China’s private pension scheme to draw US$17.8 billion a year from savings accounts into asset management

China’s newly expanded private pension scheme will inject at least 120 billion yuan (US$17.8 billion) a year into the country’s asset-management market, according to analysts, as China Citic Bank becomes the first Chinese lender to apply for a licence to offer pension accounts in the scheme’s pilot programme. Read Also China: Big Four banks to pilot private pension scheme Under the scheme, unveiled in April, workers will be able to deposit up to 12,000 yuan per year into personal accounts that...