宏观观察2025年第03期（总第575期）：养老金融新政策、新机遇与相关建议＊

Policy Background and Significance - The new policy aims to support the development of a three-pillar pension system and enhance the quality of life for the elderly, addressing the challenges posed by an aging population[6] - The policy outlines the importance of developing pension finance as a key point for promoting high-quality development in China's financial and pension sectors[7] Development Goals and Directions - By 2028, the pension finance system is expected to be established, with a diverse range of pension products and services available, enhancing public awareness and welfare[11] - The policy emphasizes the need for differentiated financial products and services tailored to various elderly groups, including self-sufficient and semi-dependent seniors[12] Market Opportunities - Rural areas represent a significant market for pension finance, with a large demand for financial products due to low pension levels; for instance, the average basic pension in many regions is below 500 RMB per month[17] - The silver economy is projected to grow from approximately 7 trillion RMB in 2023 to 30 trillion RMB by 2035, constituting about 10% of GDP[22] Financial Support and Innovation - Financial institutions are encouraged to innovate in pension products, particularly in rural areas, to improve accessibility and meet the specific needs of the elderly population[34] - The policy supports the expansion of the investment scope for basic pension funds, allowing for a higher proportion of investments in stocks and equity assets, which could increase from 30% to 40%[29] Financial Institutions' Role - Commercial banks and insurance companies are identified as key players in the pension finance sector, tasked with developing innovative products and expanding their service offerings[33] - The policy encourages the establishment of a long-term guarantee mechanism for pension finance, enhancing the organizational leadership and policy support for financial institutions[15]