Dismal returns to blame for weak enterprise annuity flow?

Poor returns appear to have dampened public appetite for a tax-beneficial retirement savings scheme introduced in China at the start of this year amid high hopes. Total assets under management into the enterprise annuity scheme – China’s version of the 401(K) in the US – increased just 4.5% in the first quarter of this year to stand at Rmb630.6 billion ($101 billion). That was consistent with a 4.16% expansion in the fourth quarter of last year, before the incentive scheme had e…