Experts: Wealth management services lag demand

Demand for wealth management services in China has increased rapidly amid fast economic growth in recent years, but a huge gap remains when it comes to the provision of those services, said panelists at the Jinjialing Fortune Forum 2014 in Qingdao, Shandong province.

The market for wealth management products stood at 12.8 trillion yuan ($2.1 trillion) at the end of May. The market is growing 30 to 40 percent a year, down from 60 to 80 percent in recent years, said Pan Gongsheng, deputy governor of the People's Bank of China, at the forum on Saturday.

"China will maintain fast economic growth and wealth accumulation in the foreseeable future. Therefore, how to ensure the preservation and appreciation of Chinese citizens' financial assets is not simply a financial problem but a major economic and social problem. It concerns the adjustment of income distribution and the transition of the nation's economic development pattern," said Pan.