China opens civil servant pensions to managers

China is letting new occupational retirement schemes for civil servants outsource investments to domestic asset managers, opening opportunities for investment firms and other service providers. Beijing will probably allow firms already managing enterprise annuities (EAs) – defined-contribution schemes for both state-owned and private companies often likened to 401(k) retirement plans in the US – to apply to also serve civil servants’ occupational annuities. This is good news for…