China's asset management market is set to grow strongly over the next decade as billions of dollars in savings are invested and regulators allow access to a wider range of products, according to a consultancy group. McKinsey predicted that the mainland market would grow 25% annually to US$1.4 trillion by 2016 from US$156 billion now, the South China Morning Post reported. The industry has grown 37% from US$32 billion in 2001. Assets under management make up only 8% of gross domestic product in the mainland, against 24% in Taiwan, 28% in South Korea and up to 214% in the United States. McKinsey also said improved regulatory structures, greater foreign involvement and more companies with dual listings in Shanghai, Hong Kong and New York will create a more favorable environment for the market.