As China’s age profile continues its rapid inversion, the need for more private pensions is drawing some of the biggest asset managers to the world’s most populous nation.These so-called Pillar III pension funds — which are opted into by individuals on a voluntary basis, as opposed to relying on the state or companies for contributions — were still “at a nascent stage” in China, according to a 2020 study produced by BlackRock and the People’s Bank of China. Only Rmb2.2tn ($330bn) had been invested in them, it found, highlighting the relatively low amount of savings in the country’s private pension system.

But this year has brought the clearest signs yet that this is changing.

In April, Chinese authorities unveiled long-awaited measures — including tax incentives — that pave the way for the greater development of individual private pensions in a country where savings are still dominated by cash and real estate.