China's financial institutions embarked on the asset management journey in the late 90s. Although a bit late to the game, their progress was swift, moving through phases of initial growth, steady expansion, rapid development, restrained growth, and finally, standardized development. Over three decades, a competitive landscape involving banks, insurance companies, securities firms, funds, trusts, and futures corporations has gradually taken shape.

Since the introduction of the "New Asset Management Regulations," the asset management industry's overall growth rate has remained stable. However, all organizations are experiencing some transformation and development pressures. At the end of 2023, the outstanding amount of bank wealth management products stood at RMB 26.80 trillion yuan. Due to a "redemption wave" sparked by the "shrinking of NAV", the amount of wealth management products has dwindled for two consecutive years and has been surpassed by mutual funds.

As we look to the future, banks’ wealth management services should focus on high-quality growth. This can be achieved by broadening sales channels, refining product strategies and design, aligning with the economy's high-quality financing needs, and enhancing risk management capabilities to bolster and ensure the economy's high-quality development.

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