China Fires Starting Gun on Personal Pension Scheme

China officially kicked off its long-awaited personal pension scheme on Friday, designating three dozen cities and regions for the first phase of the rollout as the country ramps up the development of private retirement savings to cope with a rapidly aging population.

Individuals in Beijing, Shanghai, Guangzhou, Xi’an, Chengdu and 31 other areas can start setting up private pension accounts, making contributions and buying retirement savings products, the Ministry of Human Resources and Social Security, the Ministry of Finance, and the State Taxation Administration said in an announcement.