SHANGHAI, (Reuters) – Money raised in China by recently-launched private money plunged 44% from a month ago, according to the latest data. This is in addition to evidence that China’s economy slows down and geopolitical tensions are increasing.

According to the Asset Management Association of China, (AMAC), this disclosure reflects a decline in Chinese mutual fund fundraising. It also comes at a time when more money managers are announcing failures of fund launches or extending subscription periods.

AMAC reported that January saw a decrease of 44% in the number of private funds newly registered. They totaled 95.9 Billion Yuan ($15.16 Billions).

The association reported that 49% of total fundraising was for products that invest in stocks or bonds. Private equity and venture capital fundraising declined 25% and 17%, respectively.

China’s stock exchange has suffered from economic headwinds as well regulatory crackdowns in the tech sector and uncertainties stemming out of U.S.monetary tightening. Investor anxiety is only going to increase with the rapid expansion of Russia-Ukraine’s crisis.

Fundraising in mutual funds fell 61% in January, compared to a month ago and by 76% compared to a year earlier according Z-Ben Advisors.

Three Chinese mutual funds firms failed to create planned funds in the last week, indicating a lack of investor demand. Several others have extended their subscriptions, however.

($1 = 6.3260 renminbi)