November 17, 2018 / 2:52 AM / 6 months ago

China's securities regulator pledges support for pension market-Xinhua

SHANGHAI, Nov 17 (Reuters) - China will actively support the development of the country’s pension market and plans to formulate rules for tax-deferred pension schemes, establish an information platform and develop more investable products, Xinhua reported on Saturday.

The Chinese state news agency attributed the comments to Li Chao, deputy head of China Securities Regulatory Commission (CSRC), from speech made at a pension and investment forum.

Li also said the CSRC will support the establishment of industry bodies that can serve the pension business. Up to 26 pension funds had obtained approvals todate, five of which have started operations attracting more than 180,000 investors, he said.

Reuters reported in March that global asset managers are lobbying Beijing to offer tax benefits and other incentives to entice China’s aging population to invest in mutual funds for their retirement. (Reporting by Brenda Goh Editing by Shri Navaratnam)

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