人们往往更关注"再分配"在调节收入差距、促进社会公平方面的作用，但"再分配"的影响还不止于此。 本文在已有研究的基础上，提出稳增长政策应更加关注收入分配结构与经济增长的关系——在我国经济 发展现阶段，主要是再分配影响消费，进而影响经济增长。 我们认为，有关政策应兼顾短期与长期，将稳增长与促改革相结合，既有利当前，又惠及长远，从健全 保障和改善民生制度体系的层面着力，引导经济需求结构进一步向消费、尤其是服务消费倾斜。一是增 加对居民家庭的转移支付，并完善转移支付制度；二是以政府购买增加民生领域投入，优化政府支出结 构，提高资金使用效率，撬动市场供给和有关投资；三是将税制改革与经济结构调整相结合，着力解决 制约经济高质量发展的结构性矛盾，同时通过税收政策引导消费；四是加大个人养老金税优力度，实现 部分存款向个人养老金账户转化，并带动有关服务供给。 宏观收入分配结构与经济增长的关系 宏观收入分配结构与经济增长的关系是经济增长理论中一个历史较为悠久的研究主题。如果从企业、政 府、居民部门间的收入份额的视角看，收入分配结构可以经由资源在消费、投资中的分配影响经济增 长。 文章提出稳增长政策应重视收入分配结构与促消费、稳 ...

文 | 银行螺丝钉 （转载请注明出处） ◆◆◆ 如何做好个人养老的规划？这是很多朋友都比较关注的一个话题。 ▼点击阅读原 文，免费学习大额家庭资产配置课程 这里有一门限时免费的福利课程，介绍了六大步骤，帮你做好个人养老规划。 想要获取这个课程，可以添加下方「课程小助手」，回复「 养老 」领取哦～ 更有课程笔记、思维导图，帮您快速搞懂课程脉络，学习更高效。 ...

制度持续优化 2022年4月21日，国务院办公厅印发《关于推动个人养老金发展的意见》提出，推动发展适合中国国 情、政府政策支持、个人自愿参加、市场化运营的个人养老金。个人养老金顶层制度设计正式出炉。 经过先行试点，2024年12月12日，人力资源和社会保障部等五部门发布《关于全面实施个人养老金制度 的通知》，明确自2024年12月15日起，个人养老金制度从36个先行试点城市（地区）推广至全国，并从 优化产品供给、提高管理服务水平等方面推出诸多具体措施。 "个人养老金制度出台三周年是里程碑亦是新起点。"中国邮政储蓄银行研究员娄飞鹏认为，随着经济发 展水平提升和人口老龄化速度加快，我国居民对养老生活有更高追求。个人养老金作为"第三支柱"的核 心补充，有关政策效能将持续释放，发展潜力巨大。 招联首席研究员董希淼说，参照国际成熟经验并从我国国情出发，探索建立个人养老金制度，有利于积 极应对人口老龄化，构建功能更加完备的第三支柱养老保险体系，促进养老保险制度可持续发展，满足 人民群众多层次、多样化养老保障需求。 人社部数据显示，截至2024年11月末，已有7279万人开通个人养老金账户。但在受访专家看来，尽管开 户人数 ...

Group 1 - The eighth batch of personal pension financial products was released on May 27, increasing the total number of such products to 35 [1] - Two new products were added by Bank of China Wealth Management: "Bank of China Wealth Management 'Fu' Fixed Income Enhanced 368-Day Holding Period Product" and "Bank of China Wealth Management 'Ji' Fixed Income Gain 3-Year Holding Period Product," both of which are daily open fixed-income products with risk levels of 2 (medium-low) and 3 (medium) respectively [1] - The performance benchmark for the former product is set between 1.95% and 3.70% (annualized), while the latter's benchmark is based on a combination of the Bank of China RMB demand deposit rate, the CSI 300 index return, and the China Bond Composite Wealth Index (1-3 years) [1] Group 2 - As of March 31, 2025, the average annualized return of 14 existing personal pension financial products using enhanced strategies is estimated to be approximately 3.27%, indicating strong performance in terms of positive returns and stability [1] - The implementation plan for high-quality development of pension finance, issued in March, supports qualified commercial banks, insurance institutions, wealth management companies, and trust companies in providing enterprise annuity and occupational annuity fund management services [2] - This initiative is expected to enhance the pension management business of wealth management companies and raise the standards for their investment research capabilities and product operation management [2]

每经记者｜黄小聪 每经编辑｜彭水萍 今日，华夏均衡养老目标三年持有混合发起式（FOF）公告，由于基金触发合同终止情形，自2025年5月27日起，该基 金进入财产清算程序。 这也是本月第二只清盘的养老目标基金，5月中旬时，国投瑞银积极养老目标五年持有期混合在运作3年之后，也因规 模不满足要求而清盘。 2、又有养老目标基金变更基金经理 此外，中国理财网在今日发布第八批个人养老金理财产品名单，记者注意到，个人养老金理财产品数量增至35只，相 比此前的33只，又增加了2只。 1、又一只养老目标基金清盘 今日，华夏基金公告称，华夏均衡养老目标三年持有混合发起式（FOF），截至2025年5月26日日终，基金资产净值低 于2亿元，触发基金合同终止情形，基金合同自动终止。自2025年5月27日起，该基金进入财产清算程序。 资料显示，该基金成立于2022年5月24日，采用发起式的方式成立，成立时的规模约1339万元，其中基金公司自购1000 万元。 截至今年一季度末，该基金资产净值约为1294万元，相当于运作了近3年时间，整体规模没有太大变化，而截至2025年 5月23日，该基金的净值为0.9341元，成立以来亏超6%。 近日 ...

5月27日，中证金融研究院院长毛寒松发表文章《大力推动中长期资金入市》。在进一步推动中长期资金入市方面，毛寒 松表示，中长期资金是资本市场重要的专业投资力量，是维护市场平稳健康运行的"压舱石"，也是经济发展的"助推器"。当前 和今后一个时期，大力推动各类中长期资金入市，提升中长期资金的权益配置能力，将改善资本市场资金供给与结构，巩固资 本市场回升向好的良好局面；也有助于中长期资金提升长期投资回报，实现中长期资金保值增值、资本市场平稳健康运行、实 体经济高质量发展的良性循环。 再次，加大政策供给，继续推动完善中长期资金财税政策、投资政策和监管制度。针对第三支柱个人养老金这一潜在的长 期资金增长点，可以考虑加大税收优惠力度，使其投资收益至少能够与普通储蓄、理财、保险、基金等产品的投资收益，享受 同等税收待遇。推动更加开放、包容的个人养老金业态，引导商业银行提供全部个人养老金基金产品的销售服务，简化产品购 买程序，为参加人在非银销售渠道提供"一站式"开户和购买服务。研究促进个人养老金信息管理服务平台与保险、基金等行业 平台互联互通。 最后，在准确把握我国国情的基础上，研究借鉴国际经验，进一步推动中长期资金积累和入市 ...

Group 1 - The core viewpoint of the article is the expansion of personal pension financial products in China, with the addition of two new products by Bank of China Wealth Management, bringing the total to 35 products [1][2][6] - The two new products are "Fu" Fixed Income Enhanced 368-Day Holding Period Product and "Ji" Fixed Income Gain 3-Year Holding Period Product, both classified as fixed income products with moderate risk levels [3][4] - The subscription period for the new products is from May 27 to May 28, with a launch date of May 29, and they feature competitive performance benchmarks and fee structures [4][6] Group 2 - The personal pension financial product market is still seen as needing further expansion, with experts highlighting a lack of variety and quantity compared to investor needs [5][7] - Analysts suggest that increasing the range of pension financial products can enhance the third pillar of China's pension system and alleviate retirement pressure [7] - Current investment options for personal pensions include pension funds, pension financial products, specific pension savings, pension insurance, and government bonds, emphasizing the need for tailored product allocation based on individual needs [7]

Core Viewpoint - The article provides a detailed guide on how to utilize the personal pension system in China, focusing on tax deductions and the steps for filing personal income tax returns related to pension contributions. Group 1: Personal Pension System Overview - The personal pension system is a government-supported, voluntary participation program aimed at supplementing retirement insurance through market operations [1]. - Eligible participants include individuals who are part of the urban employee basic pension insurance or rural resident basic pension insurance starting from December 15, 2024 [1]. - The annual contribution limit for individuals is set at 12,000 yuan, which can be deducted from comprehensive or business income [1]. Group 2: Tax Deduction Process - Contributions can be deducted either during the year of payment or during the next year's tax reconciliation, provided they fall within the annual limit [1]. - For those receiving salary income, timely submission of relevant documents to the withholding unit is necessary for tax deductions [1]. - All contributions made before December 31, 2024, are eligible for tax deductions within the specified limits [1]. Group 3: Filing Process - The filing process begins by accessing the personal income tax app and selecting the personal pension deduction management option [3]. - Users must read the prompts and select the deduction year, with the system automatically populating the paid amount for 2024 [5]. - The next steps involve verifying the payment certificate information and choosing the appropriate declaration method based on the type of certificate [8]. Group 4: Certificate Submission - Users can submit their payment certificates either by scanning or manually entering the information [10]. - It is recommended to download the payment certificate through official channels before proceeding with the submission [13].

02 波动变成加仓机会 更重要的是,个人养老金账户的封闭性(退休前无法支取)反而成 为优势 -- 避免追涨杀跌,通过定投指数基金摊薄成本,更能长期 分享经济增长红利。 PARIT 指数+定投+个人养老金=黄金搭档 01 天然适配定期投入 个人养老金每年1.2万元的投入上限，本身就是理想的 定投计划。指数基金透明度高,既能规律定投,也可 灵活调整策略,争取超额收益。 1500 Fre 弄老指数黄金CP 种一棵养老的 "摇钱树" 养老投资是一场漫长的"马拉松"。 在这过程中,通货膨胀就像一位隐形的对手 -- 若仅依赖存款,可 能很难跑赢物价上涨的速度。适当配置权益资产(如股票型指数基 金）,是提升养老金保值增值可能性的关键。 有人问:养老不该求"稳"吗?实际上,超长期投资就像种树 -- 短期风雨（市场波动）难免，但只要树苗本身健康（资产长期向上 生长），时间会平滑波动，最终收获一片森林。 市场回调无需焦虑 -- 下跌正是摊薄成本的好时机。 若市场只涨不跌,定投成本反而会被推高。 03 小浪花不影响大航程 1.2万元是分批投入,单次高位买入影响有限。下跌后 继续定投可降低平均成本,长期反而更划算。 PART2 ...

Core Insights - The younger generation, particularly those born in the 90s and Gen Z, is increasingly proactive about retirement planning, moving beyond traditional reliance on basic pensions to explore personal pensions and corporate annuities [1][2][5] - The Chinese government is expanding the personal pension system nationwide, with a focus on developing diverse financial products to meet the varied needs of younger individuals [2][3] - Corporate annuities are becoming a significant part of retirement planning for young professionals, with many viewing them as a valuable employee benefit [3][4][5] Group 1: Retirement Planning Trends - A survey by the China Insurance Asset Management Association indicates that 60.3% of respondents expect to start retirement planning between the ages of 31 and 45 [1] - Young individuals are seeking a balance between financial security and quality of life, often opting for a combination of personal pensions, corporate annuities, and insurance products [1][2] - The concept of "养老搭子" (retirement partners) is emerging, where individuals plan for community living and services in retirement, reflecting a shift in how retirement is perceived [5][6] Group 2: Corporate Annuities and Employee Benefits - The corporate annuity market in China has expanded significantly, with nearly 160,000 participating companies and coverage for over 32 million employees, totaling over 3.6 trillion yuan [3][4] - The contribution structure of corporate annuities, where employees contribute 4% and employers match with 8%, is seen as a highly beneficial retirement investment [3] - Despite the growth, the actual participation rates in corporate annuities remain low, with less than 10% of eligible employees actively participating [5] Group 3: Government Initiatives and Market Development - The Ministry of Human Resources and Social Security announced the nationwide rollout of the personal pension system by December 2024, expanding from 36 pilot cities [2] - The National Financial Regulatory Administration is supporting the development of new financial products tailored to the personal pension system, aiming to create a diverse product ecosystem [2] - The average annual investment return for occupational annuities since marketization in 2019 has been 4.42%, indicating a stable investment environment [3][4]