Chinese banks and insurance companies are stepping up efforts to launch new investment products and enhance related services to accommodate the growing demand for retirement planning following the country's expansion of the private pension program.
Starting December 15, China officially expanded its private pension scheme from 36 pilot cities and regions to the entire country.
As a supplementary pension insurance, this scheme is voluntary for individuals and operated in a market-oriented manner through support from national policies, according to a government notice. The notice encourages financial institutions to develop products that cater to long-term pension needs, such as personal pension savings and low-volatility or absolute return funds.
The China Securities Regulatory Commission (CSRC) has included the first batch of 85 equity index funds in the catalog of approved investment products for private pensions.
"We are planning to launch 27 [index fund] products on Monday, with that number increasing to 57 by next week. Our goal is to introduce eligible investment products under the private pension scheme as quickly and extensively as possible," said Zhang Xiaojing, senior manager of personal digital finance at Bank of China.
"Financial institutions including insurance companies will pay more attention to the diversified pension financial needs of residents throughout their life cycles. They will create a differentiated, diversified product system, especially expanding services for workers in flexible employment and emerging sectors," Wang Jing, director of Market and Channel Department at Guomin Pension, a firm established in 2022 under government guidance to support China's response to the enlargement of the country's aging population.
Meanwhile, the notice calls on financial institutions to enhance their service levels. Commercial banks are now required to provide more personalized services for participants changing their pension account bank or receiving their private pensions.
"We have developed a one-stop service system covering account opening, deposits, investments, asset growth, and withdrawals. We were among the first to launch a full range of investment products, including deposit funds, insurance, and other wealth management options. In addition, we introduced innovative services such as a tax-saving calculator, pension planning, and asset diagnosis for better asset allocation," said Jin Hua, deputy general manager of the Personal Financial Services Department at Industrial and Commercial Bank of China (ICBC).
Analysts said the nationwide roll-out of the private pension system will spur more innovation in financial products and services.
"The expansion of the private pension scheme will create more opportunities for financial institutions in terms of account opening and product sales, stimulating further innovation in products and services. Generally, for investors nearing retirement, stable options such as deposits and treasury bonds are recommended, while younger investors are advised to allocate more assets to finance products such as funds," said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Company (Zhaolian Finance).
Financial institutions ramp up product offerings following expansion of private pension scheme
Li Yuhua, a farmer-turned forest ranger from a mountainous village in Dulongjiang Town, southwest China's Yunnan Province, has spent nine years protecting the forests in her hometown while helping local people increasing their incomes.
Li's family was once a registered impoverished household, relying mainly on corn farming for living. Things began to change for her family in 2016 when China launched a policy allowing registered impoverished population to work as ecological forest rangers, and Li became one of the first ecological forest rangers in the town.
"When I first began to work as a forest ranger, it was hard for me even to climb mountains, let alone climb rocks and cross rivers. But I told myself that since the country gave me this opportunity, I must do it well. I worked hard to improve my physical fitness and learn new skills, always actively taking the missions of patrolling mountains," said Li.
As Li often wears a colorful, vibrantly striped "Dulong blanket," a traditional clothing of the Dulong ethnic group, the villagers call her the "rainbow ranger."
"I think the name 'Rainbow Ranger' is beautiful. It makes me feel like a rainbow for us women of Dulong ethnic group guarding our homeland," Li said.
Dulong is a mountain-dwelling ethnic group in southwest China. It is one of the least populous of China's 56 ethnic groups, and the people were known for "direct transition" from primitive life to the modern socialist society at the founding of the People's Republic of China in 1949.
Most Dulong people live in Dulongjiang Town, where an inhospitable mountainous terrain used to thwart the place's development for decades. The town remained to be one of the poorest areas in Yunnan Province and even in the entire country. Thanks to government inputs and the development of industries with local features, the Dulong people have been experiencing remarkable life changes. In 2018, the Dulong ethnic group shook off poverty as a whole.
Beyond safeguarding forests, Li took the lead in developing non-timber forest-based economy in the town, guiding local residents to grow plants like Chinese black cardamom and wild-simulated lingzhi mushrooms as well as raising cattle and bees.
In 2025, the total output value of the town's non-timber forest-based economy reached nearly 30 million yuan (around 4.3 million U.S. dollars), with the annual average income of 43 households increasing by more than 20,000 yuan (around 2,900 U.S. dollars) each.
Li also established a cooperative for Dulong blanket making, attracting more than 170 women to learn traditional weaving techniques. They have developed 12 types of cultural and creative products, including shawls and scarves, and sold them worldwide through livestreaming, generating wealth for themselves.
"In the past, we only wove blankets for our own use. Now she teaches us to make the cultural and creative products and sell them. Last year, I earned more than 4,000 yuan (around 580 U.S. dollars) from weaving. I spent the money on my children's school fees and new appliances for my house," said Mu Jianying, member of the cooperative.
Li's dedication to both forestry and rural revitalization has earned her widespread recognition. In 2024, she was honored as model of ethnic solidarity and progress and received the title certificate from President Xi Jinping. She was also awarded the title of National March 8 Red-Banner Pacesetter, the highest honor presented by the All-China Women's Federation to the country's outstanding women, ahead of the International Women's Day observed on March 8.
Li said her achievements are the result of collective efforts.
"I often think that one person's strength is very limited, but the strength of a group is great. There are 195 ecological forest rangers like me protecting this land in the Dulongjiang Grand Canyon," she said.
As a female forest ranger, Li shared a message for women ahead of the International Women's Day.
"To mark the International Women's Day, I want to say to all my sisters: No matter what position we are in, as long as we are willing to endure hardship and work hard, we will surely weave our own rainbow," she said.
Forest ranger dedicated to guarding green mountains in Yunnan
Forest ranger dedicated to guarding green mountains in Yunnan
