The China Banking and Insurance Regulatory Commission (CBIRC) will roll out a wealth management product in four cities to help retail clients boost their retirement savings.
The products will be sold by the wealth units of Industrial and Commercial Bank of China in Wuhan and Chengdu, China Construction Bank and China Merchants Bank in Shenzhen, and China Everbright Bank in Qingdao.
Starting from 15 September, the pilot will run for a year and each institution will be able to raise up to CNY10bn (£1.1bn, $1.5bn, €1.3bn) of products, the CNIRC said.
