As the population of the middle class grows to about 80 million, the individual financial management market is gradually taking shape, and it is urgent for China to enhance the education of individual investors, experts said at a recent investment and financing forum.

According to the World Bank 's standards, the National Bureau of Statistics categorizes households with an annual income of between 60,000 and 500,000 yuan (US$7,868 to 65,569) as the middle class.

Hou Yunchun, deputy director of the Research Office under the State Council, said China's middle class has reached about 80 million people, and the population is rapidly increasing.

Statistics show that the deposits by residents in Chinese cities and towns had jumped to a total of 16 trillion yuan (US$2.1 trillion) in 2006 from 21.1 billion yuan (US$2.8 billion) in 1978. China's gross domestic product last year ranked the world's fourth; import and export, third; and foreign exchange reserves, first. The overall economic growth has been above 10 percent for four consecutive years.

Shi Jianping, assistant president of the Central University of Finance and Economics , said China's financial management market hasn't matured yet and individual investors lack the sense of risk, financing and investment.

As a result, it is urgent to educate and guide those individuals to cope with financial uncertainties and risks in their investment activities, Shi added.

Wang Biao, assistant chief editor of the Money weekly, said, "Financial management is more than making and saving money. It also includes many other factors such as career and pension planning."

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