BlackRock Unit Gets Green Light to Join Personal Pension Trial in China

The pilot program of retirement WMPs is part of China’s pension reform to expand sources of retirement income amid looming shortfalls in its state pension system.

A subsidiary of U.S. asset manager BlackRock Inc. has received approval to start selling retirement wealth management products (WMPs) in two major Chinese cities, as China expands a pilot pension program aimed at boosting residents’ retirement income.

BlackRock CCB Wealth Management Ltd. received the green light from the China Banking and Insurance Regulatory Commission (CBIRC) to launch retirement WMPs, a type of personal pension product, in Guangzhou and Chengdu for a one-year trial period, according to a notice released by the commission on Friday.

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