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China’s US$3 trillion trust industry struggles with transition amid turmoil

China’s US$3 trillion trust industry saw a sharp decline in profits in 2023 amid the country’s economic malaise, prompting the industry to accelerate the transition to a new growth model under tightening regulatory scrutiny. Now, some firms are struggling to adapt to the new reality. The earnings picture for trust companies looks grim after a year mired by default. More…

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