China's Ministry of Finance and the People's Bank of China issued a notice adding electronic savings bonds to the scope of eligible personal pension products and setting operational rules for distribution through personal pension fund accounts. From June 2026, savings bond underwriting syndicate members that are authorised to provide personal pension business must offer purchase and related services to personal pension participants using personal pension fund accounts. Before a purchase, participating institutions must open a dedicated personal pension Treasury bond account for the investor, bind it to the investor’s personal pension fund account, and apply personal pension rules on cash flows, withdrawal conditions and tax treatment; institutions must ensure no unmatured bonds remain before closing the related accounts. Sales can be conducted through existing savings bond channels, including branch counters and electronic channels, with issuance notices to publish each institution’s enabled channels; issuance quota management follows the existing savings bond quota framework, including a “pension-exclusive quota” carved out of flexible distribution quotas for sales to pension investors, while basic distribution quotas cannot be used for pension sales. The pension-exclusive quota allocation will be adjusted quarterly, initially based on each institution’s share of uninvested balances in opened personal pension fund accounts and subsequently based on the prior quarter’s sales to pension investors; unsold pension-exclusive quota at prescribed adjustment cut-offs will be reclaimed and rolled into unallocated flexible quotas. System changes are required for both institutions and Central Treasury Register and Settlement Co., Ltd., including upgrades to the Ministry of Finance’s electronic savings bond management information system and establishment of three-way data exchange and daily reconciliation with the Ministry of Human Resources and Social Security’s personal pension information platform, with selected data transmitted to the People’s Bank of China. Institutions and the bond registrar must complete implementation planning, system integration and testing, and report readiness to the Ministry of Finance and the People’s Bank of China, with non-compliance subject to action under savings bond, personal pension and financial regulatory regimes and potential liability for investor losses.
Ministry of Finance (China) 2025-11-13
China's Ministry of Finance and the People's Bank of China bring electronic savings bonds into the personal pension product range from June 2026
China's Ministry of Finance and the People's Bank of China will include electronic savings bonds as eligible personal pension products from June 2026. Authorized institutions must offer these bonds through personal pension fund accounts, following operational rules and quota management. System upgrades and compliance with reporting requirements are required, with non-compliance subject to regulatory action.