“Wealth management in China is growing rapidly. According to China Daily, total balances of wealth management products held by banks totaled 23.5 trillion yuan ($3.6 trillion) at the end of 2015. This is an increase of 56 percent year over year. The portion held by banks accounted for 26 percent of the total 90.36 trillion yuan for wealth management products held by other financial institutions.
Peer to peer lending companies account for the majority of non-bank financial institutions in China and most have transitioned to wealth management service providers. These firms prefer to be acknowledged as wealth management institutions and have practically insisted “P2P” is a bad word in the industry. This is partially due to companies distancing themselves from the bad actors in the space such as Ezubao, but these companies truly are starting to become more than p2p lenders.”