BEIJING -- China's private equity (PE) fund market expanded 15.1 percent to nearly 13 trillion yuan ($1.93 trillion) in 2018, according to an industrial association.

The steady expansion of the PE fund offers capital for enterprises to innovate and grow, said Hong Lei, head of the Asset Management Association of China (AMAC).

The AMAC took in 2,802 new members last year, with total registered PE funds reaching 22,508.

Asset management business under the self-regulatory organization totaled 50.54 trillion yuan by the end of 2018, making up about half of the country's total social asset management volume.

China's PE industry is on a healthy growth track with improvements in the structure of PE managers, Hong said.