Commercial banks get wealth act together

Commercial banks are accelerating efforts to adjust their wealth management products or WMP business according to new regulatory requirements, as China is stepping up control over financial risks.

It is expected that China will soon formally launch guidelines to tighten rules on the asset management business of various financial institutions.

Top leaders of the country have approved new regulations for the asset management sector to tackle off-balance-sheet lending and eventually address China's debt problems, bankers said.