Bank Wealth Management Market Reaches RMB 33.66 Trillion in First Half of 2026, Up 9.75% Year-on-Year

As of the end of June 2026, the outstanding scale of the bank wealth management market reached RMB 33.66 trillion, up 1.11% from the beginning of the year and an increase of 9.75% year-on-year. The number of outstanding products stood at 51,200, up 10.58% from the start of the year and 22.49% year-on-year. In the first half of the year, a total of 18,200 new wealth management products were issued, raising RMB 39.21 trillion.

Wealth management products generated a total return of RMB 305.2 billion for investors in the first half, with an average annualized yield of 2.05%. Banks contributed RMB 37.9 billion of the returns, while wealth management companies contributed RMB 267.3 billion.

By institution type, as of end-June, wealth management companies had 39,100 outstanding products with a scale of RMB 31.18 trillion, up 13.46% year-on-year, accounting for 92.63% of the total market. Banks' proprietary wealth management outstanding scale was RMB 2.48 trillion, down 22.26% year-on-year. In the first half, 100 banks issued new wealth management products, 32 fewer than a year earlier; 153 banks had outstanding products, 41 fewer than a year earlier, as small and medium-sized banks accelerated their exit from proprietary wealth management.

In terms of product structure, fixed-income products had an outstanding scale of RMB 32.48 trillion, accounting for 96.49% of all wealth management products, down 0.60 percentage points from the start of the year. Mixed products stood at RMB 1.07 trillion, a 3.18% share, up 0.57 percentage points. Equity products and commodity and financial derivative products had scales of RMB 0.09 trillion and RMB 0.02 trillion, respectively. Cash management products had an outstanding scale of RMB 6.35 trillion, representing 24.26% of all open-end products, down 2.22 percentage points from the start of the year.

On asset allocation, as of end-June, total investment assets of wealth management products reached RMB 36 trillion, up 9.19% year-on-year. The balance invested in bond-type assets (including interbank certificates of deposit) was RMB 18.06 trillion, accounting for 50.17% of total investment assets, down 1.23 percentage points from 51.4% at the end of the first quarter, the lowest since the formal implementation of the new asset management regulations. Among these, credit bonds amounted to RMB 14.03 trillion and government bonds RMB 0.93 trillion. Cash and bank deposits accounted for 28.1%, public funds 7.0% (up 1.9 percentage points from the start of the year), and equity assets 1.9%.

As of end-June, the number of investors holding wealth management products reached 151 million, up 5.59% from the start of the year. Among them, individual investors numbered 149 million, an increase of 7.59 million from the start of the year; institutional investors numbered 2.1 million, an increase of 160,000. In terms of product maturity, the weighted average term of newly issued closed-end products each month in the first half ranged from 344 to 441 days. The outstanding scale of closed-end products with a term of more than one year accounted for 74.10% of all closed-end products, up 3.23 percentage points from the start of the year.

Bank wealth management funds supported the real economy with approximately RMB 21 trillion through investments in bonds, non-standardized debt, unlisted equities, and other assets. Among these, investments in green bonds exceeded RMB 420 billion, investments in special bonds for the Belt and Road Initiative, regional development, poverty alleviation, and relief exceeded RMB 110 billion, and funding support for small and micro enterprises exceeded RMB 5 trillion. The outstanding balance of ESG-themed wealth management products exceeded RMB 310 billion, while thematic products for specialized and new enterprises, rural revitalization, the Greater Bay Area, and green and low-carbon development each had outstanding scales exceeding RMB 100 billion.