Yuan-denominated private equity fundraising declined for a second straight year in 2013 as consolidation continued in the domestic private equity industry, and initial public offerings were suspended in the Chinese market, according to PricewaterhouseCoopers.

With IPO approvals having resumed in late 2013, there will be more PE exits from investments and more new deals this year, as well as a larger amount of funds raised, PwC said in a report.

"China's PE market developed strongly in 2013 and picked up throughout the year.