State-backed China Insurance International Holdings (CIIH) said it will launch an annuities program as part of a pilot scheme aimed at encouraging private pension plans. Using its Tai Ping Life Insurance joint venture, CIIH will start operations in September in industrial Liaoning province once it receives regulatory and shareholder approval, CIIH Chief Executive Miao Jianmin told Reuters. The government recently launched the pilot in the province, where employers get tax exemption for up to 4% of their wage bill for participating.
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