China’s local pension funds will launch a first wave of investment in the domestic stock market by the end of this year to try to lift returns before an ageing population becomes a drain on regional finances.
The government has unveiled an ambitious scheme that could help local authorities counter record-low interest rates and reduce the Chinese equity market’s volatility.
The human resources ministry said that a number of local governments had transferred assets to the National Social Security Fund, where managers have broader latitude to invest in riskier assets, including up to 40 per cent in equities and stock funds.
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