China to Expand Private Pension Program Nationwide from December 15 Amid Aging Population Concerns

Dec 12, 2024, 04:15 AM

China has announced the nationwide expansion of its private pension program, set to commence on December 15. The initiative, previously a trial in 36 pilot cities and regions, aims to address the challenges posed by the country's rapidly aging population. The Ministry of Human Resources and Social Security, along with other departments, issued a notification detailing the rollout. Following the announcement, market indices in China experienced a surge, with the turnover on the Shanghai Stock Exchange (SSE) and Shenzhen Stock Exchange (SZSE) exceeding 1 trillion yuan for the 52nd consecutive trading day. Additionally, Hong Kong insurance stocks saw significant gains, with New China Life Insurance jumping about 5%, China Life up 3.6%, and Ping An rising over 4%. The expansion of the pension program is part of broader efforts to bolster domestic demand and manage economic priorities for the upcoming year.