China’s Fledgling Private Pension Scheme Draws $2.9 Billion in Contributions, Sources Say

Contributions to China’s fledgling private pension accounts have reached about 20 billion yuan ($2.9 billion) since their inception in November, with just under 70% of the funds invested, Caixin has learned, suggesting hesitation among some participants due to unfamiliarity with the system.

Around 13.5 billion yuan has been invested across a range of eligible financial products, with the majority of the remaining funds just sitting idle in people’s accounts, said people familiar with the matter.