Chinese regulator calls on banks, insurers to develop pension financial services

The China Banking and Insurance Regulatory Commission (CBIRC) has said banking and insurance firms should strengthen investment management of pension funds.

According to Reuters, these firms should allow invest the funds in areas in line with national strategies and industrial policies. This follows a move by China to launch its first private pension scheme in April.

The CBIRC also remarked that the strengthening of investment management should be undertaken to provide support for capital markets and technological innovations.

The pension financial services involve commercial pension savings, commercial pension wealth management, commercial pension insurance and should embody ‘pension’ attributes.

The CBIRC said it would encourage banks and insurers to provide long-term and lifetime pension services to customers and support business cooperation between those institutions.

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