Sep 22, 2022 09:00 PM

Chinese Banks Gear Up for Private Pensions Bonanza

Chinese banks are ramping up efforts to attract customers to open personal pension accounts as they vie for a bigger slice of what could grow into a multi-billion-dollar market, after the government unveiled plans to expand the sector in April.

Although banks aren’t yet able to activate individual pension accounts as no date has been set for the official launch, they are offering promotions and adding functionality to their mobile apps, including allowing customers to deposit funds in preparation for when the system goes live.

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