产业端方面，此番措施从两个方面支持养老产业发展，一是拓展丰富融资渠道，支持符合条件的养老产 业企业扩大直接融资渠道，探索发行养老基础设施领域REITs，探索提升跨境投融资便利化水平；二是 综合衔接协同各项支持政策，发挥小微企业融资协调工作机制，用好广州市普惠贷款风险补偿机制、政 府性融资担保及再担保机制、创业担保贷款政策，以及人民银行结构性货币政策工具等。 金融支持养老产业发展尤为关键，毕竟，归根结底，养老服务的好与坏，主要取决于供给端，行业是否 规范发展，将直接影响服务质量。让人遗憾的是，当下养老产业快速发展，但是也出现鱼龙混杂甚至以 养老为噱头实施诈骗的现象。 广州的养老金融发展有了新的政策支持。5月14日，广州印发《广州市关于促进养老金融高质量发展若 干措施》（简称"12条"），推进做好养老金融大文章，支持广州多层次养老保障和服务体系建设。 在人口老龄化的大背景下，对于养老产业，政策需要从诸多方面给予支持，而金融无疑是养老产业发展 的重要动力。"12条"主要从消费端和产业端发力，支持养老行业规范发展。 消费端方面，强调优化养老金融产品。措施包括两个方面，一是提升对多层次多支柱养老保险体系建设 的金融服务 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of pension finance as a fundamental support for elderly care, with multiple cities in China, including Guangzhou, implementing policies to promote high-quality development in this sector [1][5][6] - The ongoing population aging issue necessitates financial industry involvement to alleviate "pension anxiety" and ensure adequate support for the elderly [3][5] - Various provinces, such as Anhui and Guizhou, have introduced comprehensive measures to enhance the pension finance framework, focusing on optimizing enterprise pension policies and promoting differentiated personal pension products [4][5] Group 2 - The People's Bank of China and nine other departments have defined the concept and scope of pension finance at the national policy level, highlighting its role in supporting the silver economy [5][6] - Financial institutions are encouraged to increase their support for pension finance, with a focus on integrating insurance with healthcare and community services to improve service quality [6] - The compatibility of insurance funds with the pension industry is noted, as their large scale, long cycle, and high stability align with the funding needs of the sector [6]

Core Viewpoint - Guangzhou is promoting high-quality development in the pension finance sector through a set of measures aimed at expanding direct financing channels for pension industry enterprises [1][2]. Group 1: Demographics and Current Status - As of the end of 2024, Guangzhou's population aged 60 and above is 2.1292 million, indicating a transition into a moderately aging society [1]. - The basic pension insurance system in Guangzhou is maturing, with efforts underway to achieve "full coverage of the system" and "full coverage of individuals" [1]. - A total of 3,015 enterprises have established enterprise annuities, covering 510,000 employees [1]. Group 2: Key Measures for Pension Finance Development - The "Pension Finance Twelve Measures" outlines important tasks for the development of pension finance in Guangzhou, including support for financial institutions to provide comprehensive management services for basic pension insurance, enterprise annuities, occupational annuities, and personal pensions [1]. - There is an emphasis on enriching the supply of financial products for the third pillar of pension insurance (personal pensions) and promoting the development of financial products with pension attributes [1]. - Financial institutions are encouraged to establish dedicated pension finance departments or specialized institutions to support the development of the pension industry [1]. Group 3: Financing and Investment Opportunities - The measures support eligible pension industry enterprises to expand direct financing channels through methods such as listing, issuing bonds, and exploring the issuance of real estate investment trusts (REITs) in the pension sector [2]. - There is a focus on enhancing cross-border investment and financing facilitation, particularly in collaboration with Hong Kong and Macau to develop cross-border pension financial products and medical insurance products [2]. - Insurance companies are encouraged to invest steadily and participate in the development of home-based, community, and institutional elderly care services [2].

Core Viewpoint - The Chinese government is actively promoting the development of a comprehensive pension financial service ecosystem to address the challenges of an aging population and enhance the quality of life for the elderly [1][3][4]. Summary by Relevant Sections Overview of Pension Financial Ecosystem - The pension financial ecosystem encompasses a comprehensive service model integrating financial institutions, government agencies, healthcare providers, and social organizations to meet individual pension needs throughout their life cycle [2][5]. - It includes three main areas: pension finance, pension service finance, and pension industry finance, aiming to provide personalized and sustainable financial solutions for individuals [2][5]. Strategic Significance - The establishment of this ecosystem contributes to social stability by providing economic security for the elderly, reducing family financial burdens, and promoting social equity [3][4]. - It supports sustainable economic development by channeling pension funds into infrastructure, technology, and green industries, thus enhancing market stability and efficiency [4]. - The ecosystem is crucial for addressing the challenges posed by an aging population by ensuring adequate pension funding and promoting diverse and professional pension services [3][4]. Core Elements Determining Ecosystem Quality - The ecosystem's quality relies on foundational elements such as participant roles (government, financial institutions, service providers, and technology companies) and product design tailored to various demographic needs [6][7]. - Professional elements include a multi-tiered pension system, effective pension asset management, and innovative financial products that cater to the elderly's diverse needs [8]. Pathways for Constructing the Ecosystem - The construction of the pension financial ecosystem is divided into two phases: the wealth accumulation phase during employment and the wealth consumption phase during retirement [9][10]. - During the accumulation phase, emphasis is placed on education, product innovation, and collaboration with enterprises to enhance employee pension planning [11]. - In the consumption phase, the focus shifts to expanding the range of pension products, improving service accessibility, and fostering collaboration with healthcare providers to create a comprehensive support system for the elderly [12][13].

Group 1 - The central economic work conference emphasizes the importance of boosting consumption and investment efficiency, with a focus on developing the silver economy as a key initiative [1][2] - The silver economy is a comprehensive economic system that combines elderly and pre-elderly services, covering various age groups and industries, thus having a broad impact on national economic and social development [2][3] - The potential for the silver economy in China is significant, with projections indicating that by the end of 2024, 22.0% of the population will be aged 60 and above, leading to rapid growth in demand for elderly care services [3][4] Group 2 - The development of the silver economy must focus on the changing needs of the elderly, fostering related industries such as health management, medical care, and cultural activities, which will create opportunities for sectors like tourism and financial services [4][5] - Challenges exist on both the demand and supply sides, including an inadequate income security system for the elderly and a lack of innovative products and services tailored to their needs [5][6] - To unlock the potential of the silver economy, it is essential to enhance the income security system for the elderly and improve the supply of services, particularly in community and rural areas [6][7]

随着我国人口老龄化进程的加快，养老问题已成为国家战略层面的重要议题。养老金融作为支撑养老体 系的重要支柱，其健康发展离不开科学、精准的统计工作支撑。近年来，国家陆续出台多项政策推动养 老金融发展，但统计工作的滞后性、不完善性仍是制约养老金融高质量发展的瓶颈之一。近日，中国人 民银行、金融监管总局、中国证监会、国家外汇局联合印发《金融"五篇大文章"总体统计制度（试 行）》（以下简称《制度》），全力推进金融"五篇大文章"统计工作落地实施。这是完善养老金融体系 的基础工程，也是实现养老金融高质量发展的重要举措。 当前，我国养老金融统计仍处于起步阶段，尚面临诸多问题，如数据碎片化、数据质量参差不齐、数据 共享机制不健全、数据统计智能化水平不足等。为了推进养老金融统计工作落地实施，建立起科学、高 效、透明的养老金融统计机制，为养老金融高质量发展提供坚实的数据支撑，我国应积极借鉴国际经 验，重点做好以下几方面的工作。一是完善法律法规，加强立法保障。推动《养老金融统计管理条例》 立法，明确数据采集、使用、保护的法律责任。二是推动数字转型，深化技术赋能。利用金融科技手 段，构建智能化的养老金融统计平台。例如，利用人工智能进行 ...

Core Viewpoint - The article emphasizes the emergence of the "Silver Economy" in China, driven by an aging population and changing intergenerational demands, highlighting its strategic importance as reflected in the proposals during the 2025 National People's Congress [2]. Group 1: Six Core Areas of Focus in the Silver Economy - The Silver Economy is identified as a fusion track of "policy dividends + AI revolution + consumption explosion," covering six key areas: elderly care services, smart technology, healthcare, financial services, cultural tourism, and silver consumption [3][4][5]. - In elderly care services, the focus is on improving long-term care insurance and addressing talent shortages through educational policies and resource integration [3]. - Smart technology aims to reshape elderly care through the industrialization of care robots and AI applications in healthcare, enhancing service quality and efficiency [3]. - The healthcare sector is shifting from disease treatment to comprehensive health management, with proposals for reforming medication guidelines and optimizing insurance systems for the elderly [4]. - Financial services are focused on resolving funding issues and optimizing investments, including the development of inclusive pension loans and increasing pension investment in equities [4]. - Cultural tourism is evolving from consumption upgrades to rights protection, with suggestions for building integrated medical and tourism parks [5]. Group 2: Reasons for the Emphasis on the Silver Economy - The acceleration of population aging is a primary driver, with 310 million people aged 60 and above by the end of 2024, creating significant demand in elderly care, healthcare, and smart technology sectors [6]. - Policy support and top-level design have officially integrated the Silver Economy into national strategies, fostering a conducive environment for development and attracting capital market interest [6]. - The consumption potential of the elderly population is immense, with increasing demands in healthcare, elderly care, and technology, transitioning the silver consumption market from niche to mainstream [6]. Group 3: Development Trends of the Silver Economy - The market size of the Silver Economy is projected to grow from approximately 7 trillion yuan, accounting for 6% of GDP, to 30 trillion yuan by 2035, representing 10% of GDP [8]. - The trends of smart and digital integration are expected to enhance service delivery through AI technologies and smart devices, with the elderly care robot market anticipated to exceed 50 billion yuan by 2025 [8]. - The development will also exhibit diversification and integration, merging elderly care with healthcare, finance, and technology, creating innovative models [8][9]. - A shift towards personalized and customized services is anticipated, focusing on meeting the unique needs of elderly consumers [9]. Group 4: Challenges Facing the Silver Economy - A significant challenge is the shortage of skilled professionals in elderly care, healthcare, and technology sectors, with a reported shortfall of 5.5 million caregivers [10]. - Despite advancements in AI, the application of smart technology faces hurdles such as high development costs and low acceptance among the elderly, alongside issues like lack of industry standards [10]. - Funding and sustainability pose challenges, as the Silver Economy relies heavily on government funding, with limited participation from social capital, evidenced by only 24 financing cases totaling 371 million yuan in 2024 [10].

我国全面步入中度老龄化社会 近年来，我国人口结构经历深度转变。据国家统计局数据，2023年末，我国60岁及以上老年人口约3 亿，占比21.1%，年增1.3%，已逐步进入中度老龄化社会。预计2030—2035年60岁及以上人口超4亿， 占比超30%，达到重度老龄化。21世纪中叶，我国老年人口占比将超40%，成为全球老龄化程度最高的 国家之一。此外，我国老龄化速度全球领先，仅用发达国家1/2甚至1/5的时间完成了相同老龄化进程， 在社会形态上将趋于稳定。与此同时，我国老龄化问题在城乡、区域、省份和民族之间差异显著，老年 人群体财富和认知差距大，形成了更加复杂多样的养老需求，对养老服务、金融资源分配和财富管理提 出更高要求。 各项政策持续出台，推动金融支持养老 文/清华大学五道口金融学院博士后研究员 张悦琪 ，清华大学五道口金融学院副 院长、金融学讲席教授 张晓燕 ，清华大学五道口金融学院房地产与金融科技研 究中心高级研究专员 王雪 本文从现状、挑战与对策三方面，对我国养老金融的发展进行了分析，指 出目前养老金融存在产品供给不足、居民资产配置错配和金融素养有待提 升等关键问题，要通过强化养老规划意识、鼓励金融产品创 ...