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（原标题：CBN丨China to expand private pension scheme nationwide from Dec 15）开yun体育网

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China’s private pension system is being rolled out nationwide;Double 12 shopping festival is set to boost consumption with trade-in policies.

Here’s what you need to know about China in the past 24 hours

China said on Thursday it would expand a private pension scheme nationwide from December 15, following a pilot effort, as it moves to plug a pension gap in plans to help a rapidly aging population.

Those covered by public pension insurance will be allowed to open private pension accounts and invest up to 12,000 yuan ($1,652) a year in financial products, five official bodies, including the human resources ministry, said in a joint notice.

The scheme expands the category of eligible pension products by including government bonds, designated pension savings and index funds, they added. 

According to the latest directory of individual pension funds released by the China Securities Regulatory Commission, as of today, there are 284 pension funds products, with 85 index funds run by 30 institutions being recently added.

The new provisions have also introduced rules to allow earlier withdrawals under specified conditions, including permanent disability, severe illness, unemployment, and having moved abroad.

More than 60 million people have opened personal pension accounts since the introduction of China's private pension system in late 2022, data from the Ministry of Human Resources and Social Security showed.

Private pensions are a part of the “third pillar” of China's pensions system to supplement the public safety net and corporate annuities.

With approximately 217 million people aged 65 and above, China is home to the world's largest elderly population, and roughly one in every four seniors globally.

A society is considered "aged" when those aged 65 and above account for 14 percent of the total population, and "super-aged" when the proportion exceeds 20 percent, according to the WHO. The figure stood at 15.4 percent in China in 2023.

The China Research Center on Aging predicts that the silver economy could grow from its current value of 7 trillion yuan to 30 trillion yuan by 2035. By 2050, elderly consumption is expected to reach 40 to 69 trillion yuan — accounting for up to 20.7 percent of the country's GDP.

Greater Bay Area, Greater future

GAC Aion, the electric vehicle brand of Chinese automotive giant GAC Group, has joined hands with Chinese autonomous driving technology provider Pony.ai to co-develop a commercially-viable, mass-produced robotaxi. The collaboration aims to deliver at least 1,000 robotaxis based on GAC Aion's EV models and equipped with Pony.ai's seventh-generation self-driving solutions, Pony.ai announced yesterday. The first batch of robotaxis will be deployed in the Greater Bay Area next year.International accounting firm KPMG foresees improved investor confidence in Hong Kong's IPO market and expects it to maintain its position among the global top five in 2025, as its financial funding sector shows robust resilience. As of Dec 8, the Hong Kong stock exchange ranked 4th in the 2024 global IPO rankings, with total funds raised reaching HKD82.9 billion from 63 completed IPOs, according to the latest report released by KPMG on Wednesday.

Next on industry and company news

Major Chinese e-commerce platforms have launched a range of promotional activities that integrate with the nation's trade-in programs in this year’s Double 12 shopping festival. Tmall has launched more than 100 categories of products that are eligible for government subsidies, offering discounts as much as 50 percent. Suning.com has partnered with major brands, offering discounts of up to 50 percent for various categories including winter products. JD.com is also providing offers on popular home appliances at half prices, along with an additional discount of 40 yuan for every 300 yuan spent. Consumers can also take advantage of national subsidies on various appliances, with discounts of up to 2,000 yuan on select items.Sales of new-energy vehicles (NEV) in China reached a new milestone on Wednesday, as NEV sales surpassed 40 percent of all auto sales for the first time during the January-November period. During the first 11 months, Chinese NEV output reached 113.45 million units while sales hit 112.62 million, data from China Association of Automobile Manufacturers (CAAM) showed. Output surged by 34.6 percent year-on-year and sales grew by 35.6 percent during the period.China's production and sales of batteries soared 33 percent and 40 percent to 117.8 GWh and 118.3 GWh, respectively, in November from a year earlier, the country’s automotive power battery industry innovation alliance announced yesterday. SenseTime Group, a Chinese artificial intelligence developer, said it plans a HKD2.8 billion stock placement. SenseTime will issue nearly 1.87 billion shares at HKD1.50 apiece to at least six entities to raise money for core business development, including supporting its shift to generative AI, building an industry-leading AI cloud, and increasing the scale of its AI infrastructure.

Switching gears to financial news

China's Ministry of Finance issued yuan-denominated treasury bonds worth a total of 6 billion yuan in Hong Kong on Wednesday, with the total bid amount 3.58 times the amount in circulation. The issuance included additional two-year bonds, three-year bonds, and five-year bonds, with respective interest rates at 1.7 percent, 1.7 percent, and 1.8 percent.

Wrapping up with a quick look at the stock market

Chinese stocks continued to rise on Thursday. The benchmark Shanghai Composite gained 0.85 percent and the Shenzhen Component jumped 1 percent. Hong Kong’s Hang Seng index rebounded 1.2 percent and the TECH index added 1.5 percent.

Executive Editor: Sonia YU

Editor: LI Yanxia

Host: Stephanie LI

Writer: Stephanie LI

Sound Editor: Stephanie LI

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Produced by 21st Century Business Herald Dept. of Overseas News.

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