Sweeping reforms to China’s wealth management market this year, as well as a crackdown on high-risk investment products sold by insurers, accounted for part of the deceleration in growth.

“Some of the factors are less investment in bank wealth management products and insurance products, but this could be a short-term trend,” said Liu Xin, a principal with Bain & Company. “There has been much more regulation targeted on bank wealth management products recently.”