全国社保基金理事会原副理事长王忠民：“十五五”时期居民财富管理面临重构 修复资产负债表与拥抱AI资产成关键

Core Viewpoint - The upcoming "15th Five-Year Plan" period is seen as a critical transition phase for wealth management in China, shifting from reliance on single asset appreciation to a focus on overall health and dynamic optimization of asset-liability balance, alongside recognition and allocation of frontier assets [1][6] Group 1: Changes in Household Asset-Liability Structure - Over the past decade, Chinese households have faced "threefold shocks" impacting their asset-liability balance: declining risk-free interest rates, adjustments in the real estate market, and bottlenecks in traditional financial product supply [3][4] - Approximately 70% of household assets are allocated in real estate, creating dual leverage risks for both residents and developers [3] Group 2: Policy Responses and Asset Management Industry Responsibilities - Recent policies from the central government aim to repair household asset-liability balances, with measures including innovative monetary tools and fiscal strategies to alleviate local debt risks and enhance household income [4] - The asset management industry is urged to enhance its professional capabilities to provide resilient financial products that meet the evolving needs of residents [4][6] Group 3: Future Directions and Innovations - The focus on household asset-liability health will drive economic growth, with real estate asset revitalization and the development of a multi-tiered pension system as key areas of focus [5] - The emergence of AI as a new asset class is highlighted, with personal data potentially being valued and converted into data asset equity, allowing individuals to share in the growth of related technology companies [5][6] - Long-term funds, such as pensions, should actively invest in AI and other new productive assets to enable residents to benefit from long-term investments [6]