China's trust sector reports slower Q3 growth

The total Chinese assets managed by trust companies reached 12.95 trillion yuan (2.1 trillion US dollars) at the end of the third quarter, up 3.77 percent from the second quarter, the latest data published on Friday showed.

The quarterly growth rate was significantly lower compared to the 6.4-percent growth registered in the second quarter and 7.52 percent in the first, according to data from the China Trustee Association.

During the first three quarters of this year, total business revenues for the trust sector stood at 60.86 billion yuan, up 12.83 percent year on year. Total profits grew 11.44 percent to 43.44 billion yuan, the data showed.

However, business revenues in the third quarter fell 4.69 percent from the previous quarter. Third-quarter profits stood at 11.25 billion yuan, down 11.94 percent from the previous quarter, the data showed.

Zhou Xiaoming, a non-executive director of the CTA said that the slower profit growth is a result of slower asset growth and reduced trustee revenues.