The Chinese Communist Party’s Killing and Robbing of Laobaixing

On July 30th, CCTV news reported the China Banking and Insurance Regulatory Commission (CBRC) and the People’s Bank of China jointly issued the ‘Notice on Carrying out the Pilot Program of Specific Pension Savings’. This would launch specific pension savings pilots in Hefei, Guangzhou, Chengdu, Xi’an and Qingdao for a period of one year, which is going to start from November 20, 2022.

On March 1st, 2022, the CBRC issued the Notice which expanded the pilot areas of pension wealth management products to ten locations in Beijing, Shenyang, Changchun, Shanghai, Wuhan, Guangzhou, Chongqing, Chengdu, Qingdao and Shenzhen. The pilot institutions of pension wealth management products were expanded to ten companies, including ICBC Wealth Management, CITIC Wealth Management, CBC Wealth Management, BOC Wealth Management, Nongye Wealth Management, China Post Wealth Management, Everbright Wealth Management, Zhaoyin Wealth Management, Xinyin Wealth Management and Xinyin Wealth Management.

According to the information of CBRC, depositors in the bank pension savings products deposit principal is capped at 500,000 yuan. Specific pension savings products include three types, whole deposit, zero deposit and whole deposit and zero withdrawal, the product term is divided into four periods, 5 years, 10 years, 15 years and 20 years.As the Chinese Communist Party law legally requires to retire at the age of 60, and the average life expectancy is about 65 years, the four periods of storage seem unrealistic. The services provided exclusively for the elderly are just an excuse to make the older generation lose their wealth.