Jan 15, 2022 11:39 AM (GMT+8) · EqualOcean
Financial Associated Press, January 15 - Cao Yu, member of the Party committee and vice chairman of the China Banking and Insurance Regulatory Commission, said at the global wealth management forum • Shanghai suhewan summit today that the banking insurance industry has basically completed the rectification task during the transition period of asset management business by the end of 2021, which is in line with expectations as a whole. He revealed that by the end of 2021, principal guaranteed financial products, non-compliance and short-term financial products had been cleared, and most banks had completed the rectification of financial stock as scheduled, especially small and medium-sized banks. In addition, insurance asset management products have basically realized the net worth transformation, the product investment operation has been further standardized, the proportion of financing trusts has been declining, the channel business has decreased significantly, and the cumulative pressure drop of non-conforming trust projects has exceeded 80%.