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China plans $1.72bn national pension company

17 financial institutions to take stakes as Beijing deals with aging population

China faces a pensions crisis as the population grays, the working-age cohort shrinks and the fertility rate slides, data from the country's latest census revealed in May.   © Reuters

China plans to set up a national pension company in Beijing with registered capital of 11.15 billion yuan ($1.72 billion) as the country's population rapidly ages.

Seventeen financial institutions will take stakes in the company, including the wealth management units of China's big five banks, each with 1 billion yuan, or 8.97%, the Insurance Association of China said Thursday in a statement on its website. China's largest brokerage, Citic Securities; Taikang Life Insurance; and the investment arm of Beijing's State-owned Asset Supervision and Administration Commission will also take part, it said.

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