China's trust sector continues to shrink in Q3 under tighter regulation

BEIJING - China's trust industry maintained its shrinking trend in the third quarter (Q3) this year due to tighter financial regulation, industry data showed Tuesday.

Total trust assets of the country's 68 market players reached 22 trillion yuan ($3.13 trillion) by end-September, down 2.39 percent from the previous quarter, data from the China Trustee Association showed.

By the end of Q3, the business revenue of the sector rose 6.42 percent year-on-year to 79.56 billion yuan, while combined profits surged 13.13 percent to around 55.94 billion yuan.

Industrial and commercial enterprises continued to take the lion's share of total trust investment in the period, followed by financial institutions, basic industries and real estate.

The balance of the trust capital invested in industrial and commercial firms stood at 5.51 trillion yuan by the end of September, accounting for 29.76 percent of the total balance.