China Securities News (Reporter Ouyang Jianhuan) Cao Yu, vice chairman of the China Banking and Insurance Regulatory Commission, said at the Global Wealth Management Forum Shanghai Suhewan Summit on January 15 that by the end of 2021, capital-guaranteed wealth management and non-compliant short-term wealth management products will be cleared. The vast majority of banks completed the rectification of the wealth management stock on schedule, especially the small and medium-sized banks have completed the rectification work on time, laying a solid foundation for the healthy development of the bank's wealth management business.
Insurance asset management products have basically achieved net worth transformation, and product investment operations have been further standardized.
The proportion of financing trusts has continued to decline, the channel business has dropped significantly, and the cumulative drop of non-compliant trust projects has exceeded 80%.
Some high-risk businesses such as complex nesting and pooling operations have been rectified and cleaned up, and the idling of funds and the transition from real to virtual have been fundamentally reversed.