Trust Companies Scale Back Channeling Business
China’s trust industry is showing signs of a pullback from aggressive growth that relied mainly on unchecked “shadow banking” amid a regulatory crackdown on financial risk.
Data released by China’s banking and insurance regulator Wednesday showed that assets managed by the country’s 68 trust companies via the so-called “channeling business” totaled 14.97 trillion yuan ($2.34 trillion) by the end of April, a decline of 670 billion yuan, or 4.3%, from the end of last year.
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