WMPs.

[randomness]

I feel like writing a post on Wealth Management Products (理财产品) in China, but the fact that they've been called Weapons of Mass Ponzi probably tells you much of what you need to know.

The Chinese central government is trying to clamp down on the things, but as this blog comment points out, there are issues.

Comments

[achinhibitor.livejournal.com]

Wealth Management Products (理财产品)

Do you mean "stealing from people who have too much money, too few brains, and don't know what to do with either"?

Hmmm.... "Confucius says, 'Money that chases high yields combined with safety will find neither.'"

[achinhibitor.livejournal.com]

The prospectus also says up to 70 percent of the product's proceeds can be used for investments in "other assets", without saying what these assets are. Bank officials said the money is usually put into a common pool for investments, but said they were unable to say exactly where the money was invested.

"This is an undertaking of great advantage but none to know what it is."