BEIJING : China plans to set up a state pension company with registered capital of 11.15 billion yuan , 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 8.97per cent. 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.
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