China’s new state firm to speed up private pension development
The country is setting up a public agency to act as a clearing house to support its underfunded pension system. The plan could involve spinning off a government unit.
The Chinese government's plan to create a new state-backed pension firm is seen by experts as a "necessary and reasonable" move that will help cut administrative costs and support the development of individual pension schemes, which are lagging behind those of developed economies.
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