BEIJING, 3rd February, 2024 (WAM) -- The bank wealth management products that supported the real economy reached 19 trillion yuan (about 2.68 trillion U.S. dollars) last year, according to a report released by the China Banking Wealth Management Registration and Depository Center.
Specifically, more than 3.8 trillion yuan (about US$535.08 billion) was provided for the development of small and medium-sized enterprises. Investment in green bonds exceeded 250 billion yuan (about US$35.2 billion), while investment in special bonds for regional development and poverty alleviation exceeded 110 billion yuan (about US$15.49 billion), China Central Television reported.
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 with the beginning of last year, the center said.
The outstanding scale of China's bank wealth management market reached 26.8 trillion yuan (roughly 3.77 trillion U.S. dollars), with the number of investors holding wealth management products rising 17.84 percent year-on-year to 114 million, the center added.
Throughout 2023, the average rate of return for wealth management products was 2.94 percent on a monthly basis. Over the course of the year, these products generated a total profit of 698.1 billion yuan (around 98.3 billion U.S. dollars) for investors.