Wealth management 'should go more global'

China's wealth management sector needs to accelerate its development and transformation as it faces growing challenges, by moving into different and new areas, such as the global allocation of assets for high-net-worth individuals, leading bank executives said.

Apart from investing in nonstandardized debt assets, commercial banks could bring their groups' advantages into full play by developing a comprehensive set of business.

This could include insurance, leasing and investment banking, and exploring other types of wealth management products in the areas of equities, acquisitions and asset-backed securitization, said Yang Zhiyu, deputy head of the asset management department of Industrial and Commercial Bank of China Ltd.