Family trust service gains steam in China

China's family trust sector saw rapid growth with its newly-added scale setting one-year high in January, industry data showed.

The family trust volume added by 12.9 billion yuan (about 2 billion US dollars) last month, jumping 33.54 percent from the previous month, data from the China Trust Registration Co., Ltd. showed.

Demands for wealth management from Chinese people have continued to improve due to growth in household income, the company said.

Official data showed that the per capita GDP of China reached around 12,500 US dollars in 2021, exceeding the global average.

The family trust service has played an important role in accelerating the trust sector's transformation, the firm noted.