The US financial giant Goldman Sachs announced on Tuesday its plan to partner with China's largest commercial bank, Industrial and Commercial Bank of China, to establish a wealth management joint venture in China.

The joint venture will offer a broad range of asset management products to domestic investors and savers in China, after receiving approval from the China Banking and Insurance Regulatory Commission, according to a press release from the US financial group.

Goldman Sachs Asset Management will hold 51 percent of shares of the joint venture and ICBC Wealth Management Co Ltd, a subsidiary of ICBC, will hold 49 percent, it said.

The move aims to create a world-class asset management company, combining Goldman Sachs Asset Management's expertise in investment and risk management with ICBC's strong brand recognition and unparalleled access to retail and institutional clients across China, according to Goldman Sachs.

Quantitative investment strategies, cross-border products and innovative solutions in alternatives will be on the joint venture's investment product list.

"We are very excited about the China market and the opportunity to partner with ICBC. China's wealth management industry has grown on the back of increased household wealth and continued financial market reform," said Tuan Lam, head of the Client Business for Asia Pacific ex-Japan at Goldman Sachs Asset Management.

"This joint venture with China's pre-eminent financial institution will accelerate our objective of establishing a leadership position in one of the world's largest, fastest-growing wealth management opportunities," Lam added.

Investable assets held by Chinese households are set to surpass $70 trillion by 2030, with about 60 percent to be allocated to non-deposit products, including securities, mutual funds and wealth management products, according to Goldman Sachs Global Investment Research.