The Hong Kong Monetary Authority (HKMA) is set to encourage more mainland banks to set up regional headquarters in the city, while the local bourse operator plans to enhance the listing regime, as the government aims to fortify Hong Kong's position as an international financial centre, according to Chief Executive John Lee Ka-chiu. In his policy address on Wednesday, Lee also said the government planned to issue more RMB bonds and was considering using renminbi to settle government expenditures under "sui ...

Global financial investors are pouring into Hong Kong in a low profile way to stay under the radar and avoid undue attention because of rising geopolitical tension, said the head of the city's de facto sovereign wealth fund. "We see a great velocity of [capital] flow, although in a very low profile way," said Clara Chan, the CEO of the HK$62 billion (US$8 billion) government-owned fund known as Hong Kong Investment Corporation (HKIC), during a Wednesday interview with the Post at the BioHK 2025 conference ...

有机构表示："近两年，多地引导基金出资比例持续攀升，部分地区多级联动出资可达60%、70%，甚 至90%以上，将显著缓解GP的募资压力。" 今年来，全国多地引导基金政策出现巨大变化。 作为当下最活跃的一类资金，过往由于决策流程、返投比例、属地化注册限制等要求，引导基金成为 GP募资时的痛点。 而这两年，行业风向正在发生积极变化，多地引导及基金开始探索市场化改革。 超级LP在松绑 近期一级市场暖意涌动。 据FOFWEEKLY统计，6月，机构LP出资活跃度有所回升，今年以来创投市场整体呈波动上升趋势，一 级市场逐渐回暖，持续改善的市场环境激发投资热情。从数据上看，机构LP出资数量有所回升，环比 增长8.15%，同比增幅达41.12%。 而从各类LP出资比例来看，依然政策类最为活跃。根据6月出资的机构LP类型分布，出资占比最高的是 政策型，占比39.05%。 值得关注的是，今年以来，引导基金在出资比例、返投要求及容错机制等维度上，均呈现更明确、更积 极的优化态势，整体在松绑。 出资比例天花板被接连突破。安徽省科技厅发布《天使母基金群高质量运营指引》，允许母基金对单只 子基金出资比例达70%，并取消省市县三级财政联合 ...

Core Insights - The aging population in China is accelerating, with projections indicating that by 2024, the population aged 60 and above will reach 310 million, accounting for 22% of the total population [2]. - The development of pension finance is crucial to address the needs arising from this demographic shift, yet it currently does not fully meet the demands of an aging society [1][2]. Group 1: Current Status and Challenges of Pension Finance - By 2035, the population aged 60 and above in China is expected to reach 422 million, representing 30.7% of the total population, indicating a shift into a severe aging phase [2]. - The pension finance system includes three pillars: basic pension insurance led by the government, enterprise annuities, and personal savings plans, with 1.07 billion people covered by basic pension insurance by the end of 2024 [2]. - The pension service finance sector is still in its early stages, with long-term care insurance and pension target funds developing rapidly, while other products lag behind [3]. - The pension industry finance market size reached 9.4 trillion yuan in 2022, with expectations to exceed 20 trillion yuan by 2027, highlighting significant growth potential [3]. Group 2: Policy and Regulatory Framework - Recent policies have been introduced to promote the development of pension finance, including the 2016 guidelines for financial support of the pension service industry and the 2023 Central Financial Work Conference emphasizing the strategic importance of pension finance [4]. - Multiple regulatory bodies, including the Ministry of Human Resources and Social Security and the People's Bank of China, collaborate to ensure the safety and liquidity of pension funds [4]. Group 3: Key Issues Facing Pension Finance - The pension finance system faces a supply-demand imbalance, with projections indicating that by 2028, the basic pension insurance will experience a deficit [4]. - The low coverage of enterprise annuities and the slow development of personal pensions hinder the ability to effectively supplement pension funding gaps [4]. - The pension service finance sector struggles with product innovation and meeting the diverse needs of the elderly population [4]. Group 4: Role of Patient Capital in Pension Finance - Patient capital aligns with pension finance in terms of investment strategies and social responsibility, focusing on long-term stable returns and improving the quality of life for the elderly [5][6]. - Patient capital can provide substantial long-term funding necessary for the development of the pension industry, with a significant portion of pension finance needing to come from stable, long-term sources [6]. - The integration of patient capital into pension finance can help balance the uncertainties and return demands associated with pension industry projects [11]. Group 5: Pathways for Promoting Patient Capital and Pension Finance Integration - Optimizing the institutional environment is essential to strengthen the support of patient capital for pension finance, including expanding the coverage of the second and third pillars of the pension system [15]. - Establishing a multi-layered pension finance support system can facilitate the penetration of patient capital into pension finance [15]. - Encouraging financial innovation in pension products can attract more long-term savings into the capital market, enhancing the scale of patient capital [16].