China’s Ambassador to the U-S says his country — at some unidentified point in the future — will open itself to more U-S companies, including the Des Moines-based Principal Financial Group. For the past two days, Principal officials have hosted Ambassador Li Zhaoxing (Lee Zshow-zshing) to discuss pension reform in China. Ambassador Li (lee) says the Chinese government now provides a pension to its citizens, but there may be an opportunity for private sector retirement plans in the future.Ambassador Li (lee) says China plans to open its service sector to outside investors like Principal.Principal president Barry Griswell says his company already has offices in two cities in China, and offers a pension plan in Hong Kong.Principal officials illustrated how employers rather than the government can provide pension benefits. Ambassador Li also visited Pioneer Hi-Bred International in Johnston during his stay in Iowa.
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