By Wang Keju | chinadaily.com.cn | Updated: 2022-09-28 00:03 A clerk counts cash at a bank in Nantong, Jiangsu province. [Photo/Sipa] China will offer tax concessions for private pension plans that enjoy policy support and are run commercially to meet people's diverse needs, the State Council decided at an executive meeting chaired by Premier Li Keqiang on Monday. It was noted at the meeting that the development of policy-supported and commercially operated private pensions will provide a useful complement to the basic old-age insurance program and can better meet people's diverse needs and enhance social security safeguards.

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