China's bank wealth management market expands steadily

BEIJING -- China's bank wealth management market enjoyed steady growth momentum in the first quarter, industry data indicated on Tuesday.

The balance of wealth management products stood at 29.14 trillion yuan ($4.04 trillion) at the end of March, up 9.41 percent year-on-year, according to the latest data provided by the China Banking Wealth Management Registration and Depository Center.

At the end of the first quarter, the number of wealth management products increased by 0.67 percent year-on-year to 40,600, offered by a combination of 215 banking institutions and 31 wealth management companies, the center said.

Meanwhile, support for the real economy from bank wealth management products stood at nearly 20 trillion yuan, the center added.

The number of investors holding wealth management products in the banking market rose by 6.73 percent year-on-year to 126 million by the end of March, the data showed.