FINANCE

China Adds Government Savings Bonds to Private Pension Investment Menu

Published: Jun. 11, 2026 2:44 a.m. GMT+8

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A resident buys government savings bonds using a private pension on a mobile banking app in Baoshan, Yunnan province, on June 10, 2026. Photo: VCG

Chinese citizens can now purchase electronic government savings bonds using their personal pension accounts, the latest move to expand investment options for the country’s nascent individual retirement system.

The inclusion of sovereign debt, which offers better yields than conventional bank deposits, aims to boost participation in the private pension program as China seeks to build a sustainable multi-pillar retirement system to support its rapidly aging population.

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Chinese citizens can now purchase electronic government savings bonds via personal pension accounts, aiming to boost retirement system participation.
Three-year bonds yield 1.63%, five-year 1.7%, capped at 70 billion yuan, outpacing bank deposit rates of 1.25% and 1.3%.
Private pension allows 12,000 yuan annual contributions; 40% of bond quota reserved for pension buyers, with ICBC, CCB, and CMB holding largest shares.

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Who’s Who

Industrial and Commercial Bank of China Ltd.: Industrial and Commercial Bank of China Ltd. (ICBC) holds the largest share of the dedicated pension quota for electronic government savings bonds, at 23.18%. This allocation supports China's private pension program, allowing citizens to purchase sovereign bonds via personal pension accounts for better yields than bank deposits.

China Construction Bank Corp.: China Construction Bank Corp. (CCB), a major state-owned lender, holds a 19.28% share of the specialized quota allocated for pension buyers of electronic government savings bonds, according to the article. The bonds offer yields higher than bank deposits, aiming to boost participation in China's private pension program.

China Merchants Bank Co. Ltd.: China Merchants Bank Co. Ltd. holds a 17.79% share of the specialized quota for pension buyers in the new electronic government savings bond service, making it the third-largest holder behind ICBC (23.18%) and CCB (19.28%).

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What Happened When

Since 2024：: Participants in China's private pension program can allocate funds across approved mutual funds, wealth management products, commercial insurance, and bank deposits.

December 2024：: China's private pension program rolled out nationwide.

2026-06-10：: The new service launched on Wednesday, June 10, 2026, coinciding with the issuance of two new tranches of electronic savings bonds: three-year bonds with a 1.63% annual interest rate and five-year bonds with a 1.7% yield, with a combined maximum issuance capped at 70 billion yuan ($10.3 billion) for 2026.

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