BEIJING -- China recorded a steady expansion in its wealth management market in the first half of this year, according to an industry report released on Friday.

Some 15,200 new wealth management products were launched in the country during the January-June period, raising a total of 47.92 trillion yuan ($7.04 trillion), according to the report released by the China Banking Wealth Management Registration and Depository Center.

By the end of June, the remaining balance of wealth management products stood at 29.15 trillion yuan, up 12.98 percent year-on-year.

The number of wealth management product investors was approximately 91.5 million by the end of June, an increase of 49 percent from a year earlier, the report said.

In the first half, wealth management products made profits totaling 417.2 billion yuan for their investors, up 3.4 billion yuan year-on-year.