China's wealth management products totaled 9.92 trillion yuan ($1.63 trillion) as of the end of September, according to a report from the China Banking Association.

These products accounted for the biggest share of the Chinese asset management market, the report said.

The figure has more than doubled from 4.59 trillion yuan ($755.97 billion) at the end of 2011, and is up from the 7.1 trillion yuan ($1.17 trillion) total recorded at the end of 2012.

Wealth management services from Chinese banks and financial institutions have been growing quickly in recent years as customers seek higher returns in the face of limited investment channels and high inflation.

Figures showed that there is a margin of roughly 1 percentage point in returns between wealth management products and bank deposits with similar tenors. The report said average yields of wealth management products in China stood at 4 percent to 4.5 percent.

China tightened regulations over the sector this year by limiting the portion of wealth management money invested in non-standard assets, in an effort to enhance the transparency of wealth management plans' capital flows and reduce default risks.