21 Chinese banks set up wealth management subsidiaries

SHANGHAI - China has seen 21 banks set up wealth management subsidiaries, 19 of which have been operational, said Zhou Gengqiang, deputy secretary-general of the China Banking Association.

The products offered by the subsidiaries have played a positive role in creating value for investors and serving the real economy, Zhou said.

As part of efforts to fight the COVID-19 epidemic, banks and their subsidiaries have launched special wealth management products to help companies resume work and production, he said.

Up to now, the balance of the wealth management products reached around 3.6 trillion yuan ($547.5 billion).