China's national social security fund opened 30 new trade accounts in January to expand investment in the domestic stock market, the Shanghai Securities Journal reported on Thursday.

The new accounts set a monthly high not seen since November 2008, which shows the strong willingness from national institutions to enter the stock market, the paper said.

The benchmark Shanghai Composite Index rose 186.38 points, or 8.77 percent in January, which strongly boosted the confidence of large and small investors. Some analysts said they believe the rise could be a signal of a bull market coming back.

Last year, China's social security fund bought shares worth 42.8 billion yuan ($6.9 billion), Guo Shuqing, chairman of the China Securities Regulatory Commission, said recently.