Growing affluent Chinese provides asustained growth momentum for trust industry

Chinese economy's continued high-speed growth and the growing affluent population have provide asustained growth momentum for the trust industry, Min Luhao, deputy director of the China Banking Regulatory Commission's Non-banking Department said yesterday.

Min made the remarks while attending the "Trust and Wealth Management Development Forum", which was held by CITIC Trust Co., Ltd..

He also pointed out that as China's financial markets continue to improve, the trust system is facing new requirements. It is proved that financial innovation and diversified financial instruments can not live without the cooperation and participation of the trust system.

On the same day, CITIC Trust officially released a new wealth management brand, marking the begining of the company's new strategy to upgrade and build a comprehensive wealth management system. CITIC Trust's future financial needs will be customer-oriented.

China Trust Industry Association data show that by the end of the second quarter of this year, the domestic trust industry assets under management reached 5.54 trillion yuan, an increase of more than 700 billion yuan compared with the end of last year, and has become an important force in the domestic financial markets.

Pu Jian, CITIC Trust Chairman noted that "trust is a realistic option for the grand vision of common prosperity and the achievement of both fairness and efficiency, the essential requirement of the socialist market-oriented economy. Where there is a knowledge fulcrum, there will be the bedrock of value growth -- it is the way trust goes forward."

CITIC Trust Co.Ltd. is a national non-banking financial institution under direct supervision of China Banking Regulatory Commission. With trust business as its main business, the Corporation keeps leading the trust sector in terms of the volume of assets under management and comprehensive operating strength. In 2009, the Corporation was elected to chair the China Trustee Association.

In recent years, the Corporation provides clients with creative and overall financial solutions, based on its growing ability in knowledge integration and innovation, significantly enhanced capability of discretionary asset management, and a prudent and steady risk management system. Its trust products cover the following fields: agricultural and livestock production, energy and resources development, livelihood projects, real estate development, arts and culture, processing and manufacturing, and commercial services. By channeling money into the above fields, trust products have enabled investors to share the benefits of China’s economic progress.

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