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.
