Core Insights - The personal pension system, a key achievement of the "14th Five-Year Plan," has seen significant progress since its implementation in November 2022, with over 70 million accounts opened and more than 1,181 products available [1][2]. Group 1: System Implementation and Progress - The personal pension system was initially implemented in 36 cities and is set to expand nationwide by December 2024, with over 70 million accounts opened as of the two-year mark [2]. - The variety of products has increased, with 466 savings products, 302 funds, 376 insurance products, and 37 wealth management products available as of October 7 [2]. Group 2: Challenges and Issues - Despite the rapid growth in account openings, there are issues such as low contribution rates and limited investment activity, leading to a phenomenon described as "hot accounts, cold contributions, and low investments" [3]. - Factors affecting participation include varying resident contribution capabilities, insufficient tax incentives, and a lack of product differentiation [3]. Group 3: Recommendations for Improvement - To enhance the effectiveness of the personal pension system, policy optimization and innovation are necessary to improve attractiveness and operational efficiency [4]. - Suggestions include exploring different tax models (EET and TEE) to cater to various income groups and linking deduction limits to income levels for better inclusivity [4]. - Financial institutions are encouraged to fulfill their advisory roles, guiding individuals in rational purchasing and long-term wealth management, while developing differentiated products that offer stable and competitive returns [5].

Core Viewpoint - The article highlights the rapid growth and development of pension financial services in the banking sector, driven by regulatory support and increasing demand for personal pension accounts, with many banks reporting significant increases in account openings and asset management scales [1][2][3]. Group 1: Growth in Pension Financial Services - Major banks have reported a doubling in the number of personal pension accounts, with institutions like Industrial and Commercial Bank of China (ICBC) and China CITIC Bank leading in growth [2][5]. - The total pension management scale for ICBC reached nearly 5 trillion yuan, with a 2024 increase of approximately 900 billion yuan [4]. - China Bank reported a 23.44% increase in entrusted pension funds, reaching 259.09 billion yuan, while Agricultural Bank of China saw a 24.6% growth in its entrusted management scale [4]. Group 2: Personal Pension Account Growth - By the end of November 2024, personal pension account openings in China surpassed 72.79 million, with banks like ICBC reporting a 187% increase in new account openings [6]. - China Bank and China Merchants Bank each exceeded 10 million personal pension accounts, with significant contributions to the overall market [7]. - Other banks, such as Industrial Bank and Minsheng Bank, also reported substantial growth in personal pension accounts, with increases of 47.67% and 34.91% respectively [8]. Group 3: Diversification of Pension Financial Products - Financial regulatory authorities have issued guidelines to enhance the quality of pension financial services, prompting banks to diversify their product offerings [9]. - Construction Bank aims to establish itself as a "pension financial professional bank," launching a unified brand for pension financial services [9]. - Other banks, such as Postal Savings Bank and CITIC Bank, are developing comprehensive pension financial systems and services, including both financial and non-financial support for elderly clients [10][11].