January 2019

07Jan

China approves 14 new pension target funds

China has approved the country's third group of pension target funds, allowing 14 more such funds to play a bigger role in meeting the retirement planning needs of an aging population. E-Fund Management, an asset management company based in Guangzhou, obtained approvals for issuing two more such funds while 13 other fund management firms including China Southern Asset Management and China Asset Management were authorized to issue one more each, according to the China Securities Regulatory Commission. The new...

January 7, 2019
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December 2018

19Dec

How China got a head start in fintech, and why the West won’t catch up

Payment apps like Alipay and WeChat transformed daily life in China. The West won’t see a similar payments revolution—and that might even be a good thing. In 2013 I moved from Paris to Beijing to study China’s financial system. I stayed for two years and became fluent enough to translate economics books from Mandarin into English and give talks on monetary policy in Mandarin. But I never really felt I fit in until I visited again and Alipay finally approved me...

December 19, 2018
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03Dec

Can Information Influence the Social Insurance Participation Decision of China’s Rural Migrants?

By John Giles (World Bank; IZA Institute of Labor Economics; World Bank - Development Research Group (DECRG)), Xin Meng (Australian National University; IZA Institute of Labor Economics), Guochang Zhao (Southwestern University of Finance and Economics (SWUFE)) This paper uses a randomized information intervention to shed light on whether poor understanding of social insurance, both the process of enrolling and costs and benefits, drives the relatively low rates of participation in urban health insurance and pension programs among China's rural-urban migrants....

December 3, 2018
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November 2018

06Nov

China. Equity group to improve pension investment environment

China Jianyin Investment Ltd, or JIC, an investment group focused on equity, will develop pension finance and pension service systems, aiming to improve the environment of the pension investment industry according to the company's top management. "With people's growing reliance on the third pillar of the pension system, individual pension investment will become a crucial process for personal wealth management," said Zhou Xiangyong, managing director of Guotai Asset Management, a key member of JIC. "As a result, the company will...

November 6, 2018
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01Nov

China. Aging population to boost individual pension market

The individual pension market in China will see great development potential in the future due to increasing pressure from an aging population and growing market demand, according to industrial experts. "With the increase in national income and people's growing awareness to save the pension reserve, China's personal pension market, which is the third pillar of the country's pension system, will see tremendous opportunities," according to Dong Keyong, secretary-general of the China Ageing Finance Forum, or CAFF50. The volume of the individual...

November 1, 2018
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October 2018

22Oct

The Chinese Pension System

By Hanming Fang (University of Pennsylvania - Department of Economics; National Bureau of Economic Research (NBER)) & Jin Feng (Fudan University - School of Economics) We provide a detailed overview of the current state of the Chinese pension system, as well as its development, its problems and some ideas for future reforms. (more…)

October 22, 2018
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12Oct

Canada pension fund to lift China investment

CPPIB plans to increase funding across country as it eyes long-term market opportunities from growing middle-income group, aging population By 2025, Canada Pension Plan Investment Board plans to have 20 percent of its estimated C$800 billion ($612 billion) assets invested in the Chinese mainland, Hong Kong, Macao and Taiwan, said Mark Machin, president and CEO of CPPIB. "It's a sensible thing to increase our supply to this market. We are building expertise, and we think valuation is not perfect in this...

October 12, 2018
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11Oct

Chinese pension system covers 925 million people

More than 925 million people are covered by the pension system in China, according to an article published by the country's top social security organ in the Qiushi Journal, a bi-monthly periodical run by the CPC Central Committee. The number is nearly nine times that of 1992. The pension funds for enterprise retirees have been rising for 14 consecutive years, according to the Ministry of Human Resources and Social Security. In addition, more than 1.35 billion people or nearly all the...

October 11, 2018
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September 2018

12Sep

China. Asset management firms see potential in pension funds

One month after the central regulator gave the green light to pension target securities investment funds, asset management companies have sped up their growth in the market. Two pension target securities investment fund products from Shanghai-based Zhong Ou Asset Management and Beijing-based Manulife Teda Fund Management started to be sold to the public on Monday. Both products will adopt the fund of funds strategy, with a portfolio that consists of multiple underlying mutual funds and each of those underlying funds...

September 12, 2018
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06Sep

What are the retirement ages around the world?

Retirement ages, or the age when some sort of government pension can be received, varies around the world. The OECD average for a normal pension age is currently 64.3 years for men and 63.7 years for women. While life expectancy has risen in many countries and governments grapple with ageing populations, any attempts to make people wait longer to collect benefits are usually met with fierce opposition, as Russia and Australia found out recently. Read more sbs

September 6, 2018
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