BEIJING — China will pilot retirement savings products at State-owned banks in five cities starting from November 20, according to an official circular released on July 29.

The products will be piloted in Hefei, Guangzhou, Chengdu, Xi'an, and Qingdao, with an interim time limit of one year, said the circular released by the People's Bank of China and the China Banking and Insurance Regulatory Commission.

Each of the four State-owned lenders can handle up to 10 billion yuan (about $1.48 billion) in the one-year pilot. The four terms of the three types of 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.