China. Personal pension system holds room for more development

China's latest attempt at launching a personal pension system will result in the leapfrogging development of securities firms both in terms of additional income and business models, said experts. In mid-April 2022, the State Council, China's Cabinet, rolled out a plan to introduce the personal pension system. Thereafter, the multilayered system has begun to develop in China, comprising basic pension insurance, annuities and personal pensions. The plan officially kicked off in late November, with people in 36 Chinese cities and regions...