Two consultants have won mandates to provide advice to China's emerging pension system by the Asian Development Bank, which made the selection in cooperation with the Ministry of Finance and the provincial government of Liaoning Province, according to industry officials.
The wins by Hewitt Associates and Canadian pension fund Caisse des Depots et Placements du Quebec CDPQ mark a concrete step for building a fully funded pension system in China - a key plank of Premier Zhu Rongji's economic reform programme - and will soon lead to mandates for fund managers to handle system money.
At this stage the ADB's decision is not formal. Market sources say it is now negotiating financial arrangements and...
