After pension finance was proposed as one of the "five major articles of finance", it rose to the key work of national finance. In this context, insurance, banks, trusts, funds and other financial entities actively respond to the national strategy and explore innovative models of pension finance.
On May 10, the first China Pension Industry Financial Street Forum opened in Beijing. It is understood that the forum focused on the development prospects and opportunities of pension finance, bringing together elites and experts and scholars in the financial industry to discuss the future development direction of the pension industry.
It is reported that at the forum, Liang Tao, former vice chairman of the China Banking and Insurance Regulatory Commission, Zheng Bingwen, director of the World Social Security Research Center of the Chinese Academy of Social Sciences, and Hu Naijun, member of the Academic Committee of the 30-person Wisdom Sharing Club of Pension Ecology and associate professor of the University of Chinese Academy of Sciences, and Hu Hongwei, professor of the School of Public Administration of the Chinese University of China, attended and made special speeches.
The experts at the meeting deeply analyzed the core position and future development potential of pension finance in the national strategy. Representatives of Bank of China, China Construction Bank, Zhonghong Life Insurance, Sino-British Life Insurance, CCB Life Insurance, Minmetals Trust and other financial institutions also attended the forum and jointly offered suggestions for the development of pension finance.
Discuss topics such as pension finance and silver economy
The demand structure of the elderly in mainland China is changing from survival to development. More and more elderly people have the desire and spending power to improve their quality of life and make their later life more comfortable and colorful.
Some institutions predict that by 2024, China's elderly population will reach 360 million, accounting for 25.6% of the total population. This means that 1 in 4 Chinese is elderly. According to the research and analysis of the China Macroeconomic Research Institute, the middle- and high-income elderly population exceeds 100 million.
The "Opinions of the General Office of the State Council on Developing the Silver Economy and Improving the Well-being of the Elderly" (Guo Ban Fa (2024) No. 1) clearly pointed out that the implementation of the national strategy of actively responding to the aging of the population, accelerating the development of the silver economy, meeting the multi-faceted needs of the elderly, and continuously realizing the people's yearning for a better life are related to the overall development of the country and the well-being of the people.
Image source: Caijing New Health Care
At the forum, the participating experts focused on the theme of "Silver Economy and Ecological Construction of Pension Services", and had a heated discussion on topics such as the ecological construction of comprehensive services for the young and elderly and the ecological support of multi-dimensional health and pension services, and jointly explored the high-quality development of the multi-level pension security system and the pension service system.
In his speech, Liang Tao emphasized the key role of the insurance industry in the development of pension finance, and pointed out that it is necessary to participate in the construction of pension finance from multiple links such as financing, investment and payment, and contribute to the development of pension finance.
Zheng Bingwen started from the pilot situation and achievements of long-term care insurance, discussed the functional positioning, operation mode, protection model, financing model and service model of long-term care insurance, and said that the positioning of the long-term care insurance system should be "promoted in two stages", and hoped to end the pilot as soon as possible and promote it to the whole country.
Hu Naijun believes that in an aging society, pension finance is not only pension finance, but also includes pension industry finance and pension service finance. Pension finance is not only the process of cash transfer payment, but also includes physical goods and services. At present, Chinese financial institutions are making corresponding contributions and efforts in pension finance.
Hu Hongwei believes that the fertility rate continues to decline, the dependency ratio continues to rise, and the demographic basis for raising children and preventing old age has collapsed due to the large-scale labor outflow, so to strengthen the national pension wealth protection, the second and third pillars should be balanced with the first pillar to assume different security roles.
The Research Report on the Ecology of Financial Empowerment of Elderly Care Services (2024) was released
The "Research Report on the Ecology of Financial Empowerment of Elderly Care Services (2024)" was also released at the forum. This is an analysis report released by a third-party research institute for four types of financial institutions: insurance, banks, trusts, and funds to empower the pension service ecology. From the perspective of financial institutions, the report deeply analyzes the combination of finance and pension ecology, and provides a useful reference for financial institutions to build core competitiveness in an aging society.
Image source: Hejun Health Care Division
The Research Report on the Ecology of Financial Empowerment of Elderly Care Services (2024) reveals the challenges faced by financial institutions in the development and the path of empowering the ecology of elderly care services through a panoramic analysis of the layout of 74 life insurance companies, top 30 banking institutions, 55 trust institutions, and 78 private equity funds in the health care industry. The release of the report will provide important guidance for the development of financial institutions in the field of pension finance and help build a more complete pension service system. (This article was first published on the Titanium Media APP, author | Yan Fanyao, editor - Liu Yangxue)
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