China unveils pilot wealth management products for retirement savings

Source: Xinhua| 2021-12-03 20:50:17|Editor: huaxia

Aerial photo taken on June 13, 2021 shows a river view of Wuhan, central China's Hubei Province. (Xinhua/Xiao Yijiu)

BEIJING, Dec. 3 (Xinhua) -- The first batch of pilot wealth management products aimed at retail investors looking to boost their retirement savings has been unveiled on Friday, according to China's top banking regulator.

Starting on Dec. 6, local individual investors in the pilot cities of Wuhan, Chengdu, Shenzhen and Qingdao could purchase the financial products from the wealth management units of four designated banks, said the China Banking and Insurance Regulatory Commission.

The banks include the Industrial and Commercial Bank of China, China Construction Bank, China Merchants Bank and China Everbright Bank.

The regulator said that the product terms are generally over five years, adding that the key features for these products are long-term investment, sound investment and financial inclusion.

China announced to carry out the pilot program in mid-September, aiming to further promote the development of a multilayered pension insurance system in broadening the sources of retirement income.

KEY WORDS: China,Wealth management products,Old,age Support