BEIJING, Aug. 4 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC) will consider further expansion of the scale of pilot pension wealth management products (WMPs) at the proper time, reported Xinhua Finance citing Liang Tao, vice chairman of the CBIRC recently.
Liang made the remarks on this year's China Wealth Forum held in Qingdao, east China's Shandong province on July 30, saying that CBIRC will do so on basis of thorough summarization and appraisal.
In September 2021, CBIRC started a 1-year long pilot pension WMPs program in Wuhan, Chengdu, Shenzhen and Qingdao. During the pilot period, four wealth management companies are allowed to issue pension WMPs. Each of these four companies can raise at maximum no more than10 billion yuan of capital.
On March 1 in this year, CBIRC widened the pilot scale to 10 places including Beijing, Shenyang and Changchun and increased the pilot institutions to ten ones.
Currently, there have been around 231,000 investors for the pension WMPs and they altogether subscribed 60 billion yuan of pension WMPs, according to Liang.
Analysts said that the pilot pension WMPs are helpful to enrich the third pillar pension financial product supply in China and satisfy the diversified demands for pension. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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