China will roll out retirement savings schemes in due course, says insurance regulator’s former vice president

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(Yicai Global) April 18 — China has achieved good results in exploring personal retirement financial services, and it will introduce retirement savings products in due course, the former vice president of China said. China Insurance Regulatory Commission.

China has had some small-scale experiments with life insurance and pension wealth management mainly in Suzhou in eastern Jiangsu province, Xiamen in southeastern Fujian province and Shanghai, Zhou said yesterday. Yanli at the 2022 Tsinghua People’s Bank of China School of Finance Global Finance Forum.

A special life insurance program piloted in June last year secured 500 million yuan ($78.5 million) in premiums from more than 70,000 policyholders by the end of the February of this year, he said. More than 10,000 of them were delivery people and VTC drivers, demonstrating the important role such a scheme would play in the social protection of employees in the new economy.

Eight retirement wealth management products went on sale from September last year to Feb. 9 this year, Zhou said. More than 70,000 people invested CNY 20.7 billion (USD 3.3 billion), indicating the need for individual retirement wealth management.

The country’s aging population creates development opportunities for the economy, he said. China should give full play to the function and role of annuity insurance. The country could increase its support through fiscal and tax policies, learn from foreign countries, and provide more choices in the form of deposits, insurance, and funds.

Editor: Kim Taylor

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