China’s Banks Gear Up to Expand Private Pensions Trial

What’s new: A trial of China’s private pension scheme looks set to be extended to more regions as policymakers step up efforts to expand the retirement savings market amid a rapidly aging population.

A number of banks, including Industrial and Commercial Bank of China Ltd. and Huaxia Bank Co. Ltd., have launched private pension services for customers outside of the three dozen pilot cities and regions, recent announcements on their social media accounts show.