(Yicai) Oct. 22 -- China’s wealth management market is undergoing new changes as the global economic and trade landscape evolves. Banks should watch the internationalization of the Chinese yuan and the impact of artificial intelligence, while securities firms should shift their focus from product sales to account management and asset allocation.

The banking industry should keep an eye on three changes in wealth management, Tang Shuo, vice governor of China Construction Bank, said at the Global Asset Management Forum 2026 - Shanghai Suhewan Conference held from Oct. 16 to 17.

First, as the yuan continues to internationalize, new opportunities are emerging for global asset allocation. Second, as residents’ wealth accumulates, their wealth structure is changing. And third, with the new round of technological transformation, AI is reshaping the business paradigm.

“With changes in the real estate market and the low-interest rate environment, the wealth structure of residents has accelerated its diversification and increased the proportion of financial assets,” Tang noted. For example, CCB’s investment and wealth management business expanded to over CNY5.3 trillion (USD793.6 billion) as of June 30, with an increase of 5.6 million wealth management customers from a year earlier, the fastest growth in years.

“With the rapid evolution of large language models, the integration of AI into the financial industry has moved from shallow applications to deep reconstruction, promoting profound changes in financial production and service models and expanding the boundaries of financial services,” Tang explained.

In the face of new requirements for wealth management development amid economic and financial reforms and fierce competition in the wealth management market, large state-owned commercial banks with multiple licenses and comprehensive services should leverage their advantages and strengthen their wealth management capabilities, said Zhou Wanfu, vice governor of Bank of Communications.

On one hand, securities firms need to enrich products and strategies based on customers’ risk tolerance, fund utilization arrangements, and investment goals to serve investors, diversify allocation, and make long-term investments, said Liu Jian, chairman of Shenwan Hongyuan Securities.

On the other hand, they need to accelerate the development of the investment advisory business for buyers, leverage refined scenario service capabilities to provide asset allocation, risk management, deep companionship, and AI technology-empowered companionship services to general customers, high-net-worth customers, and industrialists, and provide customers with good services to help them make rational decisions, Liu noted.

Editor: Futura Costaglione