Wealth management products (WMPs) in China are investment vehicles offered by banks, trust companies, and other financial institutions to investors seeking higher returns than traditional savings accounts. These products pool money from multiple investors and invest in a variety of assets, such as bonds, stocks, money market instruments, and other financial products.

In China, WMPs have been popular due to their potentially higher returns compared to regular bank deposits. However, they often come with higher risks as well. They can be structured in various ways, such as:

1. Structured Deposits: Combining a deposit with an embedded derivative component, offering returns linked to the performance of an underlying asset.

2. Trust Products: Managed by trust companies and often investing in various assets including real estate, infrastructure, corporate debt, etc.

3. Money Market Funds: Similar to mutual funds, investing in short-term, highly liquid instruments like Treasury bills, commercial paper, and certificates of deposit.

4. Bond Funds: Investing in a portfolio of bonds issued by corporations or governments.

These products have gained attention in China due to their relatively higher yields compared to standard savings accounts. However, they're not without risks, especially since some investors might not fully understand the underlying assets or the level of risk associated with these products.

The Chinese government has implemented regulations over the years to manage risks associated with WMPs to protect investors and maintain financial stability. These regulations have aimed to increase transparency, set stricter guidelines for risk management, and reduce the shadow banking system's influence on the economy.