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China's big four banks to pilot retirement savings products

Move comes as country tries to head off looming pensions crisis

People play mahjong at a care center in Shanghai. China wants to shore up its state-dominated pension system, which could run out of funds in the near future.   © Reuters

China’s major state-owned banks will launch a pilot program for retirement savings products in several regions soon, sources with knowledge of the matter told Caixin, in what would be the country’s latest effort to mitigate a looming pensions crisis.

The China Banking and Insurance Regulatory Commission will let the so-called big four banks -- Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China and China Construction Bank -- offer the first batch of products, according to the sources.

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