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Chinese finance assets up fastest in Asia
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FINANCIAL assets of Chinese households rose the fastest in Asia last year as they spread their investment from bank deposits to products offering higher returns, Allianz said.
Private households in China increased their assets, such as deposits, securities and capital, by nearly 23 percent last year, nearly double the pace in Asian countries including Japan, according to the latest Allianz Global Wealth Report.
“Despite the difficult environment, assets in Asia once again showed very positive development on the whole last year”, said Michael Heise, chief economist at Allianz.
One reason behind the strong growth in China was the increasing yield awareness among private households. Bank customers withdrew deposits from their accounts and invested them in wealth-management products, funds and securities, according to the report.
But the withdrawals shrank the proportion of bank savings in relation to the total financial assets of Chinese private households to below 60 percent for the first time last year.
China is the main engine driving the growth in Asian financial assets as 300 million individuals have entered the middle class with assets between 5,300 euros (US$6,733) and 31,800 euros since 2000. Chinese made up 60 percent of the world’s population that moved up into middle class.
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