Controls rein in wealth management product risks

The growth of commercial banks' off-balance-sheet wealth management products has slowed noticeably as regulators have tightened oversight to control risk.

A report released on Tuesday by global accounting and consulting firm EY, formerly known as Ernst & Young, showed that the volume of outstanding off-balance-sheet wealth management products reached 7.89 trillion yuan ($1.24 trillion) for large commercial banks in China by the end of 2017, and its growth rate was 9.23 percentage points lower year-on-year.

For listed national joint-stock commercial banks, the volume of outstanding off-balance-sheet wealth management products hit 7.97 trillion yuan, roughly the same as the volume for large commercial banks, dropping by 12.1 percent year-on-year.