China's trust industry grows for fifth consecutive quarter

China's trust industry grows for fifth consecutive quarter

This panoramic aerial photo, taken on January 10, 2023, shows a view of the Lujiazui area in the China Pilot Free Trade Zone in east China's Shanghai.

BEIJING - China's trust industry reported steady expansion in the second quarter of 2023, the fifth consecutive quarter to see a year-on-year increase in asset value, industry data showed.

The outstanding trust asset value rose to 21.69 trillion yuan at the end of June, up 2.73 percent from a year earlier, according to the China Trustee Association.

By the end of June, the country's trust funds were holding 5.06 trillion yuan in securities, up 29.92 percent year-on-year. Another 2.19 trillion yuan worth of funds went to other financial institutions.

China's industrial activity has regained growth as the economy improves.

In the second half of this year, experts say, investment into industrial companies will take up more shares in trust assets, as financing demand from the real economy warms due to sustained economic recovery.