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Private Pension System Expanded to Cover Whole CN w/ National Bonds, Index Funds Included in Product Range
Recommend 13 Positive 21 Negative 15 |
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Recently, the Ministry of Human Resources and Social Security (MOHRSS), the Ministry of Finance (MOF), the State Administration of Taxation (SAT), the National Administration of Financial Regulation (NAFR) and the China Securities Regulatory Commission (CSRC) published the Notice on the Full Implementation of the Private Pension System. As specified in the notice, from 15 December 2024, workers who have participated in the basic pension insurance for urban workers or the basic pension insurance for urban and rural residents in China may participate in the private pension system. The scope of implementation of the tax incentive policy was expanded from 36 pioneer cities (regions) to the whole country simultaneously. The notice stipulated that national bonds will be included in the scope of personal pension products on the basis of financial products such as existing wealth management products, savings deposits, commercial endowment insurance and publicly offered funds. Specific pension savings and index funds will also be included in the personal pension product catalogue, so as to promote the introduction of more pension wealth management products into the scope of personal pension products. AAStocks Financial News |
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