China: structured deposits assert their dominance

Products sold in the Chinese market are typically wrapped as deposit, wealth management scheme, certificate, or note. Between 2019 to 2023, at least 93% of all volumes were invested in structured deposits, a figure which was more than 99% for both 2022 and 2023. Total sales for 2023 – at an estimated CNY2.44 trillion (US$347.7 billion) from 6,654 products – included CNY2.43 trillion that was invested in 6,604 deposits. The main issuer for deposits last year, by some distance, was