郭金龙：应对“三低”环境需要制度创新、产品创新和投资策略的创新

Core Viewpoint - The "three lows" environment poses systemic impacts on pension wealth, highlighting the need for innovative responses in systems, products, and investment strategies [3][6]. Group 1: Systemic Impacts of the "Three Lows" Environment - The "three lows" environment is characterized by a general decline in asset yields, increased difficulty in asset-liability matching, rising pension liability costs, challenges in rebalancing investment portfolios, heightened pressure for product innovation, and exacerbated longevity risks [3][6]. - The challenges posed by the "three lows" environment are recognized as long-term and systemic, indicating that future challenges may be significant [3][6]. Group 2: Proposed Solutions and Innovations - International experiences provide diverse measures to address the "three lows" environment, necessitating innovations in systems, products, and investment strategies [3][6]. - A multi-dimensional approach is suggested for addressing these challenges, including: - Institutional innovations such as adopting the "three automatics" principle: automatic account opening, automatic investment, and automatic increment [3][6]. - Shifting product design towards floating yield products [3][6]. - Easing restrictions on the allocation of overseas assets, stock assets, private equity assets, and emerging market assets [3][6]. - Improving personal asset allocation strategies [3][6].