BEIJING -- China has unveiled its first batch of seven private pension wealth management products, in its latest effort to broaden sources of retirement income, according to China Banking Wealth Management Registration and Depository Center on Friday.

Currently, China has a three-pillar old-age insurance mechanism, covering basic national old-age insurance, enterprise and occupational annuities, commercial old-age financial products and private pension plans.

In April 2022, China released a guideline to roll out its private pension scheme, supplementing the country's old-age insurance mechanism.

Individuals are allowed to open pension accounts at approved banks and use their pension contributions to invest in qualified products, including banking wealth management products, deposits, insurance and public funds, according to the plan.

The center said it will improve the wealth management platform, enhance investor education, and update and release a list of private pension wealth management products in accordance with regulatory requirements.