If you pay individual income tax at a rate of 10% or higher, open a personal pension account (个人养老金账户), where up to 12000 CNY a year can be deducted before tax; it is not worth it if you pay no income tax or your rate is only 3%

In plain words

For every 1 CNY you put in, the tax you save is "your tax rate minus 3%." Putting in the full 12000 CNY in a year saves 840 CNY at a 10% rate, 2040 CNY at 20% and 3240 CNY at 30%. For someone at only a 3% rate, the tax saved is paid back when withdrawing, so the money is locked up until retirement for nothing. Someone who pays no income tax still pays 3% when withdrawing, a net loss.