编 者 按 当前，全球正面临前所未有的人口老龄化浪潮，这一趋势正在迅速重塑各国的经济和社会结构，可能 带来经济增长潜力减弱、社会保障压力加剧等深远影响。近年来，党和政府高度关注人口老龄化问 题。党的二十大报告提出：实施积极应对人口老龄化国家战略，发展养老事业和养老产业，优化孤寡 老人服务，推动实现全体老年人享有基本养老服务。2023年中央金融工作会议明确指出要做好养老金 融等"五篇大文章"。 作为金融健康的重要组成部分，养老金融健康建设，是社会经济发展、深化金融改革与构建和谐社会 的客观要求；是金融消费者、证券投资者和市场参与者权益保护的重要基础；是增加个人及家庭金融 韧性的重要手段。为提升国民养老金融教育水平， 清华大学五道口金融学院《清华金融评论》联合 中美联泰大都会人寿保险有限公司（以下简称"大都会人寿"）策划系列研究及访谈，旨在为政府制定 养老金融政策、金融机构优化养老金融产品与服务、中国家庭进行养老金融规划等提供参考借鉴。 本文专访中美联泰大都会人寿保险有限公司首席市场官姚兵，探讨养老金融产品和服务一揽子解决方 案设计。 Q 设计养老金融产品与服务时，如何满足不同家庭资金规划需求 ？ 由养老规划最大 ...

Core Viewpoint - The article emphasizes the necessity of supply-side structural reforms in China to address the dual issues of structural overcapacity and insufficient supply, which arise from the lagging supply structure compared to the changing demand structure due to high-quality economic development [2][5]. Group 1: Economic Indicators and Trends - As of May this year, the Producer Price Index (PPI) has experienced negative growth for 32 months, with no immediate signs of recovery, marking a historical duration that surpasses previous economic crises [3]. - The GDP deflator has also turned negative for eight consecutive quarters, indicating a broad-based price decline that has transmitted from the supply side to the demand side [3]. - The Consumer Price Index (CPI) target was lowered from 3% to 2% in the government work report, reflecting a shift from a restrictive to a more result-oriented target [4]. Group 2: Supply-Side Reform Necessity - There is a consensus among policymakers and market investors that a new round of supply-side reforms is imperative, yet the definition of this reform remains vague among analysts [6]. - The previous supply-side reform was initiated in response to significant economic pressures and aimed at addressing structural issues, but the current context requires a more nuanced approach to reform [6][7]. Group 3: Real Estate Market Dynamics - The article highlights the urgent need to accelerate the de-inventory process in the real estate sector to prevent a potential deflationary trap, which could dampen consumption and investment [11]. - The real estate market is still in a phase of adjustment, with significant inventory levels persisting despite government efforts to stabilize the market [13][14]. - The challenges of de-inventory are compounded by the high proportion of real estate in household assets, which is significantly higher than in developed economies [15]. Group 4: Structural Overcapacity and Competition - The article discusses the issue of structural overcapacity and the phenomenon of "involution" in various industries, which has led to intensified competition and reduced profitability [18][19]. - The government is increasingly focused on addressing "involution" through regulatory measures to maintain fair competition and prevent market distortions [22][21]. Group 5: Policy Recommendations - The article suggests that the new supply-side reform should not merely replicate previous efforts but should adapt to the current economic landscape, emphasizing green transformation and technological innovation [28][29]. - It advocates for the establishment of a unified national market to eliminate local protectionism and enhance resource allocation efficiency [32][33]. - The article also highlights the importance of supporting enterprises in expanding into international markets to mitigate domestic competition pressures [34][35].

扫描二维码或点击文末"阅读原文"报名 随着全球化进程的深入和数字经济的蓬勃发展，世界经济格局正经历变革。党的二十届三中全会 提出，要"健全因地制宜发展新质生产力体制机制"，"催生新产业、新模式、新动能"。当前数字 经济成为推动全球经济转型的核心力量之一，"数字化+智能化"深度融合的数智金融的发展，在 实现普惠金融、提升资金流动效率、促进商业模式创新等方面正发挥着重要的"助推器"作用。 2025年6月27日（星期五） ，清华大学五道口金融学院受邀在第14届中国(广州)国际金融交易·博 览会上举办主旨会议，会议的主题为 "新产业 新技术 新模式 新动能——数智金融助力高质量发 展" ，本次会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司和广州金交会 投资管理有限公司具体承办。 报名参会 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携 ...

Core Viewpoint - The recent reduction in deposit rates by major banks in China, with the one-year fixed deposit rate falling below 1%, poses challenges for money market funds and cash management products, prompting a need for strategies to adapt to this low-yield environment by learning from overseas experiences [2][3]. Group 1: Overview of Low-Interest Rate Environments - In the U.S., the money market fund (MMF) yield entered the "1%" era during three periods: 2003-2004, 2009-2017, and 2020-2021, with significant capital outflows during low yield periods [5][6][7]. - The Eurozone experienced a decline in MMF scale during low-interest periods, but saw an increase during negative interest rates due to the relative attractiveness of MMFs compared to other rates [9][10][11][12]. - Japan's MMFs faced extinction in a negative interest rate environment, with the money reserve fund (MRF) becoming dominant due to its association with securities accounts [14][16]. Group 2: Factors Influencing MMF Scale Changes - The elasticity of nominal interest rates to policy rate changes leads to different behaviors in fund flows, with MMFs showing higher sensitivity compared to bank deposits [21][22]. - The different approaches to negative interest rate policies in Europe and Japan resulted in contrasting outcomes for MMFs, with European funds expanding while Japanese funds contracted [42][43][45]. - Inflation impacts real interest rates, influencing market preferences for low-risk assets, with higher real rates encouraging savings and benefiting MMFs [48][49]. Group 3: Strategies for Fund Managers - Fund managers in low-interest environments often reduce fees to enhance client returns, as seen in the U.S. during the 2003-2004 period [51][56]. - Seeking yield through credit and liquidity premiums becomes crucial, with U.S. MMFs increasing allocations to commercial paper and corporate notes during low yield periods [52]. - Building product ecosystems and increasing overseas investments are strategies employed by fund managers to maintain competitiveness in challenging environments [54][58]. Group 4: Regulatory Responses - Overseas regulators have generally moved towards net asset value (NAV) reform for MMFs to ensure industry health in low-rate environments, with Europe implementing market value-based valuations [61]. - Japan's earlier reforms in MMF valuation have set a precedent for adapting to low-interest conditions, allowing for more flexible investment strategies [61]. Group 5: Implications for China - China's dual-track interest rate system means that the relationship between money market rates and deposit rates is influenced by both market and policy factors, with recent trends showing deposit rates adjusting more rapidly [63][64]. - The future of MMFs in China will depend on whether money market rates fall significantly below deposit rates, with current trends suggesting a continued advantage for MMFs [70]. - A potential decline in inflation could further elevate real interest rates, benefiting low-risk assets like MMFs [71].

2025年6月6日，第二届"保险家论道"研讨会暨中国保险竞争力排行榜发布会在北京成功举 办。本次研讨会由清华大学五道口金融学院《清华金融评论》编辑部主办，会议主题 为："保险服务中国式现代化"。会议上，多位来自国内保险领域的顶尖学者和资深从业 者，围绕保险行业如何做好五篇大文章，推动经济高质量发展等话题进行交流探讨。现场 座无虚席，受到社会各界人士的广泛关注。 长城人寿总经理王玉改围绕"商业健康险的破 局与未来"主题展开深度对话。 王玉改表示，当前医保体系存在巨大缺口，商业健康险应在补位思维中找准定位，精准覆盖 社保之外的责任空间。产品创新应基于人群差异，带病体承保已是行业趋势，保险公司需通 过机制设计实现更广泛的可保性。同时，商业保险要在国家战略中发挥积极作用，推动数据 共享与制度协同，在高运营要求下持续提升精细化管理能力，为多层次医疗保障体系建设贡 献力量。 图为 王玉改 分享 以下为嘉宾演讲全文 在当前医疗改革深化的大背景下，商业健康险应首先明确自身定位——聚焦基本医保覆 盖之外的增量责任。我国基本医保体系具备广覆盖、保基本的特点，但在新药、原研药及部 分高端医疗服务领域仍存在保障缺口。商业保险的价值， ...

Core Viewpoint - The article emphasizes the importance of using medium- and long-term planning to guide economic and social development, highlighting the need for accurate understanding of the requirements during the "14th Five-Year Plan" period and focusing on national strength and modernization goals [2][33]. Group 1: Development Philosophy - The development philosophy is seen as a precursor to action, guiding overall direction and long-term strategies. The five development concepts proposed are innovation, coordination, green development, openness, and sharing, which reflect the party's new understanding of development laws [3][15]. Group 2: Planning Implementation - There is a strong emphasis on leadership in compiling the "13th Five-Year Plan" and ensuring that the proposed development concepts and goals are effectively implemented. Local plans should be realistic and avoid excessive demands [5][19]. Group 3: Historical Context - Since 1953, China has implemented 13 five-year plans, with eight since the reform and opening up, which have significantly contributed to economic growth and social stability [7][21]. Group 4: People's Aspirations - The article stresses that policies and plans should align with the people's aspirations for a better life, advocating for grassroots research and public participation in the planning process [9][13]. Group 5: Future Goals - The "14th Five-Year Plan" aims for high-quality development, addressing the evolving social contradictions and focusing on improving development quality and efficiency. The overall goal by 2035 is to achieve significant advancements in economic and technological strength [15][24]. Group 6: Strategic Arrangements - The strategic arrangement for building a modern socialist country involves two phases: achieving basic modernization by 2035 and becoming a leading modern socialist power by the middle of the century [24][25]. Group 7: Continuous Improvement - The article highlights the need for continuous improvement in planning and implementation, ensuring that the planning process is dynamic and responsive to changing circumstances and public input [19][29].

随着全球化进程的深入和数字经济的蓬勃发展，世界经济格局正经历变革。党的二十届三中全会 提出，要"健全因地制宜发展新质生产力体制机制"，"催生新产业、新模式、新动能"。当前数字 经济成为推动全球经济转型的核心力量之一，"数字化+智能化"深度融合的数智金融的发展，在 实现普惠金融、提升资金流动效率、促进商业模式创新等方面正发挥着重要的"助推器"作用。 2025年6月27日（星期五） ，清华大学五道口金融学院受邀在第14届中国(广州)国际金融交易·博 览会上举办主旨会议，会议的主题为 "新产业 新技术 新模式 新动能——数智金融助力高质量发 展" ，本次会议由清华大学五道口金融学院主办，北京清控金媒文化科技有限公司和广州金交会 投资管理有限公司具体承办。 报名参会 会议时间 6月27日（星期五） 09:30-16:30 会议地点 广州·中国进出口商品交易会展馆A区二层4.2馆 论坛实行"预先实名登记"和"一人一码"原则，主办方于 6月26日（周四）12:00之前 ，审核报名信 息，审核通过后将发送确认短信， 请凭确认短信中的链接点击获取入场二维码 "一人一码"有序 入场。 请携带身份证原件备查，门票二维码严禁转让或 ...

Core Viewpoint - The article discusses the recent trends in China's monetary policy and credit data, indicating a mixed outlook with signs of both improvement and concern in various sectors of the economy [3][4][11]. Monetary Policy and Credit Data - In May 2025, new RMB loans amounted to 620 billion, significantly lower than the expected 802.6 billion and the previous year's 950 billion [3][4]. - New social financing (社融) reached 2.29 trillion, exceeding expectations and previous values, indicating a better-than-expected performance [11]. - The growth rate of M2 was 7.9%, slightly below expectations, while M1 growth improved to 2.3% [3][12]. Sector Analysis - The residential short-term loans have seen negative growth for two consecutive months, reflecting weak consumer spending, while medium to long-term loans have turned positive, aligning with real estate sales trends [5][6]. - Corporate short-term financing has increased significantly, indicating improved cash flow pressures, while medium to long-term loans have continued to show less growth due to weakened investment sentiment amid tariff disturbances [9][11]. Government and Corporate Financing - Government bond financing was a major support for social financing, with 1.46 trillion issued, while corporate bond financing also showed positive growth, suggesting that corporate financing conditions have not deteriorated significantly [13]. - The article highlights that the overall credit expansion is still heavily influenced by fiscal policies, with a need for continued policy support to stimulate demand [4][12].

Core Viewpoint - The rapid development of commercial bank custody services in China is highlighted, emphasizing its role in ensuring asset safety and providing professional services, while also noting the need for improvements in regulation, risk management, and product offerings [2]. Group 1: Overview of Commercial Bank Custody Business Development - The global custody business has a history of nearly 200 years, originating in the UK and maturing in the US, with a definition focusing on handling securities transactions and safeguarding financial assets [4]. - In China, the custody business officially began in 1998 with the issuance of the first closed-end funds, and regulatory frameworks have been established to support its growth [4]. - As of the end of 2023, the custody scale of asset management products in China's banking sector reached 161.75 trillion yuan, reflecting a trend towards specialization and diversification in services [5]. Group 2: Necessity of Strengthening Custody Business Regulation - Custody services are a critical component of financial infrastructure, ensuring the separation of ownership, management, and custody rights, which helps mitigate moral hazards and protect client interests [7]. - The scale of custody assets is a key factor in assessing the importance of banks within the financial system, with significant contributions from major state-owned banks [8]. - Custody services support national strategies and enhance competitiveness by ensuring asset independence and safety, thus attracting financial resources to key development areas [8]. Group 3: Current Issues in Commercial Bank Custody Business - The regulatory framework for custody business is fragmented, with a lack of comprehensive management guidelines and significant differences in rules across various products [12]. - There is insufficient differentiation in service offerings among banks, leading to a lack of innovation and reliance on price competition [13]. - Technical investment in custody services needs to be increased, as the sector is technology-intensive and currently lacks unified security standards [13]. Group 4: Insights from Hong Kong and US Custody Business Development - Hong Kong's custody business features a diverse range of assets and services, including cash management and securities lending, with a focus on meeting client needs [16][17]. - Global custodians in Hong Kong, such as BNY Mellon and State Street, leverage their core custody services to expand into wealth management and other financial services [18]. - The regulatory framework in Hong Kong is multi-layered, with specific laws governing various custody products, ensuring a robust compliance environment [20].

当长寿时代遇上人口老龄化不断加剧的社会现状；当从容养老、品质养老的美好愿景遇上现代家庭养老的种种挑战。那么，我们究竟该如何实 现老有所依、老有所养？又该如何利用保险等金融产品来确保家庭养老金融的健康？ 6月6日，由清华大学五道口金融学院《清华金融评论》携手中美联泰大都会人寿保险有限公司（以下简称"大都会人寿"）联合主办。 本次发 布会汇聚养老金融领域专家学者及三百余企业代表，共同探讨中国养老金融发展现状与未来。 发布会现场，多位嘉宾围绕"多措并举提升中国 家庭养老金融健康"的主题进行了精彩的对话。中央财经大学保险学院中国精算研究院副教授陈辉、中美联泰大都会人寿保险有限公司首席市 场官姚兵、中国政法大学教授，北京银安养老金融研究院副院长胡继晔、中国银行原首席研究员，世界金融论坛高级研究员宗良，以及清华大 学五道口养老金融50人论坛常务副秘书长张栋，多位嘉宾从多元视角就何以提升中国家庭养老金融健康展开深入讨论。 图为圆桌对话 陈辉：中国家庭养老金融的总体发展现状如何？有哪些突出的特点？在人口老龄化加剧的背景下，政府如何进一步发挥养老金融在社会保障 用？ 胡继晔 ：养老金融作为积极应对老龄化国家战略、金融强国战略的 ...