CHINA-ECONOMY: CHINESE BANKS STRUGGLING TO COMPLY WITH NEW RULES FOR WEALTH ASSET MANAGEMENT

Caixin (June 22) reported that halfway through what’s supposed to be the final year of a transition to sweeping new rules covering asset management in China, the $3.9 trillion bank-based sector of the industry is deeply mired in a struggle to accomplish all it needs to by the end of 2021. Wealth management products (WMPs) issued by banks, which account for a third of the $13 trillion industry, face the most dramatic transition under the new rules. While some of the WMP units newly created by banks under the regulations have made significant progress in revamping their businesses, sketchy practices remain, according to industry experts.





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