China expanding private pension scheme to raise pension awareness: industry insider

China's nationwide roll-out of a private pension scheme is set to raise public awareness on the importance of pensions and improve the financial wellbeing of people in their retirement, according to industry insiders.

China on Thursday announced the expansion of a private pension scheme from 36 pilot cities and regions to the entire country, effective from Dec. 15.

Serving as supplementary pension insurance, this scheme is voluntary for individuals and operated in a market-oriented manner with support from national policies, according to a notice jointly issued by five government departments including the Ministry of Human Resources and Social Security.

People who currently contribute to basic pension schemes for urban employees, non-working urban residents and rural residents can all participate in the private pension scheme, according to the notice.

The scheme allows participants to contribute up to 12,000 yuan (about 1,670 U.S. dollars) annually to their private pension accounts, and offers them tax incentives.

Insurance industry insiders said following the expansion, financial institutions are set to offer more varieties of products to meet diversified needs of individuals, and public awareness of the importance of pensions will be raised.

"All kinds of financial institutions will build a differentiated and diversified product system around the diverse pension financial needs of people throughout their life cycle, and provide customized and quality comprehensive services, especially for those who have been involved in flexible employment and new forms of employment. This will further raise people's awareness of the importance of pensions," said Wang Jing, the head of the market channel department at Guomin Pension.

The private pension scheme, launched in November 2022, was piloted in 36 cities and regions including Beijing, Shanghai and Guangzhou.

More than 70 million private pension accounts have been opened under this scheme so far, while the number of investment products has exceeded 800.

Financial products, such as wealth management products, savings deposits, commercial pension insurance and public funds, have been offered under the scheme.

China expanding private pension scheme to raise pension awareness: industry insider

The two-day 2025 Brain-Computer Interface (BCI) Conference concluded on Friday in Shanghai, where multiple globally leading "China solutions" took center stage.

Under the theme "Brain connects the world, wisdom gathers in Shanghai," the event gathered research teams from major universities, leading industry developers, and experts across the BCI sector to strengthen the connection between research, application, and policy.

As part of the event, the first BCI competition featured four categories—fatigue detection, emotion recognition, brain-controlled robotic cars, and brain-controlled robotic arms - with 40 out of nearly 100 teams from across China received prizes.

In the BCI Industry Innovation Exhibition Zone, more than a dozen frontier-tech companies presented cutting-edge technologies ranging from key components to comprehensive system-level solutions.

Exhibits spanned the entire technology chain, from underlying hardware to clinical applications, covering fields such as sleep intervention, mental illness treatment, and rehabilitation for degenerative diseases—highlighting the latest trends in BCI development.

"We completed the first domestic clinical trial this March, and next year we will launch large-scale clinical trials," said an exhibitor named Chen Yaoxu.

Shanghai has established China's first future industry cluster dedicated to BCI technologies. During the conference, several new innovation platforms—including a BCI service platform and a joint laboratory for digital neuromedicine - were inaugurated.

"We are guided by clinical needs and clinical scenarios. At the same time, we are opening high-quality EEG datasets for enterprises to support their algorithm research and guide them in developing concrete products that truly address real-world needs," said Wang Zhuoyao, BCI Project manager of Shanghai Municipal Science and Technology Commission.

Shanghai conference highlights China's cutting-edge brain-computer interface innovations