Wealth management products (WMPs) in China have recorded massive growth, reaching up to RMB12.8tn ($2.1tn) by the end of May 2014, said a senior official of China’s central bank.
People’s Bank of China (PBOC) vice governor Pan Gongsheng was quoted by Xinhua as saying that the growth of China’s WMPs market has averaged at a rate of between 60% to 80% per annum for a few years before it came down to 30% to 40% in 2013.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The growth of the wealth management products was fuelled by savers and the desire of the companies for higher returns, according to the publication.
While talking to Xinhua, Gongsheng said that the government will incorporate necessary measures to ensure that the value of people’s financial assets are preserved and increased.
He added that the Chinese financial regulators are trying to control the risk associated with the wealth management market to achieve a healthy development of the sector.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
