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BlackRock CCB, China Asset Management, Industrial Bank poised to launch more products to tap China’s expanding private pension savings
- BlackRock and CCB’s joint venture launches its first pension product as China expands its private pension scheme to tap the country’s vast savings
- China expanded the private pension scheme last week by allowing individuals to set up personal accounts to invest in a wider range of financial products
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Financial institutions including BlackRock CCB Wealth Management, China Asset Management and Industrial Bank are gearing up to tap mainland China’s expanding private pension market, as household savings swell amid an ageing population.
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BlackRock CCB Wealth Management, a joint venture between BlackRock and China Construction Bank, is launching its first retirement wealth management product on Monday. It will launch in the southern cities of Guangzhou and Chengdu and will mature in 10 years.
It is the first such product to involve a foreign asset manager in China’s pension wealth management sector.
The launch of the product intensifies competition among financial institutions to share a slice of the vast savings of China’s 1.41 billion population.
As China pushes out a new framework to expand its private pension scheme, foreign asset managers such as BlackRock are looking to launch more products to meet the rising demand.
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Domestic rivals are poised too. China Asset Management and Industrial Bank said they are devoting resources to the developing market.
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