Policy Digest

Banks, insurers urged to meet retirement needs

Banks and insurance companies are being encouraged to develop financial services to help people prepare for their later years, including options such as retirement savings, investment schemes, endowment insurance and pension programs, the China Banking and Insurance Regulatory Commission said.

The maturity dates and restrictive terms for withdrawing money from these financial products should be designed in a way to meet clients' needs for long-term support during old age, it said in a notice issued earlier this month.

Banks and insurance companies have been asked to observe a client's suitability requirements, have a full understanding of their retirement plans, financial situation and risk preferences and make reasonable assessments of their needs and risk tolerance before recommending suitable products.

Institutions must accurately, promptly and fully disclose product information and risks according to regulatory provisions, as well as key data including date of maturity, costs, risks and equity.

In addition, promotional materials should introduce products in an explicit and easily understandable way, and must not make misleading statements, the commission said.

Ministry calls for better safety management

Local authorities must enhance safety management of municipal infrastructure including natural gas and heating facilities, water supply and sewer networks, parks and zoos, the Ministry of Housing and Urban-Rural Development said in a notice.

It asked authorities to implement a national plan to examine natural gas facilities in urban areas and rectify any problems found.

Additionally, authorities must clear clogged sewer pipelines, repair or replace damaged or lost manhole covers and improve maintenance at pump stations, sluice gates and check valves. They are also required to better examine underground infrastructure such as tunnels and subways for potential danger.

Furthermore, the ministry tasked authorities with enhancing safety in urban parks, zoos and botanical gardens to prevent the spread of COVID-19, curb invasive species, prepare for extreme weather and thwart animal escapes.

In terms of heating, authorities must urge service providers to maintain and repair facilities in summer and speed up the renovation of old pipes.

More job opportunities for graduates sought

The General Office of the State Council called on provincial-level governments and ministries to promote the employment of graduates.

In the notice published on the State Council's website on Friday, the office said authorities should expand the number of jobs available through various channels.

They should help companies offer more jobs for graduates by speeding up the construction of a modern economic system, promoting the transformation and upgrading of the manufacturing industry, bolstering strategic emerging industries and developing a modern service industry.

They should also support micro, small and medium-sized enterprises in employing more graduates through favorable policies, including subsidies, guaranteed loans for startups and tax cuts, the notice said.

The notice further stated that authorities should expand employment at the grassroots level, support self-employment and flexible employment and stabilize the number of jobs in the public sector.