The China Internet wealth management index has fallen for the first time since 2013, recording a decline of more than 23%, said Yin Jianfeng, a professor at University of International Business and Economics, The Paper reported.

The index, which is published by the National Institution for Finance & Development, fell to 563, a drop of 23.45% compared to 695 in 2017.

The development of the Internet wealth management market has been affected by tightening regulations, such as the campaign targeting P2P lending.

Due to the rise of regulatory costs, some poorly-operated Internet wealth management platforms were forced to withdraw from the market — both the number of such platforms and the growth of the market has declined.

The total size of the market is growing at a much lower rate than in the previous year, rising to 132 trillion yuan (US$19.11 trillion) from 130 in 2017. In particular, investment trust, asset management in brokerages and separately managed accounts have fallen by 2, 1.2, and 2.7 trillion yuan, respectively.