Nation to streamline wealth management market

China is expected to form a standardized, unified and highly efficient wealth management market with fair competition and high standards, said a recent report by Zhixin Investment Research Institute.

The country's new asset management rules will have a deep impact on its wealth management market, which will enter an increasingly regulated track of development, and will push leading players to become more professional by enhancing the quality of products and services, the China Wealth Management Report released on Thursday said.

As of the end of 2020, assets under management in China's wealth management sector reached 85.01 trillion yuan ($13.1 trillion), up 10.98 percent year-on-year. The growth of the wealth management sector in China was backed by government policies－such as the 14th Five-Year Plan (2021-25), its continuous, stable and sustainable macroeconomic measures, and the development of regional wealth management centers as a new growth driver in the sector.