China's bank wealth management market expands in 2023

BEIJING, Feb. 2 (Xinhua) -- China's bank wealth management market expanded and saw more investors in 2023, industry data showed.

By the end of last year, the number of investors holding wealth management products in the banking market rose 17.84 percent year on year to 114 million, according to the China Banking Wealth Management Registration and Depository Center.

The center said 31,100 wealth management products were launched in China's banking system last year, raising a total of 57.08 trillion yuan (about 8.04 trillion U.S. dollars).

In addition, by the end of 2023, there were 39,800 products from 258 banking institutions and 31 wealth management companies, up 14.86 percent compared to the beginning of last year, the center said.