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Outlook for Chinese Defined-Contribution Enterprise Annuities Following the Introduction of Tax Deferral Treatment

In January 2014, tax deferral treatment was introduced for defined-contribution enterprise annuities in China. Enterprise annuities have grown significantly since they were introduced in China in May 2004, with assets, members, and sponsor companies totaling RMB536.7 billion, 19.57 million persons, and 59,362 companies, respectively, as of end-June 2013. The measure is likely to result in the wider adoption of such annuities and increased pension fund investment in financial markets. It will be interesting to see what further reforms are made to enterprise annuities in China.