21世纪经济报道记者 唐婧 北京报道 近日，《中国养老金融发展报告2025》成果发布会在京举办。发布会以"回顾养老金融十年探索 助力'十五五'再启新篇"为主 题，与会嘉宾回顾了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。 清华大学五道口金融学院副院长、讲席教授张晓燕在致辞时表示，清华大学五道口金融学院紧扣金融强国建设要求，在人才培 养、学术研究和高端智库建设等方面持续推进，将养老金融作为长期重点研究方向。通过持续十年的跟踪研究，《中国养老金 融发展报告2025》为监管部门制定政策提供了重要的实证参考，也为市场主体布局养老金融业务提供了有价值的决策支持。 中国工商银行养老金融部负责人表示，养老金融并非追求短期盈利的业务，而是一项需要健全机制支撑、科技创新赋能以及多 方协同合作的长期性、系统性工程。商业银行必须立足长远，系统性地推进养老金融服务能力建设，重点围绕产品供给、适老 化服务、养老产业支持和养老金三支柱协同发展等领域，进行整体谋划与布局。 国民养老保险股份有限公司党委书记、总经理黄涛表示，养老金制度既关系代际公平与社会稳定，也需要顺应数字经济和人口 结构变化，把握商业养老金融的发展规律，应更加注 ...

原标题：推动个人养老金制度更好发展 作者：娄飞鹏 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，加快发展多层次、多支 柱养老保险体系。个人养老金制度作为多层次、多支柱养老保险体系的重要组成部分，2022年11月25日 在全国36个先行城市（地区）落地实施，2024年12月15日在全国实施。经过三年的探索实践，取得了明 显的成效，后续仍然需要进一步增强对广大居民的吸引力以推进个人养老金制度更好发展。 个人养老金金融产品不断丰富，并为投资者创造收益。国家社会保险公共服务平台的数据表明，2025年 11月25日，个人养老金金融产品共有1245只，其中储蓄类产品466只、保险类产品437只、基金类产品 305只、理财类产品37只。金融产品数量增加丰富了投资者的选择，并且为投资者创造收益。如2025年9 月底，个人养老金基金规模达到151亿元，比2022年底增长655%，超过95%的基金产品成立以来实现正 收益。 在落地实施过程中，个人养老金制度根据实际情况优化完善。2024年12月，人社部等五部委《关于全面 实施个人养老金制度的通知》中，结合36个先行城市（地区）实施的实际情况，从优化产品供给 ...

娄飞鹏 《中共中央关于制定国民经济和社会发展第十五个五年规划的建议》明确提出，加快发展多层次、多支 柱养老保险体系。个人养老金制度作为多层次、多支柱养老保险体系的重要组成部分，2022年11月25日 在全国36个先行城市（地区）落地实施，2024年12月15日在全国实施。经过三年的探索实践，取得了明 显的成效，后续仍然需要进一步增强对广大居民的吸引力以推进个人养老金制度更好发展。 个人养老金金融产品不断丰富，并为投资者创造收益。国家社会保险公共服务平台的数据表明，2025年 11月25日，个人养老金金融产品共有1245只，其中储蓄类产品466只、保险类产品437只、基金类产品 305只、理财类产品37只。金融产品数量增加丰富了投资者的选择，并且为投资者创造收益。如2025年9 月底，个人养老金基金规模达到151亿元，比2022年底增长655%，超过95%的基金产品成立以来实现正 收益。 在加强投资者教育方面，引导广大居民认识到个人养老金采用市场化运营，个人可根据自身实际情况自 愿参加。在养老资产积累过程中需要在理念上从储蓄养老尽快转向投资养老，通过金融资产的增值丰富 养老资产储备。个人养老金投资是长期投资，投 ...

专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，中国保险行业协会党委书记、会长赵宇龙出席并发表演讲。 专题：中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布式 12月6日金融一线消息，中国社会科学院社会保障论坛暨《中国养老金发展报告2025》发布会今日召 开，中国保险行业协会党委书记、会长赵宇龙出席并发表演讲。 赵宇龙指出，多层次、多支柱养老保障体系加速构建，养老金融发展迎来了重大机遇。一是人口老龄化 加速提升了养老金融的迫切需求， 二是国家政策为养老金融发展提供了坚实的制度保障。 赵宇龙介绍，在党中央、国务院坚强领导下，金融业围绕构建中国特色多层次、多支柱的养老保险体 系，加强金融产品和服务创新，养老金融从理念走向实践，从试点迈向制度化，取得了扎实的发展。制 度框架基本形成、产品供给逐渐丰富、服务支撑更加坚实、融资支持力度加大。 谈及商业保险在积极应对人口老龄化战略中的重要作用，赵宇龙强调， 商业保险在发展养老金融方面 具备应对长寿风险的优势、长期资金管理优势和养老产品多 ...

Group 1: Capital Market Development - The capital market will support high-quality development and technological innovation through a multi-layered, inclusive, and resilient market structure during the "14th Five-Year Plan" period[3] - A fair and robust regulatory system will help broaden channels for residents' property income, promoting domestic demand and consumption[3] - Enhancing the quality of listed companies is essential for stabilizing the macroeconomic foundation and boosting confidence in economic development[5] Group 2: Economic Impact and Consumer Behavior - The decline in net income growth for residents since 2022 has negatively impacted consumer willingness, influenced by the downturn in the real estate market and capital market volatility[4] - Expanding channels for residents' property income is crucial for effective income growth and stimulating consumption, which is a key direction for the capital market[4] - The "14th Five-Year Plan" emphasizes the need for a more equitable and effective regulatory system to ensure reasonable and stable returns for investors[17] Group 3: Risk Management - The complex external environment and internal pressures from the real estate cycle necessitate effective risk prevention and resolution in the capital market[6] - Emphasis on risk prevention and addressing major risk hazards is critical for maintaining a stable and healthy capital market during the "14th Five-Year Plan" period[22] - Historical financial crises highlight the importance of being prepared for potential risks in a highly market-oriented capital market[22]

Core Viewpoint - The future industry possesses both strategic importance and high uncertainty, necessitating increased investment while diversifying significant risks [1] Group 1: Investment Strategies - The state should establish a future industry guidance fund, maintaining a "guidance" role rather than becoming the primary investor [1] - The guidance fund should leverage market-oriented patient capital, venture capital, and innovative capital to create a multi-layered, relay-style financing system [1] - Financial innovation space should be left to the market, with regulatory bodies moderately relaxing controls within the framework of technology finance [1] Group 2: Market Dynamics - The future industry is in a multi-path trial-and-error phase, where the presence of bubbles is acceptable, provided they are formed through collective market pursuit rather than government-driven initiatives [1] - Successful paths will emerge after a rigorous selection process, akin to "survival of the fittest" in the market [1]

Core Viewpoint - The establishment of enterprise annuity systems is seen as a reflection of high-quality enterprises, providing additional retirement income for employees, but the coverage remains low due to high costs and lack of immediate benefits [1][5][6]. Group 1: Importance of Enterprise Annuities - Enterprise annuities serve as a crucial supplement to the basic pension system, enhancing the income and quality of life for retirees [1][5]. - The current pension system in China consists of three pillars: basic pension insurance, supplementary pension insurance (enterprise annuities and occupational annuities), and individual pension systems [1]. Group 2: Current Status and Challenges - As of the first quarter of 2025, 168,200 enterprises have established enterprise annuity systems, covering 32.9 million employees, with accumulated funds reaching 3.73 trillion yuan, a year-on-year increase of 13.48% [5]. - Despite the growth, the coverage rate of enterprise annuities remains low compared to the first pillar of the pension system [5][6]. Group 3: Barriers to Adoption - High costs, unfamiliar processes, and lack of immediate benefits deter many enterprises from establishing annuity systems [6]. - The need for dedicated teams to manage annuity systems adds to the operational costs, making it less appealing for some companies [6]. Group 4: Recommendations for Expansion - Experts suggest focusing on expanding enterprise annuities in private enterprises, particularly small and medium-sized enterprises, by integrating them into compensation strategies [8]. - Recommendations include increasing the flexibility of contribution rates and allowing gradual implementation of annuity systems [8]. Group 5: Regulatory and Management Aspects - There are calls for improved transparency and management capabilities among financial institutions handling enterprise annuities [9].

Core Points - The article discusses the release of the "Suggestions on Formulating the 15th Five-Year Plan for National Economic and Social Development" by the Central Committee of the Communist Party of China, emphasizing the need to accelerate the development of a multi-level and multi-pillar pension insurance system [1] - It highlights the importance of improving the mechanism for determining and adjusting benefits, as well as gradually increasing the basic pension for urban and rural residents [1] Group 1 - The plan aims to enhance the pension insurance system, indicating a shift towards a more comprehensive approach to social security [1] - The focus on adjusting benefits suggests a proactive stance in addressing the financial needs of the aging population [1] - The gradual increase in basic pensions reflects a commitment to improving the welfare of both urban and rural residents [1]

Core Insights - The seminar titled "Qianli Huiqi, Pension Solutions" focused on enterprise annuity business and aimed to enhance the collaboration between government, enterprises, and financial institutions for the high-quality development of enterprise annuities in Jinan [1][5]. Group 1: Government and Institutional Collaboration - The seminar was guided by the Jinan Municipal Human Resources and Social Security Bureau and hosted by the Jinan branch of China Merchants Bank, indicating strong institutional support for pension finance initiatives [1][5]. - The event gathered various stakeholders, including government representatives, entrusted institutions, and numerous enterprises from the province, to discuss the implementation of pension finance work [1][5]. Group 2: Importance of Pension Finance - The increasing pressure of population aging in China necessitates effective solutions for national and corporate pension issues, highlighting the significance of developing a multi-tiered pension insurance system [5]. - The Central Financial Work Conference has recognized pension finance as one of the "Five Major Articles," underscoring its critical role in serving national and public interests [5]. Group 3: Local Initiatives and Developments - Jinan has actively worked on constructing a multi-tiered pension insurance system and has improved the cooperation mechanism among enterprise annuity institutions [6]. - The Jinan Municipal Human Resources and Social Security Bureau has organized various meetings and training sessions to enhance the management and service quality of enterprise annuities [6]. Group 4: China Merchants Bank's Role - China Merchants Bank positions its pension finance business as a strategic priority and is committed to innovation and progress in this sector [6]. - The bank aims to provide comprehensive and personalized "concierge-style" services to enterprises and employees in Shandong Province and Jinan City, focusing on policy promotion and assistance with record-keeping [6].

Core Insights - The development of a multi-tiered pension financial system in China is progressing, with significant growth in enterprise annuities and personal pension accounts, indicating a shift towards diversified retirement savings options [1][2][3] Group 1: Pension System Overview - By the end of 2024, the combined investment scale of enterprise annuities and occupational annuities is expected to reach approximately 6.75 trillion yuan, representing over a 90% increase since the end of 2020 [2] - As of November 2024, more than 72 million personal pension accounts have been opened across 36 cities, highlighting the growing adoption of personal pension schemes [2] - The market size for commercial pension services has surpassed 100 billion yuan in 2024, indicating a robust expansion in this sector [2] Group 2: Financial Institutions' Role - Financial institutions are actively exploring various financial tools such as credit, insurance, and bonds to meet diverse retirement needs, emphasizing the importance of a well-structured pension system [3] - Agricultural Bank has established a pension wealth management center, adding 12,000 new elder clients in the first half of the year, showcasing efforts to enhance pension financial services [3] - China Life is diversifying its commercial annuity products to cater to the varying needs of the elderly population, reflecting a trend towards tailored financial solutions [3] Group 3: Challenges and Recommendations - Despite rapid development, challenges such as insufficient coverage and low contribution amounts persist, necessitating policy support to optimize tax incentives and enhance contribution limits [5] - Experts suggest increasing the personal pension tax exemption limit and allowing a broader range of investment products, including QDII funds and REITs, to provide more options for investors [5] - There is a call for a dynamic adjustment mechanism for tax incentives based on macroeconomic conditions and demographic changes to better align with pension needs [5]