As State Pension System Struggles, Chinese Get New Ways to Save for Retirement
China’s securities regulator has signed off on a new type of mutual fund designed to help individuals invest their own money for retirement.
The approvals underline the government’s interest in helping individuals contribute more to their own retirement savings as the population ages and the state-run pension system shows signs of strain.
China Asset Management Co. Ltd., China Southern Asset Management Co. Ltd. and 12 other asset management companies have become the first fund managers to receive approval to issue the “pension targeted funds,” the China Securities Regulatory Commission (CSRC) announced on Monday. Market watchers had expected 10 to get the go-ahead.
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