21st Century Business Herald:

Many residents and enterprises invest through asset management products such as wealth management products and funds. My question is how did asset management products perform in the first half of this year? Thank you.

Zou Lan:

Thank you for your question. I would like to invite Mr. Yan to answer it.

Yan Xiandong:

Thank you. Asset management products have maintained a relatively high growth rate since the beginning of this year. By the end of June, the total assets of asset management products reached 124.8 trillion yuan, a year-on-year increase of 12.7%, with the balance increasing by 4.6 trillion yuan compared to the beginning of the year. This included 34.8 trillion yuan in bank wealth management products, 42.9 trillion yuan in public offering funds, 25.3 trillion yuan in asset management trusts, and 21.8 trillion yuan in asset management products from insurance companies, securities and funds firms, futures companies, and financial asset investment enterprises.

In terms of funding sources, the fundraising of non-financial enterprises has grown rapidly, while the household sector remains the main source of incremental funds for asset management products. As of the end of June, the funds raised by asset management products from non-financial enterprises increased by 24.7% year on year, marking the fourth consecutive month with a year-on-year growth rate exceeding 20%. The balance increased by 331.9 billion yuan from the beginning of the year, 353.8 billion yuan more than the same period last year. The funds raised from the household sector increased by 7.7% year on year, with the balance increasing by 1.1 trillion yuan from the beginning of the year.

In terms of fund utilization, the growth of various underlying assets has diverged, with bonds showing a significant year-on-year increase. Until the end of June, asset management products held a total of 28.5 trillion yuan in interbank deposits and certificates of deposit, up 10% year on year; 38.2 trillion yuan in bonds, up 8.4% year on year, with the growth rate rising continuously and the balance increasing by 2.2 trillion yuan from the beginning of the year; 9.5 trillion yuan in stocks, up 26.2% year on year.

The data shows that the growth rates of asset management products, capital raised from non-financial enterprises, and funds flowing back into banking system through interbank deposits and certificates of deposit are all significantly higher than the growth rates of total social financing, broad money supply, and financial institution deposits and loans. The PBC will further strengthen monitoring and analysis, enhance the implementation and supervision of interest rate policies, and intensify regulation of unreasonable market behaviors that undermine the transmission effect of monetary policies. Thank you.