12月18日下午，《中国养老金融发展报告2025》成果发布会在京成功举办，主题为"回顾养老金融十年探索 助力十五五再启新篇"。本次会议由清华大学五 道口金融学院主办，中国保险与养老金融研究中心、清华五道口养老金融50人论坛承办，国民养老保险股份有限公司、富达基金管理（中国）有限公司支 持。正值"十五五"规划启动在即，与会嘉宾共同回顾养老金融发展经验与成果，探讨新时期改革路径与发展方向。 【图为会议现场】 中国社会保险学会会长胡晓义，原中国保监会党委副书记、副主席周延礼，中国人民银行金融研究所所长丁志杰发表主旨演讲。清华大学五道口金融学院副 院长、讲席教授张晓燕，清华五道口养老金融50人论坛秘书长董克用分别代表会议主办方、承办方致辞。来自发改委、民政部、财政部、中国人民银行、金 融监管总局和证监会等政府监管部门，金融机构和养老产业相关企业的近两百位领导和专家，以及20余家媒体代表出席会议。清华大学五道口金融学院研究 员、中国保险与养老金融研究中心主任魏晨阳主持会议。 致辞环节：智库研究赋能政策创新，实践探索破局养老金融 【图为胡晓义主旨演讲】 胡晓义认为，"十五五"时期养老保险改革发展需在四个重点方向上确立新目 ...

Core Viewpoint - The article discusses the urgent need for a multi-tiered pension security system in China due to the accelerating aging population and highlights the importance of addressing the pension needs of various demographic groups, particularly those outside the traditional employee pension system [2][3]. Group 1: Characteristics of the Pension System - Over 50% of pension recipients rely on urban and rural resident pension insurance, yet discussions often focus on employee pension insurance, excluding a significant portion of the population [2]. - The rise of non-standard employment and flexible job arrangements has led to over 60% of workers, more than 300 million people, opting for urban and rural resident pension insurance, indicating low coverage rates among these groups [3]. - The traditional approach to expanding pension coverage is becoming ineffective due to the diversification of employment forms driven by digital and platform economies, necessitating new strategies for pension insurance [3]. Group 2: Recommendations for Pension Reform - The status of the resident pension insurance system should be a key criterion for evaluating the first pillar of pension security, as discussions excluding this aspect are incomplete [4]. - The three pillars of pension insurance should not be viewed as equal; the first pillar must be robust to support the second and third pillars, which are dependent on it [5]. - The impact of artificial intelligence on labor productivity and GDP growth necessitates a revolutionary approach to pension insurance models, emphasizing intergenerational equity and a new social contract for future generations [5][6]. Group 3: Specific Suggestions for Improvement - A universal, non-contributory, and inclusive social pension scheme should be developed, starting from the current urban and rural resident pension insurance system [6]. - The employee pension insurance should adopt a pay-as-you-go system, moving away from accumulation and excessive surplus models, focusing on future labor productivity [6]. - The second and third pillars of pension insurance could be made more attractive through "nudging" strategies, rather than being strictly voluntary [7].

Core Insights - The article discusses the urgent need for reform in China's pension system due to the accelerating aging population and changing labor market dynamics, emphasizing the importance of a multi-tiered pension security system [1][4][5] Group 1: Pension System Characteristics - Over 50% of pension recipients rely on urban and rural resident pension insurance, yet discussions often focus on employee pension insurance, excluding a significant portion of the population [4] - The rise of non-standard employment and flexible job markets has led to over 60% of workers, more than 300 million people, opting for urban and rural resident pension insurance, highlighting low coverage rates among these groups [4][5] - The traditional approach to expanding pension coverage is becoming ineffective due to the diversification of employment forms driven by digital and platform economies [5][6] Group 2: Recommendations for Pension Reform - The status of the resident pension insurance system should be a key criterion for evaluating the first pillar of the pension system, as discussions excluding this aspect are incomplete [5][6] - The three pillars of pension insurance should not be viewed as equal; the first pillar must be robust to support the second and third pillars, which are currently less equitable [6] - Artificial intelligence is expected to bring revolutionary changes, necessitating a new design for pension systems to share productivity gains effectively [6][7] Group 3: Future Projections and Strategies - By 2035, the ratio of the population aged 61 and above to the working-age population is projected to increase by 4.6% annually, while labor productivity is expected to grow at 5.6% per year, outpacing the increase in dependency ratios [6][7] - AI is predicted to enhance labor productivity and GDP growth by 10% to 20% by 2035, potentially increasing the support ratio by over 7% annually if the higher estimate is realized [6][7] - Recommendations for pension reform include establishing an unconditional, non-contributory, and inclusive social pension starting from the current urban and rural resident pension system, maintaining a pay-as-you-go model for employee pensions, and promoting voluntary second and third pillars through incentivization [7]