The pilot scope of pension wealth management products has been expanded to "ten institutions in ten places" from March 1

　　Zhongxin Finance, Feb. 25, China Banking and Insurance Regulatory Commission issued the "Notice on Expanding the Pilot Scope of Pension Wealth Management Products".

From March 1, 2022, the pilot scope of pension wealth management products will be expanded from "four institutions in four places" to "ten institutions in ten places".

　　In September 2021, the China Banking and Insurance Regulatory Commission selected "four places and four institutions" to officially launch the pilot program of pension wealth management products.

Since the launch of the pilot program of pension wealth management products, the overall operation has been stable and the market has responded positively.

　　In order to further promote the improvement of the pilot program and increase the supply of pension wealth management products, on the basis of the previous pilot work, the China Banking and Insurance Regulatory Commission formulated and issued the "Notice on Expanding the Pilot Scope of Pension Wealth Management Products".

　　The "Notice" stipulates that starting from March 1, 2022, the pilot scope of pension wealth management products will be expanded from "four institutions in four places" to "ten institutions in ten places".

　　The pilot areas have been expanded to ten places including "Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen".

　　The pilot institutions are expanded to "ICBC Wealth Management Co., Ltd., CCB Wealth Management Co., Ltd., Bank of Communications Wealth Management Co., Ltd., Bank of China Wealth Management Co., Ltd., Agricultural Bank of China Wealth Management Co., Ltd., China Post Wealth Management Co., Ltd., Everbright Wealth Management Co., Ltd. Company, China Merchants Bank Wealth Management Co., Ltd., Xingyin Wealth Management Co., Ltd. and CNCB Wealth Management Co., Ltd.” ten wealth management companies.

　　Among them, for the 4 wealth management companies that have launched the pilot program, the upper limit of the total amount of funds raised by a single institution’s pension wealth management products has been raised from 10 billion yuan to 50 billion yuan; for the six new wealth management companies this time, the single institution pension The upper limit of the total amount of funds raised by wealth management products is RMB 10 billion.

　　The "Notice" requires that pilot wealth management companies should independently select one or more pilot areas to sell pension wealth management products within the scope of the pilot areas, but may not sell beyond the pilot areas.

BlackRock CCB Wealth Management Co., Ltd. refers to the implementation of the relevant provisions of the "Notice".

　　The "Notice" also requires pilot wealth management companies to continuously optimize the plans for pension wealth management products, improve the accuracy and transparency of information disclosure, and increase the supply of long-term products.

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