如何发展长期耐心资本？专家热议资产型养老金体系建立

Core Viewpoint - The development of pension and long-term insurance is crucial for addressing aging population challenges in China, leveraging financial investments to enhance both returns and services for the elderly [1][3]. Group 1: Pension and Long-term Insurance Development - The financial system in China is large and well-funded but lacks sufficient capital, making pensions and long-term insurance the only true long-term patient capital [1]. - There is a significant gap between China's pension asset scale and its GDP ratio compared to Western countries, necessitating a focus on expanding pension assets and establishing an asset-based pension system [3]. - The development of pension wealth management should adopt a long-term perspective, prioritizing value acquisition over short-term financial returns [3]. Group 2: Challenges and Solutions in Pension Coverage - The narrow coverage of enterprise annuities is attributed to high basic social insurance contribution rates, which primarily involve state-owned enterprises, leaving private and small enterprises underrepresented [4]. - High establishment thresholds, management costs, and inconvenient investment options hinder the attractiveness of enterprise annuities, suggesting a need for reforms such as lowering contribution burdens and promoting collective annuity plans for small businesses [4]. - The balance between government tax incentives and future financial burdens is essential for developing the second and third pillars of pension finance [3].