The Chinese government has plans to set up a state pension company with registered capital of RMB 11.15 billion ($1.72 billion), according to Reuters. The move comes as the world’s most populous nation seeks to increase funds for its citizen’s retirement.
China is wooing booth public and private sector involvement as it tweaks its $1.2 trillion pension system for a rapidly ageing population faced with the prospect of underfunding.
Seventeen bank-affiliated wealth management units, insurers and state institutions will take stakes in the company, whose largest shareholders include the wealth management units of China’s big five banks, each with a stake of 8.97%, the filing by the Insurance Association of China showed.
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