The Banking Wealth Management Registration and Custody Center recently released the "China Banking Wealth Management Market Half Year Report (2023 First Half Year)" (hereinafter referred to as the "Report"), which comprehensively summarizes the situation of China's banking wealth management market in the first half of 2023. From the content of the report, it can be seen that the transformation of the banking and wealth management industry has achieved significant results, continuously benefiting the people, and is becoming an important source of financing for the real economy. 2023 marks the 5th anniversary of the promulgation of the new asset management regulations. The report points out that over the past five years, regulatory authorities have promoted the standardized transformation of the banking and wealth management industry, implemented precise measures to prevent and resolve risks in key areas, and successfully resolved a number of difficult issues in the industry. The industry has shown a good development trend. Under the new development pattern, the banking and wealth management industry has solidly gone through a transformation period of standardized rectification, continuously achieving new results in development, and entering a new stage of high-quality development. The report shows that in the first half of 2023, a total of 225 banking institutions and 30 wealth management companies nationwide issued 15200 new wealth management products, raising a total of 127.75 trillion yuan in funds. As of the end of June, a total of 265 banking institutions and 30 wealth management companies in China had existing wealth management products, with 37100 coexisting and continuing products, an increase of 6.88% compared to the beginning of the year; The existing scale is 25.34 trillion yuan. From the perspective of institutional types, wealth management companies have the highest number and amount of surviving products, with 16200 surviving products and a scale of 20.67 trillion yuan, a decrease of 7.09% compared to the beginning of the year and a year-on-year increase of 7.99%, accounting for 81.55% of the entire market. For the decline in the scale of existing products of wealth management companies, He Yurui, a researcher at Puyi Standards, believes that the first reason is that the haze of investors' previous' breaking through the net 'has not completely dissipated. Due to fluctuations in the bond market and other reasons, there were two net worth breakdowns in 2022, and many investors were unable to face the continuous decline in product net worth and redeemed their products one after another. Even though the "net breaking wave" has been going on for more than half a year, the panic among individual investors has not completely dissipated, which has to some extent led to a decline in the scale of wealth management companies' existing products. Secondly, the competition for various asset management products is intensifying, and some bank wealth management investors are migrating to public funds. It is worth noting that after the transition period of the new asset management regulations, the net value of bank wealth management products continues to increase. As of the end of June this year, the existing scale of net worth wealth management products reached 24.31 trillion yuan, accounting for 95.94%, an increase of 0.85 percentage points compared to the same period last year. The transition period of the new asset management regulations in 2022 has ended, and bank wealth management has basically completed various rectification tasks. Wealth management companies have become the main force in the bank wealth management market. Liu Feng, Secretary General of the China Banking Association, previously stated at the 2023 Asset Management Annual Meeting that bank wealth management has returned to its roots and opened a new chapter of high-quality development. In the view of industry insiders, although the scale of wealth management has decreased in the first half of the year, the proportion of net worth wealth management products has increased, indicating significant results in the standardized transformation of wealth management business. It is expected that with the recovery of wealth management performance and the reduction of deposit interest rates, the scale of wealth management will gradually resume growth in the second half of the year. The Chief Economist of CITIC Securities clearly stated that bank wealth management has the characteristic of being strong in the second half of the year
Edit：Hou Wenzhe Responsible editor：WeiZe
Source：economic daily
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