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Cao Yu of the China Banking and Insurance Regulatory Commission: The banking and insurance industry has basically completed the rectification task during the transition period of the asset management business by the end of 2021.

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[CBIRC Cao Yu: The banking and insurance industry has basically completed the transitional rectification of the asset management business by the end of 2021]Cao Yu, member of the Party Committee and Vice Chairman of the China Banking and Insurance Regulatory Commission, said at the Shanghai Suhewan Summit of the Global Wealth Management Forum today that banking insurance The company has basically completed the rectification tasks during the transition period of the asset management business by the end of 2021, which is generally in line with expectations. He revealed that by the end of 2021, capital-guaranteed wealth management, non-compliant and short-term wealth management products have been cleared, and most banks have completed the rectification of wealth management stock on schedule, especially small and medium-sized banks have completed the rectification work on time. In addition, insurance asset management products have basically achieved net worth transformation, product investment operations have been further standardized, the proportion of financing trusts has continued to decline, channel business has dropped significantly, and the cumulative drop of non-compliant trust projects has exceeded 80%.

Cao Yu, member of the Party Committee and Vice Chairman of the China Banking and Insurance Regulatory Commission, said at the Shanghai Suhewan Summit of the Global Wealth Management Forum today,BankindustryinsuranceThe company has basically completed the rectification tasks during the transition period of the asset management business by the end of 2021, which is generally in line with expectations.He revealed that by the end of 2021, the capital will be guaranteedfinancial management, non-compliant, short-term financial products have been cleared, mostBankComplete the rectification task of financial stock on schedule, especially for small and medium-sized enterprisesBankCorrection work has been completed on time. also,insuranceAsset management products have basically achieved net worth transformation, product investment operations have been further standardized, the proportion of financing trusts has continued to decline, channel business has dropped significantly, and the cumulative drop of non-compliant trust projects has exceeded 80%.

(Article source: Financial Associated Press)

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