May 12, 2022 08:55 PM

Exclusive: China’s ‘Big Four’ Banks to Start Pilot Program for Retirement Savings Products

Photo: VCG
Photo: VCG

China’s major state-owned banks will launch a pilot program for retirement savings products in several regions soon, sources with knowledge of the matter told Caixin, in what would be the country’s latest effort to mitigate a looming pension crisis.

The China Banking and Insurance Regulatory Commission (CBIRC) will let the “Big Four” banks — Industrial and Commercial Bank of China Ltd., Agricultural Bank of China Ltd., Bank of China Ltd. and China Construction Bank Corp. — offer the first batch of products, according to the sources.

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