BEIJING, Oct. 23 -- China will vigorously promote the development of commercial insurance annuities, the National Financial Regulatory Administration said in a circular on Wednesday.

The circular specified the concept of the commercial insurance annuities as products developed by commercial insurance companies with functions such as pension risk management and stable accumulation of long-term funds, which includes qualified annuity insurance, endowment insurance and commercial pensions.

The circular called for efforts to develop various kinds of pension annuity and insurance products, and said insurance companies should continue to improve the service of pension risk assessment, pension planning and management in the whole life cycle of customers.

Trials of commercial pension services should be expanded, it said, adding that the administration will support qualified old-age insurance companies to participate in commercial pension services.

In the meantime, efforts will be made to promote innovation of the commercial insurance annuity business and set up a complete institutional supervision system, according to the circular.