Citic Securities plans to take stake in new private pension venture

Photo by Josh Appel on Unsplash

Citic Securities Co. Ltd, one of China’s biggest brokerages, is planning to take part in a new pension joint venture, embracing the nation’s call to tackle a looming pension crisis fueled by questions surrounding the sustainability of the current pension system as the population rapidly ages.

In a bid to overhaul the strained, state-dominated pension system, China is looking to spur the development of a private, so-called third-pillar (第三支柱), with a view to encourage people to save more through commercial pension products and play a bigger role in supporting themselves after retirement.

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