China’s bank wealth management market expands

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BEIJING, May 4 (Xinhua) — China’s bank wealth management market expanded and saw more new investors in the first quarter of the year, showed industry data.

The country’s banking system had 25.03 trillion yuan (about 3.87 trillion U.S. dollars) of outstanding wealth management products at the end of March, up 7.02 percent year on year, according to the China Banking Wealth Management Registration and Depository Center.

In the January-March period, the number of investors holding wealth management products in the banking market rose to 49.8 million, up 19.63 percent from the beginning of the year.

The wealth management products have been supporting the real economy and the outstanding funds channeled to the real economy stood at 22.21 trillion yuan at the end of 2020.