Excellent structure and strong overall planning of large state-owned banks to lay out the pension financial track

Our reporter Zhang Roaming reports from Beijing

In order to further do a good job in the "five major articles" of finance, the regulator is strengthening the top-level design and systematic planning, and promoting the formation of a "1+5" policy system, "1" is the overall system design, and "5" is the respective measures of the "five major articles".

At the same time, Zhu Hexin, deputy governor of the People's Bank of China and director of the State Administration of Foreign Exchange, said that he is stepping up the system design in the fields of pension finance and digital finance, so that the system design of the "five major articles" is more sound and the policy framework is more solid.

Before the specific policies are implemented, the bank has been prepared and has new measures for pension finance. A few days ago, Bank of China (601988. SH) was established in Beijing. Bank of China hopes to take the establishment of the Ageing Financial Center as an opportunity to strengthen the comprehensive layout, classified policies, synergy and linkage, innovation and integration, and strive to create new products, new formats and new models.

Optimize the organizational system

"The development of ageing finance is an important part of the implementation of the spirit of the Central Financial Work Conference, but also in line with the practical needs of the economic and social development of the mainland, the purpose of the bank to prepare the pension financial center is to better develop the ageing of the ageing of the national strategy, and effectively implement the spirit of the Central Financial Work Conference, and serve economic and social development. Lou Feipeng, a specially invited researcher of the China Ageing Finance 50 Forum, told the reporter of China Business News.

It is reported that the newly established Ageing Finance Center of Bank of China will comprehensively coordinate the development of the Group's ageing financial business, and work together with various departments to form a "3+1" pension financial organization system to jointly promote the development of "3+1" business development of pension finance, pension personal finance, pension industry finance and silver scene ecology.

Prior to this, Bank of China has laid out pension finance in four aspects: pension finance, pension personal finance, pension industry finance, and ecological construction of silver hair scenes.

On the demand side of services, Bank of China has built a complete shelf system of personal financial products for the elderly, enriched pension savings, pension wealth management, pension funds and other products, upgraded the "Silver Hair Zone" of mobile banking, created a shelf experience of financial products, enriched the merchant system, and held the "99 Silver Festival" In terms of service supply side, it actively participated in the special action of the National Development and Reform Commission for the linkage of urban enterprises and inclusive pension, participated in the People's Bank of China's special re-lending pilot for inclusive pension, established a silver economic trading branch at the China International Import Expo, and held a ten-year development forum for foreign-funded pensions in China to promote industrial docking and exchanges.

By continuously optimizing the services of the National Social Security Fund, basic pension insurance, enterprise annuity, occupational annuity and personal pension, upgrading the "One Account for Pension" function of mobile banking, and providing multi-pillar unified view personal inquiry services including the first pillar of basic pension insurance, the second pillar of enterprise annuity and the third pillar of personal pension, Bank of China has formed a multi-level and multi-pillar pension financial system.

At the same time, in view of the transaction habits and channel preferences of the silver-haired customers, the Bank actively promotes the upgrading and transformation of its branches for the elderly, builds demonstration outlets for elderly care services, provides convenient online services through mobile banking to help the silver-haired customers enjoy a better digital life, widely publicizes and popularizes the intelligent technology and financial risk prevention of the silver-haired customers, helps solve the problem of the "digital divide", and continues to protect the consumer rights and interests of the silver-haired customers...... Continue to help create an age-friendly social environment.

From a set of data, we can see the effectiveness of the implementation of Bank of China's pension finance. As of the end of 2023, the scale of pension trusteeship funds of Bank of China was 209.886 billion yuan, an increase of 39.643 billion yuan or 23.29% over the end of 2022, the number of enterprise annuity personal accounts managed was 4.1237 million, an increase of 224,900 or 5.77% over the end of 2022, and the pension trusteeship operating funds were 992.390 billion yuan, an increase of 85.788 billion yuan or 9.46% over the end of 2022. It has served more than 18,200 enterprise annuity customers.

Not only the Bank of China, but also the 2023 performance reports of listed banks show that pension finance has become one of the important areas for banks to deepen the structural reform of the financial supply side.

Industrial and Commercial Bank of China (601398. SH) took the lead in the industry to establish a pension financial business index system covering 9 lines and 31 indicators, and developed and put into operation a pension financial data platform. At the same time, the bank launched a panoramic view of pension finance, and customers can easily inquire about the first, second and third pillar pension assets through mobile banking, and carry out self-service pension planning and calculation. In terms of the third pillar, it was the first batch of financial institutions to launch personal pension business, and built a diversified product line covering pension savings, pension financial management, pension target funds and commercial pension insurance.

The bank has also strengthened the construction of the pension financial ecosystem. China Construction Bank (601939. Ji Zhihong, vice president of SH, said that in addition to pension financial products, the bank also provides pension consulting, pension planning services, and carries out regional characteristic research and service exploration. Starting from customer needs, we will cooperate with peers and parent and subsidiary companies to promote the construction of a characteristic platform for ageing finance and steadily build a pensioning financial ecosystem.

The popularization of pension financial knowledge is also the content that the bank attaches great importance to. Postal Savings Bank of China (601658. SH) said that the bank widely popularized the personal pension policy, carried out the "all the way to the pension in China" pension financial service forum, covering 9 key provinces and cities across the country, conveying the pension concept of "planning now is to enjoy the future", and guiding customers to establish a scientific and rational pension investment concept. Through these activities, PSBC hopes to help customers understand the personal pension system and provide more security for their future retirement life.

Lou Feipeng said frankly that in recent years, the banking industry attaches great importance to the development of pension finance, but it needs to be further strengthened in the construction of professional institutions and personnel.

Pension finance seeks a breakthrough

How to implement the pension financial business still needs further guidance from the policy.

Following the science and technology finance, the policy details on the implementation of pension finance are also gradually improving.

For example, a few days ago, the National Development and Reform Commission and other departments jointly issued the "14th Five-Year Plan" to actively respond to the implementation plan of the aging population project and childcare construction, pointing out that financial institutions will be guided to provide financial support for inclusive pension and inclusive childcare enterprises and institutions. Guide strategic cooperation institutions to actively connect with projects and carry out targeted financial product innovation.

At the same time, local regulatory authorities are also gradually improving the implementation plan of pension finance.

On March 25, the Henan Supervision Bureau of the State Administration of Financial Supervision and Administration issued the "Action Plan for Accelerating the High-quality Development of Ageing Finance in Henan's Banking and Insurance Industry" (hereinafter referred to as the "Action Plan"), which is the first province in the country to publicly release the pension finance plan. Subsequently, on April 7, the Fujian Regulatory Bureau issued the "Guiding Opinions on Promoting the High-quality Development of Ageing Finance" (hereinafter referred to as the "Guiding Opinions"), introducing a total of 21 measures in six major parts to promote the high-quality development of ageing finance.

In the "action plan" proposed, Henan Province intends to follow the two-step strategy, for 3 to 5 years, to build a multi-level, wide coverage, wide field, sustainable pension financial service system, by the end of 2026, all kinds of pension financial products, pension financial services, pension industry financial system is basically perfect, the development model is gradually mature, the scale of business is increasing year by year; by the end of 2028, "pension finance + health care services" the whole chain of closed-loop ecological construction has achieved remarkable results, a number of innovative pilots, The business model has formed a brand effect in the country, and pension finance has become an important force to improve the level of residents' pension security, a financial steward of the people's pension life and pension consumption, and an efficient engine to promote the high-quality development of the silver economy and the pension industry.

In the "Guiding Opinions", the Fujian Supervision Bureau determined the three major work priorities of promoting the construction of the three-pillar pension insurance system, strengthening the financial support for the development of the pension industry, and improving the "age-friendly" financial consumption environment, and clarified the four working principles of "people-oriented, problem-oriented, overall planning, diversified promotion, adapting measures to local conditions, reform and innovation, strengthening guidance, and risk prevention and control", formulating short-term goals and long-term plans, and putting forward long-term requirements for the high-quality development of the province's pension finance.

"Guiding Opinions" put forward in the short term to achieve the work to carry out the plan, the work operation mechanism, the work monitoring system, the work shortcomings have a breakthrough, the development environment has improved; the long-term goals include the pension financial working mechanism is more perfect, the service capacity of the three major sectors of the pension finance has been significantly improved, the pattern of coordinated development of finance and pension industry is more stable, the level of informatization and digitization of pension financial supervision has been further improved, and the people's satisfaction with the pension financial work has risen significantly.

Li Yifan, a postdoctoral fellow at the Bank of China Research Institute, concluded that in the "Action Plan", at the level of deepening the supply-side reform of ageing finance, focusing on the three major areas of ageing financial products, ageing financial services and ageing industry finance; The four aspects of quantitative evaluation and supervision will be strengthened, and the development will be led by supervision and promoted by financial institutions to do a solid job in pension finance.

Lou Feipeng also looked forward to the follow-up development of pension finance needs to focus on the three areas of pension finance, pension industry finance and pension service finance to seek breakthroughs, build an ecological scene for the development of pension finance, support residents to accumulate pensions, promote better integration of finance and pension industry, and facilitate the elderly to obtain high-quality financial services.