BEIJING - China's public offering fund sector has maintained a stable development trend in recent years, with further measures set to boost the development of this sector in 2025, an official said at a press conference on Thursday, while detailing enhanced support for the A-share market.

Assets under the management of China's public offering funds rose to 33 trillion yuan (about $4.6 trillion) by the end of 2024 from 13 trillion yuan in 2019, according to Wu Qing, chairman of the China Securities Regulatory Commission.

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In 2025, the sales fees of public offering funds would be further slashed, saving a total of 45 billion yuan annually for investors, Wu told the press conference held by the State Council Information Office.

Chinese financial authorities unveiled a plan on Wednesday outlining measures to encourage medium- and long-term funds into the capital market to further stabilize stock performance, with Wu elaborating at the press conference that public offering funds would increase their A-share holdings of circulating market capitalization by at least 10 percent annually over the next three years.

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Wu said that efforts are being made to ensure large state-owned insurance companies allocate 30 percent of their newly added annual premium incomes to invest in A-shares starting in 2025, which is expected to inject hundreds of billions yuan of long-term capital into the A-share market each year.

The second batch of pilot programs for long-term stock market investment from insurance funds will be implemented in the first half of 2025, with a minimum scale of 100 billion yuan, gradually expanding thereafter, Wu added.