China’s top securities regulator promised on Monday to crack down on mismanaged private funds and weed out fake ones, as the government becomes more assertive in dealing with an industry worth $9.28 trillion.

China aims to channel more household savings into the capital markets to fund innovation and support its economic recovery, while reducing the economy’s reliance on bank lending.

Chairman of the China Securities Regulatory Commission Yi Huiman said fund managers should align their interests more closely with investors, and refrain from hyping their products.

“China is actively promoting high-quality growth of its capital markets, and healthy development of the 60 trillion yuan fund industry is a crucial part of it,” Yi told a meeting held by the Asset Management Association of China.

By July-end, the country’s mutual fund industry stood at 23.5 trillion yuan, 1.6 times the size at 2016-end, Yi said.

The private securities fund sector doubled to 5.5 trillion yuan, and its private equity and venture capital industry tripled to 12.6 trillion yuan during the period.

Despite a recent cleanup of China’s private fund industry, there’re still many small and weak players hampering the high-quality growth of the sector, Yi said, adding that the regulators will publish new rules in due course.

Yi urged fund managers to prioritize clients’ needs and interest, as “it happens from time to time that funds make money, but investors don’t”.

He asked money managers to address the issue of fund churning, in which fund salespeople, seeking higher commissions, encourage investors to redeem existing funds and subscribe to just-launched ones, resulting in massive fund flows.