36 pilot cities and regions including Beijing, Shanghai, Guangzhou, Xi'an and Chengdu, according to the Ministry of Human Resources and Social Security.

Applicants can open their own individual pension accounts, which can collect up to 12,000 yuan (about 1,682.11 U.S. dollars) annually and enjoy tax incentives. The account is to be used specifically for buying certain old-age financial products.

China has a three-pillar old-age insurance mechanism, covering the national basic old-age insurance, the enterprise and occupational annuities, and the commercial old-age financial products and the private pension plan.