BEIJING - China's asset management business expanded more slowly last year as authorities tightened regulations.

Asset management business stood at about 53.6 trillion yuan ($8.25 trillion) at the end of 2017, up 3.5 percent, according to the Asset Management Association of China.

The growth was markedly slower than the over 30 percent seen in 2016.

In breakdown, publicly offered funds came in at 11.6 trillion yuan by the end of last year, while private equity management businesses totaled 30.9 trillion yuan.

The slower growth came as authorities work to contain risks arising from wealth management products, with regulators identifying and punishing illegal activity.

In November last year, draft guidelines unified rules covering asset management products issued by all types of financial institutions, requiring them to set leverage ceilings.