Major reforms to the Chinese Mainland’s pensions system are creating new opportunities for asset managers. This report, jointly authored by KPMG China and ASIFMA, explores the background to China’s evolving three-pillar pensions system and the demographic factors that necessitated the current reforms, and shares insights from market players on the challenges as well as the opportunities.

Pillars 2 and 3 of the pensions assets industry in China could grow to as much as 15-21 trillion RMB by 2030 under the current and potential reforms. The report takes an in-depth look at the three pillars of the pensions framework and considers how firms can play a role in serving this growing market in different areas across basic pensions, enterprise and occupational annuities, and individual pensions.