As China has unveiled the framework of a personal pension scheme to complement its current pension system, the China Banking and Insurance Regulatory Commission started soliciting opinions on Friday on interim measures for the administration of the personal pension business of commercial banks and wealth management companies.

According to the draft submitted for comment, commercial banks' personal pension business mainly includes personal pension savings, consulting and account business, as well as the sales of agent personal pension products, such as wealth management products, insurance plans and mutual funds.

The CBIRC made clear it will implement the name list management and continuous regulation of commercial banks, WMCs and WMPs. The regulator also specified the types of personal pension WMPs and the requirements which should be met by market participants like WMCs.

Personal pension accounts will run on the principle of closed operation. Individual participants of the personal pension scheme will make independent choices and take investment risks according to the law.

The CBIRC said it will further improve the interim measures and announce the measures at the proper time. The regulator will also decide on the list of the first batch of financial institutions that will be allowed to carry out the personal pension business.

Commercial banks and WMCs have a large number of clients and wide networks, which will increase the coverage and accessibility of the personal pension business. Their long-term experience in investing in bonds and non-standard products and their risk management capacity will bring steady returns on personal pension products in the long run, said Dong Ximiao, chief researcher at Merchants Union Consumer Finance Co.

"The name list management will give full play to the advantages of commercial banks and WMCs in terms of networks and client resources. It will also be conducive to selecting financial institutions which have more comprehensive strength and stronger service capabilities to participate in the personal pension business, thus promoting a smooth start and sound development of such business," Dong said.

Earlier this year, China unveiled the framework of a private pension plan amid intensified efforts to address the needs of its rapidly aging population.

At the end of last year, those aged 65 years and above accounted for 14.2 percent of the more than 1.41 billion population on the Chinese mainland, the National Bureau of Statistics said.