JPMorgan funds joint venture China International Funds Management plans to raise as much as 8 billion yuan ($1 billion) with a retail fund investing in consumer-related stocks. Mandy Wang, CIFM's chief executive, says the new fund - to be called China Consumption - should be launched in the first half of this year, pending regulatory approval. "It's a local equity fund. We'd buy the China domestic demand story," said Ms Wang, who said the final size of the fund would depend on market conditions. China Consumption would be CIFM's sixth funds venture, but the announcement comes at a volatile time in China's stockmarkets, with the Shanghai market plunging 9 per cent on one day last week.