State Administration of Financial Supervision and Administration: The pilot area of pension financial products will be expanded to the whole country, with a pilot period of three years.

On October 30, the General Office of the China Banking and Insurance Regulatory Commission issued a notice on promoting the continuous and healthy development of pension financial services. The notice mentions steadily expanding the pilot of pension financial products, with the pilot areas expanding nationwide for a duration of three years from the date of issuance of the notice. The notice encourages pilot financial companies to issue pension financial products with a maturity of 10 years or longer, or a minimum holding period of 5 years or longer. Pilot financial companies with a high proportion of pension financial products with a maturity of 10 years or longer will receive appropriate bonus points in regulatory ratings. They support pilot financial companies in flexibly designing purchases, redemptions, dividends, and other aspects of pension financial products to better match the personalized retirement needs of investors. They also support pilot financial companies in integrating the receipt of pension financial product income with health, elderly care, and other retirement scenarios, providing investors with comprehensive retirement financial solutions. They support pilot financial companies in developing personal pension financial products that meet the needs of individual pension participants, have long-term characteristics, and offer a certain rate of return. The notice also emphasizes the increase in funding support. It supports financial companies in investing in long-term high-quality assets that match the characteristics of pension features, participating in national major projects and major project construction in appropriate ways, and increasing support for the health industry, pension industry, and senior economy. It supports financial companies in comprehensively considering the risk-return characteristics of the assets invested in pension financial products and the risk preferences of investors on the premise of controllable risks, realizing the unified economic and social benefits. The full text can also be read on the official website of the China Banking and Insurance Regulatory Commission.