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.
