养老理财市场将迎来更多“长钱”

Core Viewpoint - The recent notification from the National Financial Supervision Administration aims to promote the sustainable development of pension financial products by expanding the pilot program nationwide for three years, addressing the growing demand for pension finance due to the deepening aging population in China [1][2]. Summary by Sections Expansion of Pilot Program - The pilot program for pension financial products will now cover the entire country, with a three-year duration and a significant increase in fundraising limits for financial companies, allowing them to raise up to five times their net capital after deducting risk capital [2][3]. Institutional and Product Design Breakthroughs - The new policy focuses on enhancing the accessibility and risk management capabilities of pension financial products for the elderly, reflecting a cautious approach to the long-term development of pension finance [3][4]. - Approximately 29 financial companies meet the new criteria, with 11 already qualified for the pilot program, indicating a potential increase in market participants [3][4]. Market Growth and Product Characteristics - Since the pilot program's initiation in September 2021, the market for pension financial products has expanded rapidly, surpassing 100 billion yuan in the first quarter of 2023, with 51 products currently in existence [4][5]. - The notification encourages the issuance of long-term pension financial products with a minimum holding period of five years, aiming to align with the long-term investment needs of consumers [5][6]. Future Market Trends - The expansion of the pilot program is expected to attract more financial companies and insurance institutions, leading to a rise in long-term products and a diversification of asset allocation strategies [6][7]. - The integration of pension financial products with personal pension systems is anticipated to enhance the overall pension asset allocation for residents, particularly benefiting the elderly population in rural and less developed areas [6][7].