Core Viewpoint - The new regulations for personal pension accounts will allow participants to withdraw funds under six specific conditions starting from September 1, 2025, enhancing flexibility in response to economic or health challenges [1][2]. Summary by Relevant Sections Conditions for Withdrawal - Participants can apply for personal pension withdrawals if they meet one of the following six conditions: reaching the age for basic pension withdrawal, complete loss of labor capacity, settling abroad, incurring significant medical expenses exceeding the previous year's average disposable income in their province, receiving unemployment insurance for 12 months within the last two years, or currently receiving minimum living security [1][2]. New Withdrawal Scenarios - The most notable change is the addition of three new withdrawal scenarios aimed at addressing significant adverse events such as major medical expenses, long-term unemployment, and financial hardship, which reflects a balance between strict pension positioning and providing emergency cash flow for individuals [2]. Application Process Optimization - The application process has been improved with new online service options, including the National Social Insurance Public Service Platform and the 12333 App, in addition to the existing bank application method [2]. Market Development and Challenges - Despite the "hot account opening, cold payment" phenomenon, the personal pension market is steadily developing, with over 70 million accounts opened and a total of 1,100 investment products available [5]. The total scale of personal pension funds has exceeded 12.4 billion, with a significant number of funds showing positive returns [5]. Impact on Capital Markets - The increase in withdrawal scenarios may lead to some funds exiting the capital market earlier, but the overall impact on total capital market funds is expected to be limited as participants can continue to contribute after withdrawals [6]. In the long term, the growth in personal pension participation is anticipated to bring more stable capital inflows into the market, promoting healthy development [6].

Core Viewpoint - The article discusses the new changes in the personal pension system in China, particularly the expansion of conditions under which individuals can withdraw their personal pensions, effective from September 1, 2025. This aims to enhance flexibility in response to economic or health-related challenges [1][2]. Summary by Sections Changes in Withdrawal Conditions - The new regulations introduce three additional scenarios for withdrawing personal pensions, alongside the existing three conditions: reaching the retirement age, total loss of working capacity, or settling abroad. The new conditions include: 1. Medical expenses exceeding the average disposable income of residents in the previous year after insurance reimbursement [2][3]. 2. Accumulated unemployment insurance claims for 12 months within the last two years [2]. 3. Currently receiving minimum living security benefits [2]. Application Process Optimization - The application process for withdrawing personal pensions has been optimized, allowing applications through various online platforms, including the National Social Insurance Public Service Platform and the 12333 App, in addition to traditional bank applications [2]. Market Development and Trends - The personal pension system has seen significant growth since its pilot launch in November 2022, expanding from 36 cities to nationwide coverage. The number of personal pension accounts has surpassed 70 million, with a total of 1,100 investment products available [3][9]. - Despite the "hot account opening, cold payment" phenomenon, the overall market is developing steadily, with a 46.2% increase in investors opening personal pension product accounts [9]. Fund Performance - As of the second quarter, the total scale of personal pension funds exceeded 12.4 billion, with over 290 funds yielding positive returns since inception. Notably, some funds have achieved returns exceeding 20% [10][11]. Long-term Market Impact - The increase in withdrawal scenarios may lead to some funds exiting the capital market earlier; however, the overall impact on total capital may be limited as individuals can continue to contribute after withdrawals. In the long run, the growing participation in personal pensions is expected to stabilize capital market inflows and promote value investment [12].

Core Viewpoint - China Life Insurance is actively participating in the national long-term care insurance system pilot, integrating insurance products with health management services to build an inclusive elderly care security system, providing valuable experience for the national long-term care insurance plan [1] Group 1: Long-term Care Insurance Impact - The long-term care insurance has covered over 44 million people nationwide, with 80 projects in operation, aimed at alleviating the pressure on families of disabled individuals [1] - Beneficiaries like Zhang, who cares for her elderly mother and mother-in-law, have reported significant improvements in their quality of life due to the services provided under the long-term care insurance [2] - The insurance has been crucial in reducing the burden on families, as evidenced by the case of Chen, who received personalized care plans and services after being assessed as severely disabled [3][5] Group 2: Service Accessibility and Innovations - China Life has implemented home visit services for signing contracts, addressing the challenges faced by caregivers who cannot leave their homes due to the health conditions of their loved ones [6] - The company is developing an online signing platform to further enhance convenience for families, allowing them to complete contracts without needing to visit service points [6] - The company is expanding its elderly care projects across 26 major cities, focusing on various models such as community and home-based care, while also launching travel products to meet diverse elderly care needs [7]

文：任泽平团队 人口问题既十分重要，又充满争议；既事关国家兴衰，又关系每个人的幸福。 少子化、老 龄化、不婚化、阶层固化等现象带来的挑战及应对，在学术界和国家战略层面长期存在不同观 点。人口因素是长周期、慢变量，势大力沉，是典型的"灰犀牛"，人口问题日益成为世界各国 重点关注的议题。 在经济学中，人口与资本、技术一起在供给侧决定经济潜在增长率，是引发经济增速变 动、经济结构转型的长周期变量，同时，人口的数量和结构还在需求侧影响着消费、投资等领 域。 因此，人口研究至关重要。 我们长期以来专注于人口研究，试图以科学家的精神、建设 性的态度，系统客观地对人口方面的问题进行分析研究，旨在帮助读者厘清逻辑、明晰真相、 看清未来，推动社会进步。我们长期以来建言放开生育、鼓励生育、降低生育养育教育成本， 与梁建章、黄文政等老师一起发起成立育娲人口研究这一公益研究机构。 一、中国视角：少子老龄化时代来临，人口变迁带来哪些挑战和机遇 人口周期是指人口经历老一代陆续死亡、新一代不断出生、世代更替的人口再生产过程及 其引发的经济社会变化。个体生命周期的加总成为人口周期，主要表现为生育率下滑、老龄化 加重、人力资本水平提高、人口迁 ...

文：任泽平团队 人口问题既十分重要，又充满争议；既事关国家兴衰，又关系每个人的幸福。 少子化、老 龄化、不婚化、阶层固化等现象带来的挑战及应对，在学术界和国家战略层面长期存在不同观 点。人口因素是长周期、慢变量，势大力沉，是典型的"灰犀牛"，人口问题日益成为世界各国 重点关注的议题。 在经济学中，人口与资本、技术一起在供给侧决定经济潜在增长率，是引发经济增速变 动、经济结构转型的长周期变量，同时，人口的数量和结构还在需求侧影响着消费、投资等领 域。 因此，人口研究至关重要。 我们长期以来专注于人口研究，试图以科学家的精神、建设 性的态度，系统客观地对人口方面的问题进行分析研究，旨在帮助读者厘清逻辑、明晰真相、 看清未来，推动社会进步。我们长期以来建言放开生育、鼓励生育、降低生育养育教育成本， 与梁建章、黄文政等老师一起发起成立育娲人口研究这一公益研究机构。 一、中国视角：少子老龄化时代来临，人口变迁带来哪些挑战和机遇 人口周期是指人口经历老一代陆续死亡、新一代不断出生、世代更替的人口再生产过程及 其引发的经济社会变化。个体生命周期的加总成为人口周期，主要表现为生育率下滑、老龄化 加重、人力资本水平提高、人口迁 ...