BEIJING, Dec. 13 -- China announced on Friday the extension of tax concessions for private pensions nationwide, following Thursday's announcement that the private pension scheme will be expanded from 36 pilot cities and regions to the entire country.

The implementation of this policy can be traced back to Jan. 1, 2024, according to a statement issued by the Ministry of Finance and the State Taxation Administration on Friday.

The private pension scheme, launched in November 2022, was piloted in 36 cities and regions including Beijing, Shanghai and Guangzhou.