Latest Breaking News On - Taiping life insurance - Page 3 : comparemela.com

China s crisis in state pension system, unlock USD 15.3 trl 21 May 2021, 13:37 GMT+10 Beijing [China], May 21 (ANI): Hong Kong insurance sector is eyeing China s USD 15.3 trillion savings to avert a crisis in its state pension system, the size of the world s second-largest economy. Georgina Lee and Enoch Yiu writing in South China Morning Post (SCMP), said that China turned to private insurers to help unlock USD 15.3 trillion of savings and avert a crisis in the state pension system as mainland insurers are tasked to convert savings into investment in retirement products as state pension pot seen drying up by 2035. The China Banking and Insurance Regulatory Commission (CBIRC) on Saturday announced a pilot programme to foster endowment plans offering stable returns over 10 years post retirement, making it part of the third pillar in China s pension system, on top of state-run schemes and corporate annuities.

Hong kongMoses cheng mo chiGeorgina leeEdward moncreiffeEnoch yiuInsurance authorityInsurance association of chinaHong kong insurance authorityInsurance regulatory commissionChinese academy of sciencesSouth china morning postChina bankingChina life insuranceLife insuranceTaiping life insuranceChina pacific life insurance