China proposes rules to regulate private pension investment via mutual funds

SHANGHAI : China's securities regulator proposed rules to regulate private pension investment via mutual funds, setting the criteria for qualified products and sales agents under a scheme that will channel fresh savings into the country's capital markets.

Under the scheme, eligible Chinese citizens can buy mutual funds, savings deposits and insurance products via their own individual pension accounts, potentially boosting a pension market that has lured foreign asset managers including Fidelity International and BlackRock. Initially, pension target funds with at least 50 million yuan of assets over the past four quarters are eligible under the pilot pension scheme, the CSRC said.

Currently, there are 91 pension target funds that meet the CSRC's criteria, according to TF Securities.

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