(Yicai Global) Nov. 11 -- China has finished developing a platform for private pension wealth management products to support full implementation of the country’s personal pension investment and wealth management businesses.

Set up by China Wealth Asset Management Registry and Custody on Nov. 5, the platform enables a unique account for each investor to manage their private pension investment and wealth management products, China Central Television reported yesterday. It also enables unified reporting of investor and WMP data to the Ministry of Human Resources and Social Security’s information platform.

Chinawealth.com.cn, a website of China Securities Depository and Clearing that tracks the wealth management industry, will open a special section for private pension management and publish a list of institutions and products related to individual pension investments and WMPs that meet regulatory requirements.

China Wealth Asset Management Registry and Custody will strive to assist major financial institutions to access the wealth management industry platform and support the official launch of the private pension business, it said.

Established in January 2016, China Wealth Asset Management Registry and Custody, a unit of China Securities Depository and Clearing, is responsible for centralized registration, information disclosure, and third-party custody services in the banking wealth management market.

China is promoting the development of private pension products to form the third pillar of the nation’s pension system, along with the basic state pension and the voluntary employee pension.

Owners of private pension fund accounts can invest in financial products, including banks’ wealth management products, savings deposits, commercial pension insurance, and public funds, according to the Opinions of the General Office of the State Council on Promoting the Development of Private Pensions issued in April.

The pension business committee of the Asset Management Association of China said on Nov. 8 it recently held a meeting during which an official from China Securities Regulatory Commission revealed that a list of private pension fund products and institutions would be released soon.

Editor: Martin Kadiev