The number of China's private pension fund sales agencies increased to 52 in 2024 from 37 in 2022, Xinhua News Agency reported Monday, citing the Asset Management Association of China.
Of the number, 19 are commercial lenders, including the Industrial and Commercial Bank of China (HKG:1398, SHA:601398) and the Agricultural Bank of China (HKG:1288, SHA:601288) while 25 are securities firms and eight are independent sales institutions, the report said.
The government piloted its private pension scheme in a number of cities in 2022 and rolled out the program nationwide in December 2024, the report said.
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