Reuters Reports: China’s private equity industry is cooling, with fundraising on course for one of its worst years since the global financial crisis and returns under pressure, hurt by tighter domestic liquidity following Beijing’s war on debt and Sino-U.S. trade tensions.

“For yuan-denominated funds, indeed some of the industry’s previous fundraising channels, money from banks for example, are getting more difficult or have simply disappeared after the new asset management regulations came out,” said Wei Ke, a partner at investment bank China Renaissance’s Huaxing Growth Capital – per the Reuters report.