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China tightens Rules on Wealth Management, Boosting Prospects for Foreign Banks

Mar 08 , 2019

China’s efforts to tighten oversight of its $20 trillion-plus wealth management industry are spurring foreign banks to speed up plans to enter the local market or expand there, six people involved in the discussions said.

China’s wealth-management industry is the fastest-growing in the world but has historically been linked to the sale of high-risk, illiquid products and lax regulatory oversight.

Recently, however, officials have begun forcing domestic banks to separate their wealth-management businesses, a move sources said was aimed at improving governance as part of Beijing’s broader push to reduce debt and limit the sale of risky products.

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