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Trust funds climb 31% to US$1.8t in China in 2013
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China’s trust funds jumped 31 percent to a record high of 10.9 trillion yuan (US$1.8 trillion) by the end of last year.
Almost half of the trust funds were lent to business and local government financing platforms to finance their operations. The outstanding trust loans hit 4.8 trillion yuan by the end of 2013, up from 3 trillion yuan in December 2012, according to the China Trustee Association’s statement yesterday.
High-yield trust products distributed by the country’s top two lenders, the Industrial and Commercial Bank of China and the China Construction Bank, recently triggered worries that the investors may lost their entire investment in these tools.
Bank customers bought 2.2 trillion yuan worth of outstanding trust investment products, up from 2 trillion yuan a year earlier.
Meanwhile the outstanding trust loans to local governments to fund infrastructure and urban development projects jumped significantly from 502 billion yuan in 2012 to 961 billion yuan last year, according to the association.
New loans extended through trust firms took up 9 percent of China’s aggregate social financing, the broadest measure of credit supply in the country, in December last year.
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