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Trust sector shrinks in the first quarter

China's trust industry shrank in scale in the first quarter this year while continuing its momentum in supporting the real economy. Total trust assets of the country's 68 market players reached 22.54 trillion yuan ($3.27 trillion) by the end of March, down 0.7 percent compared with the quarter of 2018, data from the China Trustee Association showed. Their first quarter business revenue also decreased by over 5 percent year-on-year as financial regulation tightens. Industrial and commercial enterprises took the lion's share of total trust investment in Q1, followed by financial institutions, basic industries and real estate.