CHINA - Following China's pension embezzlement scandal last year, a new firm to manage around US$1.3bn in pension and social security funds will be set up in Shanghai.
Vice president of Shanghai Pudong Development Bank Ma Li has been appointed by the city government as chief coordinator of the new Yangtze Pension Insurance Co Ltd.
More than Y10bn (US$1.29) would be transferred from the Labour and Social Security bureau in stages.
The bureau would retain a regulatory role.
The firm is awaiting final regional and state approval.
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