China’s bank wealth products hit 35.37 trillion yuan at end of Q3 2026

The headline growth figure understates a structural shift: wealth subsidiaries now hold over 93% of balances, cementing their role as the main channel for household savings seeking yield outside deposits. That concentration matters for how regulators and markets read liquidity and risk transmission, since a handful of licensed entities effectively steer the bulk of the sector. The open question is whether this double-digit pace persists as the product count stays relatively fixed, implying larger average product sizes and greater reliance on subsidiary platforms rather than a broadening of offerings.