China to set up state pension company with 17 firms taking stakes

  • 8/19/2021
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BEIJING, Aug 19 (Reuters) - China plans to set up a state pension company with registered capital of 11.15 billion yuan ($1.72 billion), a filing by the Insurance Association of China showed on Thursday. Seventeen bank-affiliated wealth management units, insurers and state institutions will take stakes in the company, whose largest shareholders include the wealth management units of China’s big five banks, each with a stake of 8.97%. The new company will manage commercial pension funds, and entrust yuan or foreign currency-denominated assets to other asset managers for the purpose of retirement, the filing showed. ($1=6.4928 Chinese yuan renminbi) (Reporting by Cheng Leng, Zhang Yan and Ryan Woo; Editing by Clarence Fernandez)

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