Robo-adviser sector to take off in China

China will become the world's largest robo-adviser market thanks to its growing middle class and the popularity of the mobile internet, according to a report released by CreditEase Corp and Bloomberg LP.

A robo-adviser is an online wealth management service that provides automated, algorithm-based portfolio advice without the use of human financial planners.

"With fast-paced urbanization and universal higher education, China's new middle class is growing quickly, which is a key factor for China to become the largest robo-adviser market in the near future," said Wang Fuxing, managing director at CreditEase Wealth Management Co Ltd and the main author of the report.