China – China’s big four banks, Construction, Industry and Agriculture, plan to take the lead in launching a pension savings pilot program

Currently, China has implemented a pilot program on commercial donation asset management and commercial donated property insurance. At a press conference on May 13, the head of the relevant departments of the Insurance and Banking Regulatory Commission of China revealed that the pilot project of pension savings is also being accelerated.

According to reports, in order to further enrich the supply of third-pillar retirement financial products, the Insurance Regulatory Commission and the Bank of China are working with the People’s Bank of China to research and launch a pilot program on the specific retirement savings business.

Wang Daqing, Director of the Major Banking Department of the China Banking and Insurance Regulatory Commission: The specific retirement savings business takes into account both inclusion and pension features. can meet the pension needs of low-risk residents. It is expected that the four major banks – industry, agriculture, China and Construction – will carry out pilot projects in several cities.

Wang Daqing introduced that the pilot scale of a bank was originally considered 10 billion yuan and the pilot period is expected to be in a year.

Wang Daqing, director general of the Major Banking Department of the China Banking and Insurance Regulatory Commission: Retirement savings products come in three categories: one-time deposit, one-time deposit and one-time withdrawal, one-time deposit and zero withdrawal. The product term is divided into four categories: 5 years, 10 years, 15 years and 20 years. Try to launch as soon as possible.

In addition, the China Banking and Insurance Regulatory Commission will launch a commercial pension management business pilot that provides individuals with retirement financial planning and long-term fund management services. Combining retirement planning, account management and financial products, we provide clients with professional retirement advice services and financial solutions to meet consumers’ distinct retirement needs. Currently, we are developing and improving business rules, while also trying to implement pilot projects of some retirement insurance companies as soon as possible.

SOURCE: SOHU
Khanh Toan: Linkpiz.com

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