China's bank wealth management products total 23.4 trln yuan at end of 2019

BEIJING -- China's banking system had a total of 23.4 trillion yuan ($3.34 trillion) of outstanding non-guaranteed wealth management products (WMPs) at the end of 2019, up 6.15 percent from one year earlier.

Some 22.33 trillion yuan, or 95.43 percent of the total, were publicly offered WMPs, while the remaining were privately offered products, according to a report jointly issued by the China Banking Wealth Management Registration and Depository Center and China Banking Association.

The report said the country's bank wealth management business has maintained overall stable operation, and the outstanding amount of WMPs has continued to expand steadily.

Amid efforts to fend off systemic financial risks, the country tightened regulations of financial institutions' wealth management and asset management businesses, unveiling rules addressing issues such as implicit guarantees by banks on WMPs.