Wealth management needs more focus

Wealth management service providers must increase their Chinese product offerings as demand continues to increase, leading professionals said at a forum held by Renmin University of China on Saturday.

The average disposable income of the country's urban residents increased to 26,955 yuan ($4,385) last year from 6,280 yuan in 2000, a 329 percent rise, which has driven up the demand for wealth management services, according to a report.

The forum also heard that the nation's urban and rural household incomes are expected to hit 97 trillion yuan by 2020, which will translate into around 227 trillion yuan in revenue for the wealth management sector.