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chinadaily.com.cn 2022-04-22 18:37

Elderly residents take part in an art class at the day-care center in a citizen service station in Jiaxing sub-district, Shanghai's Hongkou district, on Aug 30, 2020. [Photo by Zhu Xingxin/chinadaily.com.cn]

>China rolls out private pension plan

China rolled out a private pension plan on Thursday to complement the nation's current pension system in its latest effort to tackle the strains of an aging population.

The plan allows Chinese citizens to contribute up to 12,000 yuan annually to individual pension accounts subject to closed-end management, according to guidelines released by the State Council. The cap would be adjusted according to social and economic development as well as how the country's pension system evolves.

Funds in the accounts can be used to purchase financial products of relatively lower risk and a longer-term investment horizon, according to the guidelines.

The government will offer tax incentives to encourage participation in the new system.


Pedestrians walk past the Shanghai Futures Exchange. [PHOTO BY WANG GANG/FOR CHINA DAILY]

>China adopts law on futures and derivatives

Chinese lawmakers on Wednesday voted to adopt a law on futures and derivatives to better protect investors' interests and develop the futures market in favor of the real economy. The law, which will take effect on Aug 1, was approved at a session of the Standing Committee of the National People's Congress, China's top legislature.

China's financial derivatives market, one of the largest in the world, requires a law specifically made for its regulation, said Li Zhengqiang, a researcher at the University of International Business and Economics.

China's futures market posted record-setting trading volume and turnover in 2021, which stood at 7.51 billion lots and 581.2 trillion yuan, respectively, data from the China Futures Association showed.


Photo taken on March 27, 2022 shows the second black box recovered at the crash site of the China Eastern Airlines' plane in Tengxian county, South China's Guangxi Zhuang autonomous region. [Photo/Xinhua]

>Preliminary findings on plane crash released

China's civil aviation regulator on Wednesday gave a briefing on a preliminary investigation of the China Eastern Airlines passenger plane crash in March. The report contains information about the plane's flight history, crew and maintenance personnel, maintenance, wreckage distribution and other issues, the Civil Aviation Administration of China said in a statement.
4月20日,中国民航局公布“3 21”东航MU5735航空器飞行事故调查初步报告,报告主要包括飞行经过、机组机务人员、适航维修、残骸分布等事实信息。

The report reveals the flight's crew and maintenance personnel met standards and the plane's airworthiness certificate was valid. There were no items on board that had been declared as dangerous goods, nor any forecasts of dangerous weather. Before the plane deviated from cruising altitude, radio communications between the crew and air traffic control did not show any abnormality.

The investigation team will continue with its work, which includes debris inspection and flight-data analysis, to find the cause of the accident.


Photo taken on April 19, 2022 shows the IMF Headquarters in Washington, DC, the United States. [Photo/Xinhua]

>IMF cuts global growth forecast

The International Monetary Fund on Tuesday slashed global growth forecasts for 2022 to 3.6 percent amid the Russia-Ukraine conflict, 0.8 percentage points lower than the January projection, according to its newly released World Economic Outlook report.

The Ukraine crisis unfolds while the global economy is "on a mending path" but has not yet fully recovered from the COVID-19 pandemic, the report said, noting global economic prospects have worsened "significantly" since the forecast in January.

The latest report said the Russia-Ukraine conflict, monetary tightening, financial market volatility and the pandemic would shape the near-term global outlook.

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