Growth in China’s trust industry dropped into the single digits for the first time in six years in the second quarter as the formerly surging sector struggled to cope with slower economic growth.
Assets managed by China’s trust industry grew just 8.95 per cent year-on-year in the three months ended June to Rmb17.285tn, the first time the sector failed to expand by double digits since 2010, according to figures released today by the China Trustee Association.
The association chalked the disappointing growth rate up to broader economic slowdown and more competition from other corners of China’s asset management segment, and said the Q2 figure marked a “historic low point” for the industry.
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