Shanghai may introduce a long-anticipated tax-deferred pension plan this year following Vice Premier Wang Qishan's call to quicken reforms of the insurance industry, according to analysts.

The growing population of elderly people in China may also force the regulator to accelerate introduction of the new pension plan, they added.

Concluding a two-day visit to Shanghai, Wang has urged the city to accelerate reforms and further open the insurance market, Xinhua said at the weekend.

"China's insurance market is still immature, and exploration should be done to innovate the companies and improve the regulations," Wang said. "We should strive to develop pension, health care, and liability insurance."

Tang Shengbo, an analyst with China International Capital Corporation, said: "It is very likely that Shanghai may launch a tax-deferred pension plan in the latter half of this year."

He added Wang's remark "may be a catalyst for this."