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Fifty-three mutual funds in China reported operating profits of 49.96 billion yuan (6.46 billion U.S. dollars) in 2006, thanks to the country's bull markets.

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Their net incomes totaled 22.28 billion yuan, while paper profits reached 27.69 billion yuan, according to the annual reports of 53 mutual funds that launched by ten fund management firms.

The record operating profits were seven times greater than the seven billion yuan earned in 2005 by all 206 mutual funds under 46 fund management companies in China.

The country experienced a fund investment frenzy last year as investors transferred their low-interest bank deposits to the bourses, which surged 130 percent last year after a four-year slump.

China raised 390 billion yuan in 90 new mutual funds and registered 7.78 million new accounts in 2006, according to the Second Annual Conference of Chinese Security Investment Fund Industry held on Saturday.

Since 1992, China has launched more than 300 mutual funds. The funds are valued at around one trillion yuan, accounting for 19 percent of the present stock markets.

"The number of fund-buyers has reached 15 million and the fund-buying frenzy is expected to last for a long period," said Du Shuming, head of the Fund Research Center at Galaxies Securities.

Fund managers point to a number of factors to support their prediction that equity markets will continue to grow. They say China's robust economy,excessive liquidity, appreciation of China's currency and bright prospects for corporate profits will lead bonds to new growth.

Puhui Fund, however, acknowledged that more volatility was expected in the stock markets this year as the A-shares appear overvalued.

(For more biz stories, please visit Industry Updates)