Chinese trust industry's assets totaled 5.61 trillion yuan by the end of the third quarter, down 260 billion yuan from the previous quarter, according to data released by the China Trustee Association on Wednesday.
This is the first quarter-on-quarter negative growth since the first quarter of 2010. In the third quarter, the trust industry made 27.808 billion yuan of revenue, up 32.54 percent from a year ago, but down 11.47 percent from the last quarter.
The industry earned 9.198 billion yuan from investment, falling 25.97 percent from the second quarter affected by the stork market turbulence since June. A report by the trust and wealth management research institute of Southwestern University of Finance and Economics pointed out that the decline of trust products issuance in the third quarter was mainly because financing need of the real economy decreased and it's hard to find assets with good quality amid cooling macro-economy, competition among from banks and other financial institutions intensified and the capital market showed fluctuations.
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