with the scale rising from 4 to 5 trillion yuan in just four months. Previously, it took 14 years for the number to rise from 0 to 1 trillion.
Two batches of sci-tech innovation bond ETFs were listed successively in July and September this year. So far, the scale of 24 sci-tech innovation bond ETFs has reached 257.664 billion yuan, an increase of 269 percent compared with the issuance scale of 69.773 billion yuan. Among them, the scale of 16 ones has each topped 10 billion yuan.
Meanwhile, China also saw significant growth in the fund of funds (FOF) this year. As of Dec 17, the fund-raising scale of the 79 FOFs established within the year reached 80.354 billion yuan, exceeding the total issuance of the previous three years. The average issuance scale of a single product reached 1.049 billion yuan, more than three times that of 2024.
China's ETFs increase 53 pct in 2025
China's top housing authority has pledged to stabilize the real-estate market, rolling out a package of measures centered on city-specific policies to reduce inventories and optimize housing supply.
At a national conference held in Beijing on Tuesday, the Ministry of Housing and Urban-Rural Development announced that stabilizing the real estate market will be a central priority next year.
In 2026, local governments across China are expected to focus on city-specific policies aimed at controlling new housing supply, reducing existing inventory, and optimizing housing availability. Efforts will be integrated with urban renewal projects and the redevelopment of urban villages to revitalize and better utilize existing land resources. Authorities will also promote the acquisition of unsold commercial housing stock for conversion into affordable housing, resettlement units, dormitories, and apartments for skilled professionals.
The supply of government-subsidized housing will be optimized and implemented with greater precision, while a national housing quality improvement initiative will advance the orderly construction of "good homes." The role of the real estate project "whitelist" system will be further expanded to support the reasonable financing needs of property developers.
Municipal governments are encouraged to make full use of their autonomy in real estate regulation, adjusting and refining housing policies as appropriate to support both rigid and improvement-oriented housing needs, thereby fostering stable operation across local property markets.
China will also accelerate the formation of a new development model for the real estate sector. This includes building a foundational institutional framework, solidifying the corporate-based project development model, implementing a lead bank system for real estate financing, and promoting the sale of completed homes, effectively reducing the risk of delivery failures. For areas that continue with pre-sale practices, stricter oversight will be applied to the management of pre-sale funds to protect buyers' legal rights.
At the same time, reforms to the housing provident fund system will be deepened. The government will launch a campaign to improve the quality of property services and explore a new model of community governance led by grassroots Party organizations in collaboration with neighborhood committees, homeowners' associations, and property management companies. Moreover, the "property services plus lifestyle services" model will be explored, expanding property-related services into households.
China pledges to stabilize property market
