China's new private pension scheme opens up Chinese assets to foreign insurers

Large foreign life insurance companies expect to grab a slice of China's new private pension system as they believe the market has substantial potential to grow.  On April 21, China’s State Council officially launched the much-awaited private pension scheme, or third pillar, after a four-year trial. It hopes the scheme will unleash vast household savings and ease the burden on the national pension fund.  China analysts said the number of people could start to fall fas soon as 20…