The first batch of 5 southbound stock-based pension products approved
Beijing, January 31 (Reporter Ye Zi) The Ministry of Human Resources and Social Security recently stated that since the Ministry of Human Resources and Social Security adjusted the investment scope of annuity funds this year, many annuity fund investment management institutions have submitted applications for product issuance.
Recently, the Ministry of Human Resources and Social Security has approved the issuance of the first batch of 5 Hong Kong stock-based pension products such as Fortune Richland, Taikang Assets Fenglu Optimal, Harvest Shanghai, Hong Kong and Shenzhen Optimal, Southern Fund's New Economic Strategy, and ICBC Credit Suisse Xinhong.
Enterprise annuities and occupational annuities are the second pillar of China's endowment insurance. As of the end of the third quarter of last year, it had covered nearly 66 million employees in enterprises, government agencies and institutions, and the fund size exceeded 3.1 trillion yuan.
The Ministry of Human Resources and Social Security previously issued a notice that starting from January 1, 2021, the investment scope of annuity funds is no longer limited to domestic territory, and for the first time expanded to invest in stocks that are the subject of Southbound Trading.
The relevant person in charge of the Ministry of Human Resources and Social Security stated that the approval of the first batch of southbound stock-based pension products signifies the official implementation of relevant policies.
This will not only help to maintain and increase the value of annuity funds and increase the pension benefits of insured persons, but will also play a positive role in maintaining the stability and prosperity of the Hong Kong financial market.