China’s bank wealth management business comes out of the shadows

China’s 25.8 trillion RMB wealth management sector represents the biggest pool of managed assets in China, larger than the 23 trillion RMB mutual fund market. The business is entering a new phase of development after a sweeping regulatory overhaul three years ago. The government has set up a new licence for the sector as well as allowing the entry of foreign competition to encourage players to break away from dubious practices in the past and to innovate and improve their services. The The long-awaited Wealth Management Connect scheme for the Greater Bay Area recently announced can be another booster.