Baidu eyes new financial product

Chinese search giant Baidu (BIDU.NASDAQ) will soon launch a new financial product with China Asset Management offering depositors an 8% annual return, the official Xinhua news agency reported. The product will be available to registered users of Baifubao, Baidu’s online payment platform. It has no minimum requirement for depositors and allows real-time redemption. Major Chinese internet firms have all rushed to obtain licenses for financial service platforms, offering internet users mutual funds, loans and insurance. Experts questioned the high rate of return. Baidu has not explained how the target will be achieved.