August 19, 2018 / 7:01 AM / a year ago

China's Gansu province to boost commercial pension insurance industry

BEIJING, Aug 19 (Reuters) -

* China’s northwestern province of Gansu said it will encourage commercial insurance institutions to develop diversified commercial pension insurance products to meet increasing demand for an ageing society, the Gansu government said in a statement.

* The move followed a call by the state council last year to speed up development of commercial pension insurance

* Gansu will encourage professional pension insurance institutions to launch individual old-age support services and pension plans targeting single-child and childless families.

* Commercial insurance institutions will also be encouraged to cooperate with companies to launch supplementary pension products and to participate in pension reform at government departments and public institutions, the statement said.

* Regions in Gansu that meet certain requirements will be encouraged to carry out reverse mortgage pilot schemes targeting senior citizens.

* The province also asked local authorities to support commercial pension insurance funds to invest in infrastructure and livelihood projects, as well as retirement home construction in Gansu. (Reporting by Muyu Xu and Tom Daly)

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