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China has said it will launch an official private pension scheme that aims to push more of the country’s vast household savings into the financial market, as the government grapples with an ageing population. Employees in China will be able to contribute up to Rmb12,000 a year ($1,860) to private schemes.
China’s approach will aim to move pension savings more directly into the country’s financial markets, as part of a wider opening up that has attracted some of the world’s biggest investors to expand their presence in the country. Global investment giants, including BlackRock and Goldman Sachs Asset Management have over the past year launched partnerships with mainland Chinese banks as part of a bid to seize part of an asset management market with savings of almost $19tn as of 2020.
https://www.ft.com/content/06a8e069-20c7-44be-bc55-bd8774aff3af
