In 2018, the 16 insurance companies participating in the tax deferred pension pilot scheme collected a total of about CNY70m ($10.4m) in premiums from the issuance of around 40,000 policies. The average pension premium income of each insurance company was only CNY4.375m, according to data provided by Ms Zhou Yanfang, a delegate pf the National People's Congress and deputy director of the Strategic Research Centre of China Pacific Insurance.