The China Banking and Insurance Regulatory Commission recently expanded the pilot scope of pension financial products, stipulating that the pilot scope of pension financial products will be expanded from "four places and four institutions" to "ten places and ten institutions" from March 1, 2022. The pilot area was expanded to Beijing, Shenyang, Changchun and other ten places. The pilot institutions were expanded to ten financial management companies, including ICBC financial management, CCB financial management and Xinyin financial management. The CBRC requires the pilot financial management companies to continuously optimize the scheme of pension financial products, improve the accuracy and transparency of information disclosure, increase the supply of long-term limited products, avoid regulatory requirements through term structured design in disguise, and publicize the expected rate of return of pension financial products. (outlook new era)