China Takes Pension Investment Pilot Nationwide in Bid to Shore Up Retirement System
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China is expanding a pilot initiative aimed at developing retirement-focused wealth management products, a key step toward building its fledgling private pension system.
The National Administration of Financial Regulation (NAFR) announced Thursday that the trial, which began in select cities in 2021, would be rolled out nationwide for a three-year period. This nationwide expansion, which aligns with the scope of China’s personal pension system, aims to build a more robust market for private retirement savings, an NAFR official said.
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- China will expand its retirement-focused wealth management pilot nationwide for three years to strengthen its private pension system.
- Eligible firms must have at least three years' experience, with raised funds capped at five times their adjusted net capital; long-term product offerings (minimum five-year holding) are encouraged.
- Regulatory measures include stricter oversight, lower fees, flexible asset valuation, and mechanisms for investors to manage liquidity in emergencies.
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What Happened When
- 2021：
- China began a pilot trial of retirement-focused wealth management products in select cities.
- 2022：
- The pilot program expanded to 10 cities and 10 firms, including a foreign-controlled joint venture.
- 2024-12-31：
- Firms' net capital balances for 2024 are used to determine product fundraising caps for the nationwide trial.
- 2025-10-30：
- The National Administration of Financial Regulation (NAFR) announced nationwide expansion of the retirement-focused wealth management pilot program, to be rolled out for a three-year period starting from 2025.
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