BEIJING — China will pilot retirement savings products at State-owned banks in some cities to diversify financial plans for retirement, said the China Banking and Insurance Regulatory Commission (CBIRC) on May 13.

The products, under development by the CBIRC and the People's Bank of China, are long-term investments with stable yields, fit for risk-averse residents, said the CBIRC.

Each of the four State-owned lenders can handle up to 10 billion yuan (about $1.47 billion) in the one-year pilot, according to initial plans. The four terms of these products are set five years apart from five to 20 years.

The banks are the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China, and the China Construction Bank.