2025年，站在"十四五"收官与"十五五"规划谋篇的历史衔接点上，宏观经济环境交织着机遇与挑战。时 值年末，全球经济仍在波动中寻找复苏节奏，而中国经济已在政策合力下展现出韧性底色。随着中央经 济工作会议敲定"稳中求进、提质增效"的2026年基调，"十五五"开局之年，中国经济如何平衡短期修复 与长期转型？该如何实现消费的长期可持续增长？强化"内循环"与推进"高水平对外开放"这两大战略， 又该如何协同发力？ "十五五"规划建议中，15次提及"民生"，明确指出要"注重在发展中保障和改善民生，在满足民生需求 中拓展发展空间"，并再次提及"发挥各类商业保险补充保障作用"。锁凌燕表示，"十五五"规划建议也 指出了保险在多层次、多支柱养老保险体系的重要定位：一方面是要助力夯实养老保障，包括参与第一 支柱基本养老保险基金运营，做维护基金安全、促进基金保值增值的"助力者"；服务第二支柱企业年金 和职业年金发展，做基金依法合规健康运营的"协作者"；积极发展第三支柱养老保险及更多具有养老保 障功能的保险产品与服务，做满足人民群众多样化养老需求的"力行者"。另一方面则是要积极关注保障 与经济发展的取向一致性，畅通"资金—资本—资产" ...

转自：北京日报客户端 社会保障体系方面，商业保险应如何定位，才能与基本社保形成更有效协同，筑牢社会养老保障网？ 锁凌燕：养老金融发展的深度、广度和长度，已经成为影响养老金体系长期稳健、居民福祉不断增进的 重要战略支柱，也是未来全球金融竞争的重要领域。保险的价值，是可以提供养老保障产品，更能够构 建一套涵盖各类人身风险保障、持续现金流支付安排、医养保健服务整合、长寿风险定价与全球分散的 综合性解决方案。当前，我国老龄化正在快速演变，要格外关注保险业的特殊价值，及早推动商业保险 业供给侧改革，以提升其运行效能，更好应对未来挑战。 在产品设计方面，要充分发挥其在终身年金化领取方案设计、全生命周期风险保障等方面的专业能力， 开发符合不同阶段风险管理需求的人身风险保障计划，增强家庭全生命周期的财务韧性；尤其要积极开 发普惠性、定制化的商业医疗保险、长护险产品，助力完善多元筹资的长期健康保障网，保障养老金购 买力。 2026年作为"十五五"规划的开局之年，恰逢新旧周期交替的关键节点。在金融"五篇大文章"战略部署引 领下，金融服务实体经济的路径愈发清晰，而兼具金融属性与民生底色的保险业，正站在服务养老保障 升级、赋能科技创 ...

清华大学国家金融研究院院长、清华大学五道口金融学院副院长田轩： 我国降准、降息尚有一定空间 "十五五"后，我国货币政策有哪些发力空间？田轩表示，步入"十五五"，中国货币政策在"稳增长、调 结构、促改革、防风险、惠民生"总体框架下有多重发力空间，可从多个维度展开。首先，总量调控工 具精准化运用。在"适度宽松"基调下，根据经济修复节奏和通胀水平，灵活运用降准、公开市场操作等 工具，保持流动性合理充裕。我国降息尚有一定空间，能降低金融机构资金成本、引导实体融资利率下 行，还能为银行体系提供长期资金。 其次，结构性工具深度与广度拓展。在现有基础上，聚焦国家重大战略和薄弱环节，如加大对科技创新 等领域定向支持，通过提高额度等方式增强政策直达性和精准性，探索将新兴产业和重点项目纳入支持 范围。 此外，跨周期与逆周期调节协同强化。"十五五"需平衡中长期目标与短期波动，货币政策要增强前瞻性 和灵活性，立足当前逆周期调节，着眼长远跨周期设计，营造平稳货币金融环境。 同时，为激励商业银行信贷投放、避免资金"空转"，田轩建议，明年人民银行可升级现有结构性工具， 强化激励约束与精准滴灌：提高对科技型中小企业等信贷支持，按"硬科技"指 ...

Core Viewpoint - The insurance industry is positioned to play a crucial role in enhancing pension finance and addressing the challenges posed by an aging population during the "14th Five-Year Plan" period, with a focus on collaborative efforts across the "three pillars" of pension finance [1][5]. Group 1: Pension Finance and Insurance Industry - In 2026, the insurance industry will focus on pension finance as a core area, with policies and market forces driving the collaboration of the "three pillars" from design to implementation [1]. - The insurance sector is expected to fill gaps in basic social security through inclusive products and services, while addressing longevity risks and capital preservation pressures with annuity schemes and cross-cycle risk management [1][5]. - The development of pension finance is seen as a strategic pillar for enhancing the long-term stability of the pension system and improving residents' welfare [5]. Group 2: Investment Strategies and Challenges - The value of insurance funds as "patient capital" will become more prominent, requiring a shift from being "simple investors" to "professional experts" through enhanced long-term assessment mechanisms and deep industry research [2][8]. - The insurance industry must address challenges such as low interest rates and the balance of risks and returns in technology investments while ensuring long-term investment stability and solvency [8][10]. - A focus on professional depth and risk management is essential for the insurance sector to transition from passive "value guardians" to active "value creators" [10]. Group 3: Product Innovation and Consumer Needs - The insurance industry faces a mismatch between personalized consumer demands and standardized products, necessitating fundamental reforms in product design and service ecosystems [12]. - Advanced technologies like big data and AI can help the insurance sector provide more personalized services and products by analyzing customer needs and optimizing risk management [13][14]. - The integration of insurance products with health management and long-term care services is crucial for reducing overall pension costs and enhancing the resilience of the pension finance system [6][14]. Group 4: Regulatory and Ethical Considerations - The insurance industry must balance technological innovation with compliance and ethical standards, particularly as AI applications evolve from single-point solutions to comprehensive empowerment across the value chain [14][15]. - There is a need for regulatory frameworks that not only correct errors but also allow for experimentation and innovation within the insurance sector [15].