Commentary Western banks are hungry for access to China’s household investable assets, which will exceed $70 trillion by 2030, according to Goldman Sachs. China’s households will reportedly allocate more than half that amount to mutual funds, securities, and wealth management products. In 2020 alone, China’s broader wealth market amounted to $18.9 trillion. According to China Everbright Bank and the Boston Consulting Group, that figure increased by as much as 10 percent from 2019. As China claims to liberalize its financial system, western banks are rushing to cash in on China’s trillions in consumer savings. On May 25, the Financial Times reported that Goldman Sachs won “initial approval” from China’s regulatory authorities for a joint venture (JV) with the Industrial and Commercial Bank of China (ICBC) to conduct wealth management. ICBC, one of China’s largest banks, will hold 49 percent of the venture, with Goldman Sachs Asset Management holding a 51 …