File photo to China Construction Bank [Photo: baidu]

China's fast growing aging population has prompted fresh business opportunities in the area of old-age financial services.

China Construction Bank has launched a pension funds management subsidiary.

The new firm, named Jianxin Pension Fund Management Corporation, is the first of its kind in China.

The company has a registered capital of 2.3 billion yuan or about 360 million U.S. dollars.

85 percent of the company's shares belong to China Construction Bank, while the rest are held by the National Council for Social Security Fund.

China's pension funds, which account for roughly 90 percent of the country's total social security pool, had net assets of 3.5 trillion yuan at the end of last year.

The Chinese government announced last month that pension funds will be ready for investment in stocks and equities next year.

For more on this, CRI's Spencer Musick spoke with Mike Bastin, Director of The China Business Centre based in London.