Shen Jiangying, vice president of Xinhuanet, speaks at the 2016 Lujiazui Financial Development Summit that takes place at the Shanghai Tower in Lujiazui, the city's financial hub, on Dec 12. [Photo/Xinhua]

The total assets managed by the country's institutions will reach 174 trillion yuan ($25.2 trillion) by 2020. In addition to traditional financing and wealth management products, others concerning risk management, consulting, and payment have also been included in the asset management sector. Moreover, the targets of wealth management business have expanded from high-income groups to the middle class due to the lower threshold and less restrictions on investment.

The new era and new features also bring with them new opportunities and challenges for the asset management sector. Shen Jiangying, vice president of Xinhuanet, said the sector has to be responsibility, innovation, and technology-oriented, so as to maintain rapid and sound development.