China Launches Online Personal Pension Wealth Management Sector Platform

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China has just seen the launch of an online platform for personal pension wealth management products (WMPs), as part of efforts to diversify pension and wealth management options for domestic households and direct more funds to medium and long-term investment.

On 10 November Chinawealth.com.cn announced that the Banking Wealth Management Registration and Custody Centre (银行业理财登记托管中心) had completed technical work on the “Personal Pension Wealth Management Sector Platform” (个人养老金理财行业平台) and overseen its official launch on 5 November.

State-owned media said that the launch of the platform would support the “comprehensive implementation of personal pension investment and wealth management operations.”

“In future, we will strive to help personal pension financial institutions to integrate with the wealth management sector platform and support the official launch of personal wealth management sector operations,” the Registration and Custody Centre said.

“At the same time we will further diversify the system functions of the wealth management sector platform, provide services including transaction data and fund information exchanges, upgrade the user experience for institutions and investors, and safeguard stable and orderly personal pension fund operations.”

Key functions of the Platform include:

  1. Opening of exclusive personal pension platform accounts. The Platform enables each user to open a single personal pension wealth management account to use for investment in wealth management products (WMPs) and record their WMP investments.
  2. Achieve unified delivery of personal pension investment product and WMP information. The Platform will liaise with financial institutions including commercial banks and wealth management companies to provide the unified collection of information on personal pension investment products and WMPs, and submit all WMP and investor information to the information platform of the Ministry of Human Resources and Social Security.
  3. Support the unified release of information in relation to personal pension investment product and WMPs.