Despite a more than 40% decline in Chinese funds last year, Toronto-based Manulife Financial is determined to launch a mutual fund business in China before the end of the year.

"In 10 years time, I still believe we are looking at a $1 trillion mutual fund market," Michael Dommermuth, Manulife's head of Asian investments, told Canwest News Service. "Long term, it is a market you cannot avoid."

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