Core Insights - The aging population in China is viewed as a significant challenge, referred to as a "gray rhino," which requires a multi-dimensional approach to transform it into an opportunity for economic development [1][3][4] - The upcoming "15th Five-Year Plan" emphasizes the need to accelerate the development of a multi-tiered pension insurance system to address the rapid aging process [2][3] Aging Population and Financial Support - China has the largest elderly population globally, with 310 million people aged 60 and above by 2024, projected to exceed 400 million by 2035, highlighting the urgent need for a robust pension system [1][3] - The pension finance sector is seen as a crucial support mechanism to tackle the challenges posed by an aging society [1][4] Development Trends in Pension Finance - The pension system is undergoing significant changes, shifting from a savings-based model to an investment-oriented approach, necessitating differentiated services and product development from pension institutions [3][4] - Technological advancements, including AI and quantum computing, are creating new investment opportunities and demands for innovative pension services [3][4] - The low-interest-rate environment presents challenges for pension fund management, emphasizing the need for strategies to enhance long-term asset creation capabilities [3][4] Constructing a Pension Finance Ecosystem - A well-functioning pension finance ecosystem is essential for converting aging pressures into economic growth, acting as a bridge between national savings and capital for technological innovation and industrial upgrades [4][5] - Long-term capital, such as pensions and life insurance funds, can address the capital patience issues faced by industries requiring substantial investment over extended periods [4][5] Multi-Dimensional Optimization of Institutional Design - Current challenges in China's pension finance development include insufficient tax incentives, limited coverage of pension schemes, and a dominant first pillar in the pension system [6][7] - Proposed solutions involve combining effective markets with proactive government roles, engaging micro, meso, and macro levels, and integrating innovation, funding, product, and talent chains [6][7] Opportunities for Financial Institutions - Insurance companies and other institutions are positioned to capitalize on the evolving pension finance landscape, transitioning from risk providers to comprehensive life-cycle service providers [7] - Future strategies should focus on solidifying basic pension insurance investments, enhancing asset management capabilities, and creating integrated ecosystems that combine insurance, asset growth, and wellness services [7]
当“十五五”遇上老龄化提速 养老金融如何拆解“灰犀牛”难题
Sou Hu Cai Jing·2025-11-11 17:23