China’s Personal Pension Pilot is Ready to Go Nationwide, Sources Say
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China is poised to roll out a private retirement account program nationwide after nearly two years of trials in select cities and regions.
The move comes as the country intensifies efforts to establish a personal pension system addressing the challenges posed by a rapidly aging population.
Multiple sources familiar with the matter told Caixin that the Ministry of Human Resources and Social Security (MHRSS) is expected to hold a meeting as soon as this week to discuss the pilot expansion. Meanwhile, relevant institutions, including banks, have already begun preparing to attract potential new customers as the program expands.

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- China plans to expand its private retirement account program nationwide to address an aging population after initial trials in 36 cities, allowing contributions of up to 12,000 yuan annually.
- The personal pensions program forms the third pillar of China's pension system, as the state-run and employer-sponsored pillars face deficits and limited coverage.
- By June 2024, over 60 million private pension accounts were opened, with significant participation in Beijing; however, challenges remain in product innovation and investment returns.
- Caixin
- Caixin is a Chinese media group known for its in-depth coverage of finance and business news. It provides information on China's economic policies, developments, and challenges. The article mentions that Caixin has sources familiar with the matter of China's private retirement account program. It is reputable for reporting news involving China's economic and policy spheres.
- November 2022:
- China kicked off its personal pension program with the first phased rollout covering three dozen cities and regions.
- January 2024:
- The MHRSS announced the full rollout of the personal pension system.
- March 2024:
- The State Council's 2024 Government Work Report promised to expand the pilot nationwide and strengthen the third-pillar pension system.
- By mid-year 2024:
- The pilot expansion was on track, though the timeline remained uncertain.
- As of June 2024:
- More than 60 million people have opened private pension accounts across the 36 pilot cities and regions.
- By the end of the third quarter of 2024:
- A total of 5.3 million personal pension accounts had been opened in Beijing.
- As of Dec. 10, 2024:
- The number of investment products in the personal pension category includes 466 savings products, 200 mutual funds, 144 insurance products, and 26 wealth management products.
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