A type of short-term wealth management product has become an important source of income for China’s pension insurance firms in recent years, but regulators have grown uneasy as this contradicts the long-term role the companies should play in the country’s retirement system, Caixin reported.
The China Banking and Insurance Regulatory Commission (CBIRC) is steering these companies back to focusing on their original core businesses, including managing employer-sponsored pension funds and offering pension products to individuals.
Read the full report: Caixin
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